HgCapital acquires Danish firm e-conomic, a leading provider of online accounting software
HgCapital, the European sector-focused private equity investor, has announced that it has acquired e-conomic , (Copenhagen, Denmark) in an off-market transaction for an undisclosed amount.
e-conomic, founded in 2001 in Copenhagen, is Europe’s leading and largest SaaS (Software as a Service) accounting company for SMEs with c. 60,000 customers for its core product, and c. 100,000 customers for its freemium invoicing and expenses product Debitoor. The company operates in its core home market of Denmark and in eight other European countries, including the UK, the Nordics, Germany and Spain. Its products enable its customer base to do their accounting more efficiently and with greater flexibility over the internet.
“Seeing as our new owner is a well-established player on the European market within software for accounting, doors are opening when it comes to our chances to develop. This means that we will be able to offer even stronger solutions to our users and partners as well as create even more work places than we already do”, says CEO of e-conomic, Torben Frigaard Rasmussen.
The investment is in line with HgCapital’s sector-focused approach of investing in leading growth mid-market companies in the European SME software sector. The SME SaaS sector is expected to continue to grow strongly in the coming years and HgCapital will support e-conomic’s management to capitalise on this opportunity.
“e-conomic is a leader in the fast-growing sector providing cloud-based accounting services to SMEs. We believe e-conomic has the potential to be a true champion in this sector globally and will work closely with e-conomic to deliver this potential. We intend to create significant new jobs at e-conomic both in Denmark and several other European countries”, says CEO of HgCapital, Nic Humphries.