Agillic NYC

Agillic – IPO on NASDAQ First North Copenhagen: 37 mDKK

Tofte & Company – Leading Nordic marketing automation software provider Agillic listed on NASDAQ First North Copenhagen

It is with great pleasure that we can announce that Agillic, the leading Nordic marketing automation software provider is listed on NASDAQ First North Copenhagen.

Agillic, headquartered in Copenhagen, Denmark, has developed a state of the art product for marketing departments to plan and execute their omnichannel marketing strategy. By using the Agillic platform the clients can communicate with end customers at the right time and right place with the right message resulting in an considerably increased effect of their marketing communication. The company has recently added artificial intelligence to their product offering which further enhances the value for the clients. The mission of the company is to allow their clients to communicate personally and relevant with their customers and thereby effectively kill spam.

Agillic has raised 37 MDKK in connection with the listing to be used for future growth and expansion particularly in the UK and Swedish market. The offer of shares was oversubscribed by 33% of shares offered to the public.

With a strong foothold in Scandinavia, Agillic is tapping into a 37 BNUSD worldwide marketing technology market which is expected to double over the next 5 years. The business model is based on a recurring Software as a Service subscription model with a high degree of revenue predictability.

“We have throughout the process been impressed by the professionalism of Tofte & Company. They have particularly impressed us with their business understanding. Marketing automation technology is probably not the easiest thing to understand but Tofte & Company helped us present our business in an easy and understandable way,” says Jesper Valentin, CEO of Agillic. “We have now secured funding to pursue the huge market opportunity we have in front of us and I am delighted with the support we have received throughout the process.”

“We are happy to see Tofte & Company taking their first case successfully to the market only a short time after having joined as Certified Adviser,” says Carsten Borring, Head of Listings at NASDAQ.

Agillic is an amazing company that we have been following for several years. They have the right product at the right time and the right team to make it happen which is why they are growing so aggressively. Their mission is clear and so is the value proposition towards their clients. I am truly grateful that Agillic chose us to help them in their listing process and I cannot wait to follow the company as it continues to expand into other markets,” says Thomas Tofte, Managing Partner at Tofte & Company.

About Agillic:
Agillic, headquartered in Copenhagen, is the leading marketing automation technology provider in Scandinavia. The Agillic platform offers its clients the ability to communicate to customers with personalised messages, through multiple channels, at scale, and thereby increasing the effect of marketing activities considerably. As a technological frontrunner in the industry, Agillic offers predictive models based on artificial intelligence which further enhances the effectiveness of the platform. With flagship customers such as Matas, SPORTMASTER, Banco Santander, Storytel og Egmont Publishing, the company has grown the annual recurring revenue with more than 60% year over year in 2016 and 2017 and is now ready for an European expansion.

Duka2

Duka – Sell side: Undisclosed amount

Tofte & Company – Executive Capital acquires minority stake in Duka

It is with great pleasure that we can announce that Executive Capital has acquired a minority stake in Duka, the leading Nordic platform for technology support solutions.

Duka, headquartered in Aarhus, Denmark, introduced its best in class support solution to the market in 2010 and has since experienced continuous growth. The company first launched with PC’s but has later expanded into tablets, iPads and mobiles. Duka has managed to create a solution where the end-user has all needs covered from a single point of contact thereby creating a superior user experience. The company has from the beginning had the mission to make technology products easy to use and their very low customer churn indicates a mission accomplished. Duka was listed amongst the 1,000 fastest growing IT companies in Europe on Financial Times list.

Duka is tapping into a growing 3.3 bnEUR European tech support market with an attractive business model based on subscriptions and already have a strong foothold in Denmark and Norway with more than 30,000 subscribers.

“We have throughout the process been impressed by the professionalism of Tofte & Company. They have impressed us both with the business understanding and deal making skills,” says Kim Krohn Gervin, CEO of Duka. “We have secured an attractive deal and Tofte & Company managed to find the perfect value adding partner in Executive Capital that has an extensive network and solid experience in developing technology businesses. Furthermore we felt the personal chemistry needed to engage on a joint journey.”

“Working with Tofte & Company has been a pleasure. They have impressive deal making skills and a professional approach,” says Klavs Vejlang (Chairman and partner at Executive Capital).

Duka is truly an innovative company build on a customer centric approach and strong values. They have managed to make the use of technology products easier thereby fueling the digitalization of the countries in which they operate. You sense the previous experience from both Kim and Rasmus (Thostrup Møller, COO of Duka) in terms of a professional driven organization relentlessly following a mission of best in class customer service. In Executive Capital they now have a partner with extensive experience and an impressive track record. I very much look forward to follow the journey of Duka,” says Thomas Tofte, Managing Partner of Tofte & Company.

