September 18, 2020

Broad Horizon acquires Danish IT company Delegate (Broadhorizon)

Broad Horizon, one of the larger Dutch data, business applications, managed hosting, and cloud companies has acquired Danish IT company Delegate to enter the Scandinavian market. Over the years, Delegate has shown a great ability to recruit, develop, and retain talented employees in a highly competitive market. With the acquisition, the Broad Horizon portfolio has been strengthened with even more business application services and knowledge.

Broad Horizon has actively searched for acquisition opportunities in the Scandinavian region and especially Denmark and Delegate’s portfolio turned out to be the best fit into Broad Horizons’ M&A strategy focused on data & AI, business applications, and managed services. Delegate is a major player on Microsoft O365, Microsoft D365, Azure, and IoT in Denmark and will play an important role in Broad Horizons’ ambition to grow in the Nordic region.

The financial terms of the deal were not disclosed.

Kahoot! acquires Danish tech start-up for up to EUR 28m (Kahoot)

Kahoot!, the Norwegian learning platform company, has announced the acquisition of Actimo, a Danish tech start-up providing an employee engagement platform that empowers organizations to more efficiently build corporate culture with better communication, training, and interaction with the workforce. Kahoot! is acquiring 100% of the shares in Actimo ApS for a total consideration reflecting an enterprise value of EUR 22-28m on a cash and debt-free basis, to be settled in a combination of cash and shares, including a performance-based element. Completion of the transaction is subject to customary conditions and the transaction is expected to be completed in October 2020. Further details regarding the transaction will be presented in Kahoot!’s Q3 report.

The acquisition of Actimo is a part of the strategy to strengthen the Kahoot! at work offering with employee tools to further enable all organizations to build their corporate culture. Actimo enhances Kahoot!’s corporate learning and engagement tools by combining the features of employee engagement from the Actimo platform with the learning approach, scale and reach of Kahoot!

Conscia announced a new strategic acquisition in Denmark acquiring Net IT (Conscia)

Conscia, the expert in IT infrastructure and security solutions, has acquired the Danish IT consulting company and VMware partner, Net IT. A week ago, Conscia entered into a purchase agreement with the cybersecurity company Credocom and this week the acquisition of consulting company Net IT, was announced. By adding more specialized VMware competencies, Conscia segments its position even more in core deliveries to the network, the data center, and the mobile endpoints, just as Conscia’s security solutions are strengthened.

Net IT is Denmark’s only consulting company with a 100% focus on VMware, which provides quality solutions to larger and smaller companies in Denmark and abroad. Net IT’s employees are the leading experts in Denmark and the Nordic countries on VMware, and therefore they have a special focus on virtualization solutions within server, network, desktop, and application. The team will become an integral part of Conscia and move in as soon as possible.

Keepit, the Danish SaaS data protection provider, secures EUR 25m financing from One Peak Partners (Nordic9)

Keepit, a Denmark-based provider of SaaS data protection, announced that it secured a DKK 190M (EUR 25m) capital investment round. The funding was provided by the UK-based private equity fund One Peak Partners and will be used for business expansion across Europe and the US.

Keepit, founded in 2007 by CEO Frederik Schouboe and Morten Felsvang, developed a Backup-as-a-Service software that specializes in protecting data from SaaS solutions such as Microsoft 365, Salesforce, Dynamics 365, and G Suite. The larger cloud providers offer uptime and data protection against intruders but don’t offer a built-in backup solution of the SaaS data, should anything happen to it. The new capital will be used to increase Keepit’s sales team as well as its marketing and product development.

Last year Keepit raised EUR 2.7m from the Danish growth fund and the founders.

Vertigo Games acquired by Embracer Group for up to EUR 65m (Cision)

Embracer Group AB, through its wholly-owned subsidiary Koch Media GmbH, has agreed to acquire 100 percent of the share capital in Dutch-based Vertigo Games Holding B.V that develops, publishes, and distributes games exclusively for Virtual Reality. Vertigo Games is behind the million-selling and award-winning global hit Arizona Sunshine and has highly anticipated After the Fall in its pipeline.

The upfront equity purchase price amounts to EUR 50 million in total, where EUR 40 million is paid in cash and EUR 10 million is paid in newly issued B shares. This equals an upfront enterprise value of approximately EUR 45 million, adjusted for EUR 5 million in acquired net cash. Subject to fulfillment of agreed earnings targets and release of certain titles during a up to 10 years period an earn-out consideration of a maximum of EUR 65 million may be paid, where a maximum of EUR 25 million will be paid in cash and a maximum of EUR 40 million will be paid in newly issued B shares.

Embracer Group has a highly active M&A strategy and completed eight acquisitions in August.

September 11, 2020

Visma continues its strategic expansion in the Dutch accountancy cloud by acquiring Cash Software (Visma)

Visma, a European leader in cloud business solutions, acquires online business software specialist Cash Software. With this strategic acquisition, which follows the acquisitions of Visionplanner, Nmbrs, and recently Yuki, the Visma Group continues to grow steadily in the Dutch accountancy and ERP market.

Cash Software, of which Microloon has been a part for seven years, was founded in 1984 and has been developing business software for SMEs for over 35 years. More than 10,000 companies now work with CASH and Microloon, which together carry out more than 400,000 administrations.

Cash Software will remain a separate entity within the Visma group and continue its business activities as an independent organization. As part of the Visma family, the organization will partner with the other Visma companies in the accountancy ecosystem giving added value that new and existing customers will benefit from. The two former owners, Jaap Boender and Zita de Booij, are saying goodbye to Cash Software. Owner Robert Mijnsbergen will continue on as Managing Director.

