Tofte & Company advises Optimeo on its sale to CataCap

As exclusive advisor to the digital marketing agency Optimeo it is with great pleasure that we can announce that Optimeo has been acquired by CataCap.

Driven by founders Kuno and Silas Ystrøm, Optimeo has developed into a strong brand with a focus on delivering customer value throughout the marketing process. The company has developed a unique operational model around delivering a complete palette of high-quality online marketing services at attractive price points to the SMB market. Optimeo has been growing aggressively while maintaining profitability developing superior models around customer acquisition and service delivery.

CataCap is acquiring Optimeo together with the largest Danish provider of homepages and online marketing services, Danaweb. The joint entity will be a market leader and have more than 13,000 customers and offer a broad service portfolio to the large SMB segment.

“We are very happy with the partnership with Catacap and Danaweb and see great opportunities in combining Danaweb and Optimeo together with a partner as CataCap who comes with both financial strength and operational experience. We found a great partner for the process in Tofte & Company that offered a deep strategic understanding of our business and the market we operate in as well as a very steady hand when it came to making the right deal for everyone involved .”, says Kuno Ystrøm, Founder and CEO of Optimeo.

“We are excited to be able to implement this joint acquisition of two strong players within digital marketing and believe that the strong service portfolio and delivery platform of Optimeo combined with the leading market position of Danaweb will create a superior result. Tofte & Company was very professional throughout the process and demonstrated great skills in unlocking strategic value.”, says Rasmus Lokvig, Partner of CataCap.

“We are excited to have been part of this perfect marriage creating a true online marketing powerhouse for the SMB segment. Kuno and Silas have built an amazing business and I am looking very much forward to follow their joint journey with Catacap in the coming years.”, says Rasmus Bøegh Danielsen, Partner in Tofte & Company.

About Optimeo:

Optimeo is an innovative marketing agency that optimizes all aspects of online presence for small and medium stage businesses. The business was founded by Kuno and Silas Ystrøm in 2013 and today has more than 40 employees. The company delivers a 360-degree service from assessing customer needs, development of a marketing strategy, execution of the strategy and subsequent analysis of performance.

About Catacap:

CataCap invests in small to medium size Danish businesses that has significant development potential and an innovative sustainable business model.

The foundation is to create a sustainable level change through a systematic and consequent approach to business development, operational processes and management competencies in active collaboration with strategic partners as well as management and employees of the businesses.

CataCap is an active and engaged owner. The systematic hands-on approach to developing the portfolio companies aims at increasing speed and sustainability of the change of level and thereby the long-term value of all stakeholders – and a stabile additional return to the investors.

Tofte & Company advises Ageras on its acquisition of SaaS accounting platform Billy

Founded in 2010, Billy offer user-friendly accounting software for SMEs. The company provides a self-developed software platform for accounting and digital invoicing covering transactions, salary and webshop specific business applications. At the time of the transaction, Billy featured almost 17,000 active users and achieved double-digit MRR growth.

Ageras is the leading platform for professional accounting services. The company provides matchmaking services for bookkeepers, auditors, accountants and other experts within the financial industry – connecting the market at both ends. Ageras has been an Investcorp portfolio company since March 2017, where Tofte & Company were proud to act as advisor to Ageras.

I am a creator. Therefore it was time to sell Billy to an owner who is better at managing larger companies, and whom can make Billy international. On top of Ageras having a culture that matches Billy, they also gave me the best sales terms. So I am not tied to the operations going forward, and that has been a very important factor to me…It was a very good price. I am not going to go to bed hungry at any time,” says Toke Kruse, co-founder and Chairman of Billy.

 

Rico Andersen, CEO at Ageras, said “It is full speed ahead; we just entered the USA and can proudly call ourself Europe’s larget marketplace within accounting services. Since Investcorp came on board, the job has been to create an ecosystem within the accounting sector, and Billy is plug-and-play on that journey. Therefore it also makes me proud that we were able to run with the baton.

Thomas Tofte, Managing Partner at Tofte & Company commented: “It was a pleasure to work with the Ageras team again – first advising on their deal with Investcorp and now helping them expand their portfolio. Billy is on an exciting journey and I can’t wait to follow their progress.

Tofte & Company enters strategic alliance with leading US technology investment bank AGC Partners

Tofte & Company is pleased to announce that it has entered into a strategic alliance with AGC Partners (“AGC”), one of the leading global technology investment banks with an established track record in technology M&A and growth equity financing. Under this strategic alliance, Tofte & Company will be AGC’s technology investment banking partner in the Nordics and expects the combined capabilities of both firms will facilitate increasing cross border opportunities between Nordic technology growth companies and investors and strategic buyers in North America and Europe.

Benefits for Tofte & Company and its clients

Since inception in 2013, Tofte & Company has become the leading technology focused independent corporate advisory firms in the Nordics. Tofte & Company has developed a reputation as the preeminent adviser to technology growth companies in the Nordics with a partner team that have completed more than 400 transactions across private capital, capital markets advisory (eg. IPOs) and M&A. Tofte & Company believes that the strategic alliance with AGC will uniquely position Tofte & Company to provide global technology investment banking capabilities combined with leading local coverage, service and support to technology growth companies in the Nordics that are institutional size and quality.