About Duka:
Duka today employees more than 50 employees in Hinnerup outside Aarhus. The company was founded in 2010 to sell hardware to the senior segment without any IT knowledge and today has more than 30,000 subscribers with service and support for PC and mobile devices. Duka today offers 3 products (dukaPC, dukaPRO and dukaTALE).

About Executive Capital:
Executive Capital is an investment partnership formed by seasoned business executives that develops and professionalize Danish small and medium size companies through investing own fund and expertise. The partners of Executive Capital have typically been executives themselves and developed a smaller company to a larger international business and therefore has extensive experience with the challenges facing SMV’s.

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AirHelp – Private Placement: Undisclosed amount

Tofte & Company – AirHelp closes Investment from Nordic Eye

We are proud and happy to announce that AirHelp, the world-leading Air Passenger Rights company, has raised an investment from the Danish venture fund Nordic Eye.

The financing will help AirHelp further accelerate its growth via investment in claims handling capabilities to harvest on the massive inbound customer intake the company is experiencing. The funding will also accelerate efforts in the various partner relations the company has entered into.

In a market estimated to be worth up to $25 billion annually, AirHelp has quickly become a dominant player because of its rapid scale, flight disruption tracking technology and its user-friendly mobile phone app and online web form, which makes it easier than ever to file for compensation. Passengers can simply login with Gmail, TripIt, Outlook or Yahoo and start the search for past eligible flights, or enter their disrupted flight details into the system – within seconds they will know if they qualify for compensation – and at the click of a button they can file a claim.

“We have been following AirHelp from the side line for long and remain excited about their results. We are happy that we got to invest into the company and can now participate actively in the further development of the success that has already been created,” says Managing Partner, Peter Warnøe who will be joining the board as observer.

“The long lasting collaboration with Tofte & Company has been very satisfactory and a position is now reached where AirHelp can further accelerate its development,” says Henrik Zillmer, CEO of AirHelp. “With the recent investment we not only managed to secure funds for further growth but also important knowledge and network for our further expansion.” “It has been a pleasure working with Tofte & Company who have continuously impressed me with their ability to understand our business as well as their persistent support and impressive deal making skills to secure further funding. We look forward to go to market with our series B round next year based on many interesting investor dialogs already held.”

“I am very impressed by the traction and positioning AirHelp has obtained within their space. Henrik has persistently been pursuing his goal of creating the worlds leading Air Passenger Rights company and has in his journey shown remarkable execution skills,” says Thomas Tofte. “ I have never experienced a company with such an aggressive continuous growth – even after having reached scale and I can not wait to follow the journey as AirHelp continues to grow fueled by an amazing management team and a tier one investor group behind them.”

About AirHelp:

AirHelp is a Y-Combinator backed startup that helps travellers assert their legal rights and file for the flight disruption compensation they are rightfully entitled to under EU law.

Since its founding in 2013, AirHelp has helped over 5 million passengers for several hundreds of millions USD in flight disruption compensation for travelers worldwide. This makes AirHelp the world’s biggest company in its category.

AirHelp is live in 30 countries, offers support in 15 languages and employs more than 500 AirHelpers globally.

Logpoint

LogPoint – Private Placement: 10 mUSD

Tofte & Company – Cybersecurity platform LogPoint secures $10 million in funding led by Evolution Equity Partners

It is with pleasure that we can announce that LogPoint, the next generation security information and event management (SIEM) and big data analytics platform, has secured $10 million in Series B funding from cybersecurity specialist Evolution Equity Partners.

LogPoint, headquartered in Copenhagen, Denmark, introduced its SIEM solution to the market in 2008 and has since experienced continuous growth. In 2012 Series A funding was provided by Danish ICT specialist investor DICO, who will remain as an investor. LogPoint is the only European SIEM vendor and it achieved an EAL 3+ certification in 2015 in partnership with Boeing Defense, Space & Security. This certification facilitates partnerships with NATO, intelligence agencies, military and police entities and critical infrastructure in general. The Company today serves more than 300 customers globally with a significant customer base in Europe, whether it be government authorities, organizations and private enterprises. The clients are served through a network of infrastructure and security specialists partners such as CGI, Securelink, NNIT, KMD and Cygate. The Company has grown from 30 to 100+ employees with offices in Germany, United Kingdom, France and Sweden in addition to HQ in Denmark.

