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Hex-Rays has been acquired by a consortium of investors led by Smartfin, a leading European venture capital and private equity investor, and including co-investors SFPIM and SRIW. Ilfak Guilfanov, the founder of Hex-Rays, also reinvests a substantial amount in the new structure. Over the past 10 years, Hex-Rays’ revenues have significantly increased. With this transaction, Hex-Rays aims to expand and professionalize whilst enhancing the further development of its products and services.

Smartfin is excited to leverage its prior experience by actively contributing to the further growth and international expansion of Hex-Rays, together with Ilfak, SFPIM and SRIW.” said Bart Luyten, Founding Partner at Smartfin. “Hex-Rays has built a unique market-leading technology in a highly successful manner and is well positioned to further build on that strong basis in order to capture the ample growth opportunities that the core software reverse engineering and adjacent markets will undoubtedly offer over the next few years.

This partnership is an important milestone and opens new horizons for Hex-Rays.” added Ilfak Guilfanov, Founder of Hex-Rays. “I look forward to this newly established alliance, which will allow Hex-Rays to further professionalize its organization and accelerate its product innovation efforts as a means to jointly unlock the numerous international growth paths we have identified so far.

SRIW and SFPIM were happy to invest alongside Smartfin and Hex-Rays’ founder in expanding the organization of this world-class tech company” said Leon Cappaert, Investment Manager at SFPIM. “This transaction is a fine illustration of a public/private partnership and will contribute to SRIW’s objective of strengthening the Walloon region’s technological ecosystem” added Nicolas Dhaene, Investment Manager at SRIW.

About Smartfin

Smartfin is a European private equity and venture capital investor, managing ca. €380m in assets and investing in mid to later-stage technology companies with a focus on B2B technologies.
The company has an open-ended investment philosophy and invests throughout Europe and the United Kingdom. The team combines a successful venture capital and private equity track record with extensive operational experience in building and managing leading international technology companies, which differentiates it as an experienced hands-on value-added partner to its portfolio companies.

About the SFPIM: The Federal Holding and Investment Company is the Belgian Sovereign Wealth Fund.

SFPIM acts as a trusted partner in helping Belgian companies, SMEs as well as scale-ups to become a reference in their industry by providing smart capital solutions. SFPIM also plays a major role in safeguarding the long-term stability of the Belgian economy by contributing to the anchoring of strategic assets through smart capital solutions in both promising and established companies or ecosystems.

About SRIW

SRIW contributes to the economic development of the Walloon region through partial financing of Walloon companies or development projects located in Wallonia. It invests in growth alongside private investors through loans and equity.