In the market, a name that has been heard strongly in the last few hours is hers General Atlantic Service Company, LP, of the American giant that claims its control Epsilon Net with a price of 241 million euros. General Atlantic is an American equity development firm that provides capital and strategic support to global growth companies, headquartered in New York, USA. It was founded in 1980.
It initially focused on investments in computer software, oil and gas exploration, real estate and retail. The company’s first major investments include United Health Services.
In 1999 the company opened its first offices abroad, in Europe and Asia. It currently has 16 offices around the world and employs more than 500 people. In 2018 it invested in British fintech startup Greensill Capital and in 2019 it acquired a stake in travel app Kiwi.com.
General Atlantic has participation in 225 companies active in technology, health services and life sciences, among others, about 530 investments in its assets and investment presence in five geographic zones from the US and India to China, Europe and SE Asia.
In June 2023 General Atlantic was ninth on Private Equity International’s list with the 300 largest private equity companies worldwide.
Its founder is the deceased Charles Finney, co-founder of the group Duty Free Shoppers which he created in 1960 together with his friend Robert Miller. He was a man who spent all his years living a frugal and unnecessary life and who about 4 decades ago pledged to give away all his wealth to charity before he passed away. Bill Gates and Warren Buffett, have cited Finney as the main inspiration for their charities.. After amassing billions, Finney pledged to donate almost all of his money to charity before he died. He fulfilled his promise, and lived an austere life until his death in October 2023 at the age of 92.
Feeney throughout his life never bought his own car or house, lived all his years in a rented apartment with his wife, always flew economy class ticket and wore a plastic watch of the iconic Casio brand.
The famous American magazine Forbes, revealed that the former billionaire gave away his entire fortune to those in true need, keeping very little for the last years of his life.
Finney as a philanthropist created the slogan “Giving while living” in order to distribute his wealth before he took his last breath. “Thank you to everyone who has been a part of this journey. And for those wondering about Giving While Living: Try it, you’ll love it,” he told Forbes.
He kept about $2 million for himself, a drop in the ocean of billions he had amassed over six decades.
Finney even gave away all of his wealth anonymously to support universities, medical institutions, scientific research, human rights groups, peace initiatives and organizations aimed at improving the lives of vulnerable groups.
The fund he created 44 years ago has more than $86 billion in assets under management. And enters the Greek market for the first time. As stated on its official website, “we have identified disruptive businesses with transformational potential and helped them scale globally. We achieve this by operating as true partners and leveraging our capital, business expertise and global network
We invest in six global sectors: Climate, Consumer, Financial Services, Health, Life Sciences and Technology.”
“The entrepreneurs we work with share our passion for innovation and technology. We are looking for emerging companies with strong fundamental performance and organic growth, which can accelerate their expansion and scale globally” the foreign fund, which is getting involved in the Greek IT market, also states on its website.
In each case, the involvement of the fund in the Greek IT market will strengthen the mobility that is being developedi , as at the beginning of March the Olympia Group of Panos Germanos proceeded with a public proposal for the acquisition of Entersoft. The price of 12 euros per share proposed by the fund raises the valuation of Epsilon Net to the level of 650 million euros, i.e. 100 million euros above its current market value.
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Epsilon NetGeneral Atlantic Service Company
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