The large cybersecurity market is in high growth and according to Gartner Research “worldwide spending on information security is expected to reach $90 billion in 2017, an increase of 7.6 per cent over 2016, and to top $113 billion by 2020.”

The recent funding will enable LogPoint to enter the next phase of growth; fueling expansion in new markets and providing for continuous enhancement of the LogPoint Enterprise SIEM platform.

“We are very content with the process run by Tofte & Company,” says Jesper Zerlang, CEO of LogPoint. “We have secured the capital needed to take LogPoint to the next level and Tofte & Company managed to find the perfect value adding partner in Evolution Equity Partners as they have an extensive network and solid experience and deep sector knowledge within our sector. The process was run very professionally and the deal execution skills got us the right deal.”

“Jesper and Søren (Laustrup – founder of LogPoint) have built an amazing company with a huge potential. Their product is truly innovative and in a sector where newcomers have difficulties entering, they have taken a strong market position because of a unique product offering. I very much look forward to follow the journey of LogPoint following the receipt of necessary growth capital and high expertise from Evolution Equity Partners,” says Thomas Tofte, Managing Partner of Tofte & Company.

About LogPoint:
LogPoint is a cybersecurity pioneer founded in Denmark, having introduced its SIEM product to the market in 2008. Today, over 300 clients experience the LogPoint difference. LogPoint is the most flexible platform available for collecting, analyzing, and monitoring all data – whether generated by applications, databases, or infrastructure, or by sensitive assets, manufacturing systems, or security systems. The big data scale-as-you-grow architecture allows for quick and easy analysis and visualization with only a few resources – no matter how vast the IT landscape, no matter how dense the data. Sales and support offices are located throughout Europe with partnerships across the globe.

About Evolution Equity Partners:
Evolution Equity Partners, based in New York City and Zurich, Switzerland, invests in fast growing technology companies in the United States, Europe and Israel helping exceptional entrepreneurs develop market leading companies. The firm has a focus on cybersecurity and enterprise software and its partners have been involved as founders, investors and as senior operating executives in leading software companies around the world. Current and past cybersecurity portfolio companies include: AVG Technologies (AVG: NYSE), Cognitive Security (CSCO: NASDAQ), OpenDNS (CSCO: NASDAQ), Carbon Black, Onapsis, Security Scorecard, DFLabs, Fortscale among others.

Ageras

Ageras – Private Placement: Undisclosed amount

Tofte & Company – Investcorp to acquire majority stake in
European online marketplace Ageras

We are proud and happy to announce that Ageras, the European leader within matchmaking services to the accounting and legal industry, has received funding from Investcorp Technology Partners.

Investcorp Technology Partners, which focuses on tech-enabled investments in the European lower middle-market as part of the Investcorp Group (“Investcorp”), today announces that it has reached an agreement to acquire a majority stake in Ageras A/S (“Ageras” or the “Company”), a fast growing online marketplace matching Small and Medium-sized Enterprises (“SMEs”) and micro-businesses with professional services providers such as accountants and lawyers.

Despite receiving no external investment until now, Ageras grew its revenues by approximately 60% over the last financial year and, in 2016, connected ~16,600 customers successfully. Ageras operates in five markets, Denmark, Sweden, Norway, Holland and Germany from its Copenhagen headquarters. The Company has delivered consistent growth by reinvesting cash generated back into the business.

The investment by Investcorp is expected to underpin Ageras’ high standards of service delivered to its customers and partners, and will help to drive continued growth in the Scandinavian market, as well as the Company’s broader international footprint. It will also allow for expansion into new geographies, leveraging Ageras’ strong brand, reputation for dependability and their insights into the professional service market.

In a market estimated to be worth up to 22 billion euros annually, Ageras has risen to the top so quickly because of relentless focus on customer satisfaction on both client and professional service providers’ side. By using technology and a deep understanding of its market Ageras has created a superior platform expanding rapidly.

“It has been a pleasure collaborating with Tofte & Company,” says Rico Andersen, CEO of Ageras. “We looked at different advisors within the segment but thought that the strong technology expertise and sector specific extensive deal making skills would give us the best process. Our platform is all about the match and we were after the right match for us in terms of an investor that understood our business at a level where they could provide extensive value-add as well as financial power to provide continuous support during our growth path. We clearly found that match in Investcorp and I am excited about the journey lying ahead.”

