20 December 2021
BDA advises Crescendo on sale of its stake in WINS to KCGI
Divested stake in WINS to KCGI
BDA Partners is pleased to announce that its client, Crescendo Equity Partners Ltd (“Crescendo”), has agreed to divest its 16% stake in WINS Co Ltd (“WINS”), Korea’s leading cyber security company, to KCGI Fund (“KCGI”).
WINS is a provider of information security services based in Seoul, Korea. WINS provides a comprehensive range of information security services, including hardware (with firmware) for IPS (Intrusion Prevention System) and DDX (DDoS prevention). Key clients are Korean companies including Korea Telecom, and Japanese companies including NTT Docomo.
KCGI was the first Korean activist fund focused on increasing corporate value via a strict ESG investment strategy.
BDA Partners acted as advisor to Crescendo on the transaction.
Howard Lee, Partner and Head of Seoul, BDA Partners, said: “We’re proud to have advised Crescendo on this successful divestiture, the third transaction BDA has executed for Crescendo. This reaffirms BDA’s expertise in the information / technology industry, and particularly in cyber security. KCGI will help WINS to expand its domestic and international customer footprint. The transaction reflects well on BDA’s relationships across the Korean market, connecting an IT security provider with PE investors who understand how to build value in the sector.”
Crescendo Equity Partners is a private equity firm based in Seoul. Crescendo was founded in 2012 by Dr. Kevin Ki-doo Lee with the backing of Peter Thiel, founder of PayPal and leading tech entrepreneur/investor. Crescendo focuses on mid-cap companies with differentiated technology and strong international growth potential. Crescendo is a strategic partner as well as a financial investor in both the emerging and traditional technology sectors. www.crescendoep.com
WINS, founded in 1998, is a leading information security firm based in Seoul. WINS provides self-developed solutions and services such as information solution, security monitoring, security consulting, system integration, and private video security. WINS has been operating profitably for all its sixteen years, with high growth rates in the technically demanding Asian information markets. WINS has also seen good global success. en.wins21.co.kr
KCGI, founded 2018, is an independent asset manager in Korea, recognised as an ESG pioneer. KCGI has emphasised good corporate governance. In the first month of its establishment, KCGI raised a KRW160bn (US$130m) blind pool fund. By 2020, KCGI managed KRW600bn (US$500m). kcgifund.com
About BDA Partners
BDA Partners is the global investment banking advisor for Asia. We are a premium provider of Asia-related advice to sophisticated clients globally, with 25 years’ experience advising on cross-border M&A, capital raising, and financial restructuring. We provide global reach with our teams in New York and London, and true regional depth through our seven Asian offices in Mumbai, Singapore, Ho Chi Minh City, Hong Kong, Shanghai, Seoul and Tokyo. BDA has deep expertise in the Chemicals, Consumer & Retail, Health, Industrials, Services and Technology sectors. We work relentlessly to earn our clients’ trust by delivering insightful advice and outstanding outcomes. BDA Partners has strategic partnerships with William Blair, a premier global investment banking business, and with DBJ (Development Bank of Japan), a Japanese government-owned bank with US$150bn of assets.
US securities transactions are performed by BDA Partners’ affiliate, BDA Advisors Inc., a broker-dealer registered with the Securities and Exchange Commission (SEC). BDA Advisors Inc. is a member of the Financial Industry Regulatory Authority (FINRA) and SIPC. In the UK, BDA Partners is authorised and regulated by the Financial Conduct Authority (FCA). In Hong Kong, BDA Partners (HK) Ltd. is licensed and regulated by the Securities & Futures Commission (SFC) to conduct Type 1 and Type 4 regulated activities to professional investors. www.bdapartners.com
Acquired by WNS
Divested Doosan Enpure to SKion Water
Series D capital raise
Acquired by Blackstone
Acquired Cians Analytics
Series A capital raise
Series C capital raise
Acquired by Prodapt
Acquired by Accenture
Invested $150m in Virtuos
Series D capital raise
Divested 100% stake to Audax-backed Mobileum
Divested CSS Corp
Divested majority stake to Cognizant
Acquired by NTT Communications
Investcorp invested up to $250m in China Everbright New Economy Fund
Divested Apple World to ZIGExN
Divested Kingstar to Zhongping Capital
Growth capital raise
Divested its 48.08% equity stake in Netas to ZTE