The unrealised potential of Avantra’s product proposition was the primary driver of our initial investment conviction. The Company operates in SAP-focused AIOps, providing intelligent automation and operational monitoring solutions tailored to SAP environments. This aligns closely with a core investment focus: developing data-driven software that has a clear ROI, often enabling customers to reduce operational complexity, lower cost to serve, and improve system resilience in mission-critical infrastructure.

At the time of investment, adopting automation in IT operations was a structural tailwind, rather than cyclical demand. Enterprise IT environments were becoming increasingly complex, hybridised and distributed, driving a clear need for automation-led operations and predictive remediation. We believed AIOps represented a durable and expanding category, with automation shifting from a productivity enhancement to an operational necessity. Within that context, Avantra was well positioned at the intersection of SAP specialisation and intelligent automation, offering both defensible niche focus and broader category upside.

Despite attractive structural tailwinds, Avantra had not been executing to potential prior to our investment. The Business required broader professionalisation across leadership, go to market and operational processes, alongside meaningful reinvestment in its core product. The opportunity was clear, but realising it required sharper product positioning, clearer commercial discipline and a more scalable operating model.

Post-investment, the focus was twofold. First, we prioritised development of a market-leading AIOps platform, leveraging the depth of operational data generated across the customer base to deliver real-time monitoring, predictive insights and automation-led remediation. The objective was to move from reactive system management to intelligent, self-optimising operations, directly reducing downtime, manual intervention and cost for customers. Second, we strengthened the go to market engine, with particular emphasis on North American expansion. Building on Avantra’s established European footprint, Synova’s US growth team supported local execution, infrastructure build-out and sales leadership capability, creating a platform capable of scaling repeatably.

The results have been material. Since investment, ARR has increased by over 400%, with recurring revenue now representing approximately 95% of total ARR, up from 70% at entry. The shift reflects both improved product-market fit and a deliberate transition toward higher quality, subscription-based revenues with stronger visibility and valuation support.

We are proud of what had been achieved in partnership with the team. It was time to help them move Avantra to its next stage, and to achieve their future goals. Synova successfully exited to Resurgens following a targeted sale process, returning 4.5x Synova’s investment.