Averna Partners with Tandem Expansion

— Montreal-Based Leader in Electronic Test and Quality Market to Expand its Operation Locally and Internationally

MONTREAL, April 2, 2015 /PRNewswire/ — Averna, an industry-leading developer of test solutions and services for communications and electronics device-makers worldwide is pleased to announce that Tandem Expansion Fund, a leading Canadian growth-equity investor, has acquired a majority interest in the company. The transaction provides Averna with the financial resources to accelerate organic and strategic growth as well as to expand its international presence.

Founded in 1999, Averna is a Test Engineering leader, delivering innovative test expertise and solutions for tier-one clients in wide-ranging industries around the world, including Aerospace & Defense, Telecom infrastructures, Automotive & Transportation, Consumer Electronics, and Life Sciences. Averna has more than 300 employees and offices in 5 countries.

"This is a new chapter for Averna and we are proud to have the support of these strategic and respected partners who share our vision and values," said Andre Gareau, Averna’s President and CEO. "Averna is a Montreal-based success story and it is important for us to continue hiring the best local talents. This investment will help us extend our leadership position in each of our key industries as well as continue growing the company locally and internationally."

"Averna’s unique expertise in test, growing base of customers across the globe, excellent management team and portfolio of solutions position the company at the forefront of the Electronic Test and Quality Market," stated Andre Gauthier, Managing Partner at Tandem Expansion fund. "With this investment, Tandem is providing solid support to Averna in the next phase of its development."

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About Averna
Averna is a premier manufacturing solution provider for communications and electronics device-makers worldwide, helping them deliver a better end-user customer experience. Key Averna clients in the communications, aerospace, defense, automotive, consumer electronics, and medical-device industries use Proligent, RF Test instruments, and other test solutions to accelerate product development, reduce manufacturing costs, achieve superior quality throughout the lifecycle, and solve critical supply-chain issues.

Averna has offices around the world as well as a network of partners such as JOT Automation, Keysight Technologies, and National Instruments. Incorporated in 1999, Averna is a Best in Test award winner and has been honored as one of the Deloitte Fast 500 fastest-growing technology companies in North America. www.averna.com

About Tandem Expansion Fund
Tandem Expansion is a growth equity investor in Canadian technology businesses. Tandem is committed to helping Canadian companies and their management team to reach their full potential. Beyond capital, the Tandem team contributes its experience in building companies, its relationships and its proven ability to create value. Tandem values integrity, trust, openness and long-term relationships.

© Copyright 2015 Averna. All rights reserved. Information subject to change without notice.
Averna and Proligent are trademarks of Averna. Other company names listed are trademarks or trade names of their respective owners.

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