The construction sector is the second least digitalized in the world and has long been lagging the overall economy in terms of productivity growth. Zutec, headquartered in Dublin, develops and markets cloud-based software services ("SaaS") that help its customers across the globe to increase productivity and cost efficiency. Zutec has developed a flexible best-in-class software and holds a leading position within large projects, for example Wembley Stadium, the Shard and Westfield in London, Royal Childrens Hospital in Melbourne and Midfield Terminal in Abu Dhabi.

Global IT investments accounted USD 90 billion in 2015 and is expected to grow by 15-20% annually according to McKinsey. Furthermore, Boston Consulting Group estimates that, within ten years, full scale digitalization in commercial construction will globally save between USD 0.7 and 1.2 trillion in the construction phase and USD 0.3 to 0.5 trillion in the operations phase.

Daniel Nyhrén, partner at Athanase, comments: "we are very impressed with the work done by the company to date and believe that Zutec is well positioned to take advantage of the accelerated digitalization of the global construction market valued at USD 9 trillion. In addition, Zutec operates in a highly fragmented sector with tremendous potential, and we are looking forward to work as an engaged owner in the Company".

Zutec's CEO, Brendan O'Riordan, comments: we all welcome Athanase as our new main shareholder, their experience and expertise is obvious from their previous and current investments and we feel that they can bring a depth of experience to the company that will allow us to reach our potential and transform the construction industry through digitization.

Brian McGuire, founder of Zutec, notes: "it is exciting that Athanase with its experience has decided to invest in Zutec and I am looking forward to work together with them going forward".

Athanase, founded in 2014, is an engaged owner in public equities in which opportunities exists for sustainable value creation.