Advent to buy Automic; Neuberger Berman to invest in Sphera

Deal Wrap is updated as of 3 p.m. ET.

– Advent International LP agreed to acquire Automic Group Pty. Ltd., a registry and fund administration services provider in Australia and New Zealand. The deal is expected to close by the end of 2025.

– Neuberger Berman Capital Solutions agreed to provide significant growth capital to risk management software and data provider Sphera Solutions Inc. Private equity funds managed by Blackstone Inc. will continue to own a majority stake in Sphera. Evercore and William Blair were financial advisers and Simpson Thacher was legal counsel to Blackstone and Sphera. Harris Williams and Latham & Watkins were financial and legal advisers, respectively, to Neuberger Berman on the transaction.

– Quad-C Management Inc. invested in Accurate Meter & Backflow LLC, which provides water, sewer and drainage distribution and services for municipal, residential and commercial infrastructure. Accurate's executive management team will remain intact and maintain significant ownership in the company.

– Carnrite Ventures made a strategic investment in RBL LLC, a biotechnology venture creation studio.

– Sofinnova Partners SAS led a $100 million series C funding round for commercial-stage medical technology company Galvanize Therapeutics Inc., which focuses on cancer and chronic lung disease therapies.

– IQM Quantum Computers secured $320 million in a series B funding round led by Ten Eleven Ventures, the Finland-based superconducting quantum computer company's first US investor. Goldman Sachs International was IQM's placement agent on the transaction.

– Insignia Capital Group LP completed its recapitalization of Tidal Investments LLC, a unit of exchange-traded fund platform Tidal Financial Group. Tidal's majority ownership and executive committee remain unchanged.

– Electric Capital Partners LLC and Paradigm Operations LP led a $40 million funding round for Etherealize Inc., which is developing products and infrastructure to onboard institutions to ethereum.

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