“I was at the outset very impressed with the Company that Rico and Martin (co-founder) has build on a bootstrap basis but during the process I got even more impressed by the skill set of this young management team. I very rarely see a company being driven so professionally and KPI-based and I cannot wait to follow the journey as Ageras continues to grow fueled by an amazing management team and a tier-one investor group behind them. Investcorp proved a deep understanding of the business from the beginning and their extensive experience in working with fast-growing, founder-owned businesses in the technology space as well as their very analytic approach will make them a valuable partner to Ageras,” says Thomas Tofte, Managing Partner of Tofte & Company.

“Ageras’ unique combination of customized service and high automation positions it perfectly to address the market for connecting SMEs with accountants and lawyers. Its best-in-class levels of customer satisfaction coupled with recurring sales into its partner base have allowed it to secure a leading market position in Europe. These fundamental business strengths, coupled with an outstanding management team, make it an ideal candidate for Investcorp to partner with,” says Gilbert Kamieniecky, Managing Director of Investcorp’s technology investments in Europe. “It has also been a pleasure working with Tofte & Company that impressed us with the sector knowledge and substantive deal making skills creating a good deal for everyone involved.”

About Ageras:
Ageras is a Copenhagen-based technology company with a vision to create transparency in the accounting and legal industry. As an online marketplace, Ageras facilitates the right solution for a growing user base of 100,000 SME’s and individuals. Ageras has already expanded to 5 European markets and a 60% revenue growth last year without previous external equity funding.

About Investcorp:
Investcorp is a leading global provider and manager of alternative investments, offering such investments to its high-net-worth private and institutional clients on a global basis. Led by a new vision, Investcorp has embarked on an ambitious growth strategy to double assets under management (“AUM”) in the medium term. The Firm continues to focus on generating investor and shareholder value through a disciplined investment approach in three lines of business: corporate investment, real estate and alternative investment solutions (formerly known as hedge funds), together with the recently added credit management business.

As at December 31, 2016, the Investcorp Group had $10.4 billion in total AUM, including assets managed by third party managers and assets subject to a non-discretionary advisory mandate where Investcorp receives fees calculated on the basis of AUM.

Since its inception in 1982, the Investcorp Group has made over 170 corporate investments in the U.S., Europe and the Middle East and North Africa region, including Turkey, across a range of sectors including retail and consumer products, technology, business services and industrials, and more than 400 commercial and residential real estate investments in the US, for in excess of $53 billion in transaction value.

The Investcorp Group employs approximately 390 people across its offices in Bahrain, New York, London, Abu Dhabi, Riyadh, Doha, and Singapore. It is publicly traded on the Bahrain Stock Exchange.

DineroD

Dinero – Sell side: Undisclosed amount

Tofte & Company – Dinero sold to Visma

We are proud and happy to announce that Dinero, the most intuitive accounting program in the World, has been acquired by Visma, which is recognized as the leading accounting software provider in the Nordics.

Dinero has from the offset been building their product for the customer, aiming at making life easier for the many entrepreneurs eager to spend time on developing their business rather than doing administrative tasks. The company was established in 2012 and has of today more than 110,000 registered users.

“It has been a big pleasure working with Tofte & Company. They have relentlessly been working on the process and delivered the deal we wanted. I am extremely impressed by their deal making skills,” says Martin Thorborg, CEO of Dinero.

“I am delighted to have had the opportunity to work with Dinero. They have build a world-class product and you immediately sense their uncompromising prioritization of the needs of their customers as they develop business and product. I am deeply impressed by the work of Martin and his team,” says Thomas Tofte, Managing Partner of Tofte & Company.

The acquisition is part of the strategy of Visma to deliver the best accounting and business solutions to all small and medium-sized businesses in Denmark. “Dinero has been through an impressive development and has made a fantastic accounting program that makes it extremely easy for smaller businesses to handle their bookkeeping,” says Mads Rebsdorf Director of Visma Software in Denmark.

About Dinero:

Dinero is an online accounting program enabling users without prior qualifications to do the bookkeeping themselves. Since formation in 2012 Dinero has been experiencing a very aggressive growth and high user satisfaction. The company was founded by serial entrepreneur Martin Thorborg and David Andersen.

Airhelp landscape

AirHelp – Private Placement: 12 mUSD

Tofte & Company – Airhelp closes 12 mUSD series A financing.

We are proud and happy to announce that Airhelp, the world-leading Air Passenger Rights company, has raised 12 MUSD in its series A funding from Khosla Ventures, YC Continuation Fund, Naval Ravikant, Evan Williams, Jimmy Maymann, U-Start and Vilhelm Hahn-Petersen.

The financing will help Airhelp accelerate its growth via investment in claims handling capabilities to harvest on the massive inbound claims intake the company is experiencing. The funding will also accelerate efforts in the various partner relations the company has entered into.