The relationship with AGC will further enhance Tofte & Company’s access to strategic acquirers and investors in US and Europe as well as proprietary market intelligence and industry content. This is particularly relevant in the context of running sell side M&A or capital raising processes.

Thomas Tofte, Managing Partner at Tofte & Company, commented “Over the last 5 years Tofte & Company has been fortunate to advise some of the most exciting technology growth companies in the Nordics and believes that there will be an increasing universe of companies that will attract international capital and interest from especially US based strategic acquirers. We are excited to partner with AGC to extend our global full-service technology focused investment banking capabilities to clients in the Nordics.”

Ben Howe, CEO of AGC Partners, commented “AGC has built a leading global technology investment banking platform and has a consistent track record of being one of the most active deal markers in the sector. The relationship with Tofte & Company will provide AGC with a partner that has market leading coverage in the Nordic region and access to opportunities for our strategic and investor clients. The combination of our capabilities should be a compelling proposition for technology companies in the region.”

Background on AGC Partners

AGC has consistently ranked as the most active boutique bank dedicated solely to tech, having completed more than 360 M&A and growth equity transactions since inception in 2003. AGC has 50 professionals, including 20 partners, with offices in Boston (headquarters), Silicon Valley, New York, Chicago, Dallas, Los Angeles, Minneapolis, Atlanta and London. AGC has strong relationships with technology investors and over 1,000 global strategic buyers and technology investors across North America, Europe, and Asia.

AGC has experience and in-depth domain knowledge across all key technology sub-sectors including:

  • Application Software
  • Cybersecurity
  • Defence Technology
  • Digital Media / Internet
  • Energy & Industrial Tech
  • FinTech
  • Healthcare IT & Life Sciences
  • Infrastructure / Cloud
  • Internet of Things
  • Mobility Solutions
  • Semiconductors
  • Tech-Enabled Services

Tofte & Company advises Calwin A/S on its sale to EG A/S

As exclusive advisor to the vertical SaaS company Calwin it is with great pleasure that we can announce that EG has signed an agreement to acquire 100% of the shares in Calwin.

Founded in 1996 by industry veterans Carsten Rasmussen and Kenneth Dreymann, Calwin has for the past 23 years been focusing on delivering the best calculation and quotation software for the plumbing and electrician industry. Today the company holds an absolute leadership position within its field and continues to introduce innovative solutions to the market.

As the construction industry is increasingly embracing technology to improve effectiveness and profitability, Calwin  holds a very attractive position in the market due to their very large market share.

Recently acquired by the private equity fund Francisco Partners, EG is continuing its aggressive growth solidifying itself as one of Scandinavia’s leading suppliers of industry-specific software to the private and public sectors with more than 9,500 customers across Denmark, Norway and Sweden.

Calwin founders Carsten Rasmussen and Kenneth Dreymann will join EG to drive the continued growth of the construction vertical. Carsten and Kenneth bring a deep level of knowledge within the construction software market as well as solid leadership and operational experience.
The acquisition provides EG with an immediate position as a full 360 degree solution provider for the plumbing and electrician vertical.

“It has been a pleasure working with Tofte & Company. They did a great job understanding and presenting our business as well as finding interested buyers. EG is the strongest partner we could wish for to assist in the continue development of Calwin. Tofte & Company and their superior negotiation skills were instrumental in securing our deal. ”, says Carsten Rasmussen, co-founder and CEO of Calwin.

“I am delighted to have Calwin joining the EG product family. It is a strong product with a strong team. Tofte & Company demonstrated a professional approach that secured a smooth process for all of us.”, says Jesper Andersen, Divisionsdirektør for EG Private

“In my opinion Calwin and EG is a match made in heaven. Both companies have a shared history of building software solutions with a strong vertical focus. Combining Calwins deep expertise within software for the plumbing and electrician vertical with the market power of EG creates a very strong player in the marketplace.”, says Rasmus Bøegh Danielsen, Partner in Tofte & Company.

Press coverage (in Danish):

About EG:
With its extensive industry knowledge and highly skilled staff combined with the most recognized technologies and value-adding services, EG enjoys a unique position as one of Scandinavia’s biggest IT companies. EG provides industry-specific solutions to over 15 industries across the Private and Public sectors and serves over 9,500 customers across Denmark, Norway, and Sweden and has ~1,000 employees.

About Calwin:
Headquartered in Odense, Denmark, Calwin delivers state-of-the-art software solutions for the installation industry across Denmark. With more than 20 employees and close to 1.000 clients Calwin holds a clear leadership position in the Danish market. The company currently offers six different products including software solutions that aids in the calculation of project costs in order to deliver fast and precise bidding on new jobs as well as systems that collects data for quality assurance reports, or monitors and tracks tools, material and service status.