Encore Ventures, a division of venture capitalist DFJ Esprit, has acquired 3i’s stake in business process management company Nimbus.

Encore Ventures, a division of venture capitalist DFJ Esprit, has acquired 3i’s stake in business process management company Nimbus.

As part of the deal, Charles Cameron, managing partner of Encore Ventures, has taken a non-executive director seat on Nimbus’s board. Financial details of the deal have not been disclosed.

The transaction follows 3i’s decision to cease investing in early-stage companies. Earlier this year it sold its venture portfolio to secondary private equity investors, with DFJ Esprit assigned to act as portfolio manager.

Says Cameron, ‘When 3i’s portfolio became available we saw a unique opportunity to acquire stakes in several fast growing innovative European businesses. We are delighted that Nimbus is one of the companies as its potential for international growth is enormous.’

The plan is to expand Nimbus, which currently has a presence in ten countries, into new markets. CEO and chairman Ian Gotts says Encore Ventures’ contacts in the software industry are already proving valuable to the company.