“The collaboration with Tofte & Company has been very satisfactory and a position is now reached where Airhelp can further accelerate its development,” says Henrik Zillmer, CEO of Airhelp. “With the series A investment we not only managed to secure funds for further growth but also important knowledge and network for our further expansion. It has been a pleasure working with Tofte & Co who have continuously impressed me with their ability to understand our business as well as their persistent support and impressive deal making skills to secure the funding.”

“I am very impressed by the traction and positioning Airhelp has obtained within their space. Henrik has persistently been pursuing his goal of creating the world´s leading Air Passenger Rights company and has in his journey shown remarkable execution skills,” says Thomas Tofte. “ I have never experienced a company with such an aggressive continuous growth – even after having reached scale and I can not wait to follow the journey as Airhelp continues to grow fueled by an amazing management team and a tier one investor group behind them”

 About Airhelp:
AirHelp is a Y-Combinator backed startup that helps travellers assert their legal rights and file for the flight disruption compensation they are rightfully entitled to under EU law.

Since its founding in 2013, Airhelp has helped over 900,000 passengers for a total of $85 million in flight disruption compensation for travelers worldwide. This makes AirHelp the world’s biggest company in its category.

AirHelp is live in 19 countries, offers support in 13 languages and employs 230 AirHelpers globally.

For more information visit www.airhelp.com

yes

L.A. Media – Sell side: Undisclosed amount

L.A. Media, the second to none premium luxury magazine publisher in Denmark, has been sold by Tofte & Company

“I have considered selling my business for a couple of years, but selling a small business is a complex venture that involves several considerations. Enlisting a broker, accountant and an attorney as you proceed with your daily operations can be quite a job. The business sale will also require much of your time and probably one of the main reasons why many founders never get to that point.  Tofte & Company helped me build a solid plan and made the negotiations a success. I am very pleased with the journey and will continue to work with them, but now as an investor,” says Christian Friis Johansen, Founder at L. A. Media.

L. A. Media is such an interesting and well managed company with a portfolio of profitable magazines. On top of the traditional magazine business L. A. Media has unlocked a considerable growth potential through launch of its digital strategy this year. We saw the strong potential in this combination and found the right buyer,” says Sasja Dalgaard, Partner at Tofte & Company.

CardLab - Series A Financing

CardLab – Series A Financing: 5.5 mEUR

We are proud and happy to announce that CardLab, the world-leading supplier of technology for powered smart cards, has raised 5.5 mEUR in its series A funding from Singapore based Scentan Ventures – a team of internet entrepreneurs, digital and finance veterans.

The financing will help CardLab accelerate its growth via investment in production capabilities to harvest on the massive inbound opportunities the company has experienced. The funding will also accelerate efforts in Japan, where the new partnership with Scentan Ventures will bring local expertise and network to bring the products of CardLab to the market.

“The collaboration with Tofte & Company has been very satisfactory and a position is now reached where CardLab can sign binding delivery contracts with more customers for development projects and larger production orders,” says Frank Sandeløv, CEO of CardLab.

“With the investment from Scentan we not only managed to secure funds for further growth but also important knowledge and network for our Asian expansion. It has been a pleasure working with Tofte & Company who have continuously impressed me with their ability to understand our business as well as persistent support in our efforts and their impressive deal making skills to secure the funding.”

“I am very impressed by the traction and positioning CardLab has obtained with their unique technology for producing convenient and secure smart cards,” says Thomas Tofte. “I have never experienced a company with such a massive inbound interest before and can not wait to follow the journey as CardLab continues to harvest on this pipeline with the expanded opportunities following the funding”.

About CardLab:

CardLab is a Danish company specialized in making ultrathin electronics for powered smart cards and thereby develop highly advanced plastic cards containing a full computer in the card. CardLab has created particularly strong security features to plastic cards basically eliminating credit card fraud by use of its unique technology within biometric fingerprint scan, dynamic magnetic stripes, Snap Switch, Jammer Switch etc. CardLab is selling both complete solutions and OEM solutions adapted to the customers’ needs.

CardLab plans to hire further employees during 2016 to be able to cope with the rising demand on CardLab products. Please see more on www.cardlab.com.

Tradeshift2

Tradeshift – Secondary Placement: 5 mUSD

5 million USD is the amount Tofte & Company managed to raise in a secondary placement for TradeShift in February 2014.

We are proud to be part of this transaction, and we are proud to be the preferred transaction advisory to TradeShift.