K1 Investment Management Completes Acquisition of MariaDB and Appoints New Chief Executive Officer

Summary

K1 Investment Management Completes Acquisition of MariaDB and Appoints New Chief Executive Officer MANHATTAN BEACH, Calif. and MILPITAS, Calif. and DUBLIN, Sept. 10, 2024 /PRNewswire/ — K1 Investment Management, a prominent investor in small-cap enterprise software companies, has successfully completed its tender offer, acquiring 100 percent of the issued ordinary shares of MariaDB plc (NYSE: MRDB), a distinguished leader in enterprise database solutions. This transformative investment is poised to enhance MariaDB’s strategic positioning in the competitive enterprise market, fostering the development of innovative and scalable database solutions on a global scale. Founded in Silicon Valley and Dublin, Ireland, MariaDB boasts a robust clientele of nearly 700 active customers spanning various sectors, including banking, telecommunications, government, healthcare, and e-commerce. The company’s accolades include partnerships with esteemed clients such as Deutsche Bank, Nokia, RedHat, Samsung, and ServiceNow, along with significant contracts with public sector agencies such as the U.S. Department of Defense and several federal intelligence agencies. Renowned for its innovation and reliability, MariaDB’s products are integral to mission-critical applications across diverse operational needs. Liang Ma, Director of Core Strategies at Deutsche Bank, remarked on the efficiency of MariaDB’s offerings: “To run our strategic risk platform, we required a database that is both reliable and high-performing, capable of managing vast data volumes. MariaDB has met this requirement with its Enterprise Server, providing optimal stability at a reduced cost compared to proprietary options.” In conjunction with this acquisition, K1 has appointed Rohit de Souza as the Chief Executive Officer of MariaDB. Mr. de Souza brings extensive leadership experience from his previous roles at Actian and Micro Focus, where he spearheaded global teams to drive growth and transformation. Paul O’Brien, the former CEO of MariaDB, will continue to lend his expertise to the organization as an advisor. Sujit Banerjee, Managing Director of K1 Operations, expressed enthusiasm regarding the acquisition: “We are excited to integrate MariaDB into the K1 portfolio and to have Rohit at the helm, guiding the company through its anticipated growth phase. Our collaborative objective is to foster product innovation while continuing MariaDB’s commitment to delivering premium enterprise-grade solutions that address escalating market demands.” MariaDB remains dedicated to innovation, with upcoming releases projected to include advancements in vector search technology integrated into MariaDB Server, as well as the introduction of a Kubernetes (K8s) Operator. These enhancements are responsive to the growing trends surrounding artificial intelligence (AI) and cloud-based solution deployments, enabling enterprises to create AI-driven applications and leverage advanced functionalities such as recommendations, image-based searches, and intuitive chatbots powered by large language models (LLMs) and data analysis tools—all while ensuring data reliability at an enterprise scale. Mr. de Souza stated: “With the backing of K1, we are well-positioned to bolster our capabilities and continue providing the innovative database solutions that our customers depend upon. This collaboration enables significant advancement in product innovation, specifically in supporting the rising workloads associated with AI and cloud technologies. We remain steadfast in our goal of simplifying the transition for customers from expensive legacy systems while accommodating the surging demand for AI and cloud-based solutions.” Reflecting on his tenure, Paul O’Brien noted, “As I hand over leadership to Rohit, I feel an unprecedented sense of confidence in the future trajectory of MariaDB, having greatly enjoyed my role as CEO and eagerly anticipate supporting Rohit in his new capacity.” This acquisition marks K1’s third take-private transaction, following its investments in Elmo, a leader in cloud-based human capital management solutions, and Attraqt, an innovator in AI-driven search solutions for online retailers. K1’s commitment to expanding its footprint in the enterprise software landscape continues with the support of esteemed advisory teams, including Lazard Frères & Co. LLC as financial advisors and Kirkland & Ellis LLP, along with A&L Goodbody LLP as legal counsel to K1, while Baker Botts LLP and Matheson LLP served as legal advisors to MariaDB. About K1 Investment Management: Headquartered in Manhattan Beach, California, K1 is recognized among the largest investors in small-cap enterprise software ventures, collaborating with accomplished management teams to accelerate growth through operationally focused strategies. With a portfolio encompassing over 240 enterprise software firms, K1 is dedicated to industry transformation and enhancing productivity. For more information, please visit k1.com or follow K1 Investment Management on LinkedIn.

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