Trifork acquires majority stake in Nine (Trifork)

The international IT group, Trifork, has acquired a majority stake in Danish IT consultancy company Nine A/S. At the same time, Nine Holding is becoming a shareholder in the Trifork Group. The cooperation will strengthen and anchor Trifork’s role as one of the leading providers of IT development services to the Danish public sector. Nine is an IT consulting company that has played a significant role in the digitalization of the public and private sectors in Denmark for more than 13 years. Nine’s customers include the Danish Business Authority, SKAT, ATP, and AP Pension.

With Trifork as the new co-owner, Nine will be an even stronger alternative for the key suppliers to the Danish public sector. The acquisition enables Nine to bid on more complex and critical projects in the public market, extend its service offering, and accelerate the company’s growth in FinTech.

The management of Nine is fully dedicated without any changes and the current owners, which consist of senior executives and key employees, remain invested with total ownership of 30% of the company. Nine reported a gross profit of DKK 139m (EUR 18.7m) for the financial year 2019/20, and a profit after tax of DKK 26.5m (EUR 3.6m).

GamerzClass Secures USD 1m Financing (Esportsobserver)

Danish educational esports platform GamerzClass raised a USD 1m financing round led by Copenhagen-based venture capital fund Bumble Ventures. As part of the investment, the company also refreshed its board of directors and presented a new strategy.

Further investors in the financing round included London-based firm TrueSight Ventures, the danish growth fund Vækstfonden, former general partner at Index Ventures Ben Holmes, Christian Legêne, and former deputy director of TDC Group Kathrine Stampe Anderson, who also joins GamerzClass’ board of directors. The board of directors is rounded off with Swedish tech venture capital investor Hampus Monthan Nordenskjöld. Former member of the board Daniel Nyvang, a managing partner at Bumble Ventures, becomes the new chairman of the board.

Following the investment, GamerzClass announced that it is looking to change its platform’s business model to be more focused on subscription revenues. The platform currently has more than 30K users in over 140 countries.

Conscia acquires Credocom in their largest Danish acquisition ever (Conscia)

Conscia, a Danish provider of security and IT infrastructure backed by Nordic Capital, has acquired Denmark-based cybersecurity company Credocom. Thomas Grønne, CEO and main shareholder in Credocom, will continue as director of the security business in Conscia.

IT security is high on the strategic agenda of Danish companies and public players. In recent years, Conscia has strengthened the competencies within the security area, with several solution offerings and with a Security Operations Center (SOC). With the acquisition agreement of the security specialist Credocom, an essential step is being taken towards becoming the customer’s preferred cybersecurity partner in the Danish market. Conscia and Credocom will stand strong together and offer deep competencies and broad security solutions. For Credocom’s customers, there is an additional advantage in accessing Conscia’s unique services, management, and customer portal.

The financial terms of the deal were not disclosed.

Guild Esports plan IPO on London Stock Exchange (Reuters)

David Beckham’s Guild Esports plans to list in London this year, making it the first esports enterprise to go public in Britain. The world’s first publicly listed esports company was Astralis Group which was listed on Nasdaq First North Growth Market Denmark in 2019 with Tofte & Company acting as exclusive financial advisor. You can read more about Astralis Group’s IPO here.

Guild, which owns and develops esports teams, will use the proceeds from the share placing to recruit new players and invest in its brands. Guild initially plans to build a coaching academy for teams of four esports disciplines including Rocket League, FIFA, and Fortnite.

According to Reuters, Guild intends to raise GBP 20m by listing around 40% of its shares, giving it a valuation of £50 m. Globally the esports market generated $ 951m in revenues in 2019 and 443 million viewers, games and esports analytics firm Newzoo estimates.

September 4, 2020

Tofte & Company advises SOUNDBOKS on their DKK 52m financing led by Heartcore Capital and with participation of VF and M-Venture (Tofte & Company)

Tofte & Company is pleased to have advised the shareholders of SOUNDBOKS in their capital raise from European venture company Heartcore, the strategic investment from Jägermeister via their venture arm, M-Venture, and the Danish Growth Fund (VF).

With the new capital, SOUNDBOKS is further strengthened to invest further in branding and sales in its largest markets, Germany and the USA. The capital shall further fund product development and make SOUNDBOKS much more than a speaker brand. The new investors have specifically been chosen based on their strong experience within consumer brands and their vast experience in the two major target markets. This new financing comes after more than 47% growth in 2019 and continued strong growth throughout the first half of 2020.

“We once again decided to work with Tofte & Company due to their second-to-none insight into the European venture market and understanding of the SOUNDBOKS business and strategy. Further, working with Tofte offloaded us significantly during the fundraising process and allowed us to focus more on our core business, which has been key for us during the COVID-19 crisis.”, said founder and CEO of SOUNDBOKS Jesper Theil Thomsen.

You can read the full announcement here.

Siteimprove partners with Nordic Capital to accelerate growth (Cision)

Siteimprove, the Danish provider of website experience and digital marketing optimization services, is to be partly acquired by the Swedish PE firm Nordic Capital. Siteimprove is a global leader within website experience and digital marketing optimization, offering a comprehensive platform on a strong growth trajectory. Nordic Capital will support the Company’s future growth journey as the new majority owner in close partnership with the CEO & Founder.

As an award-winning global Software-as-a-Service (SaaS) company, Siteimprove unites essential digital disciplines into a single, integrated solution. It empowers organizations with the tools to protect their reputation through consistent content quality standards, improve accessibility and compliance, and holistically optimize marketing efforts across organic and paid search. Siteimprove has significant long-term growth potential, driven by increasing market penetration, expansion in key customer segments, and opportunity-generating past investments in product development and platform solutions. Nordic Capital will support Siteimprove’s further development and international expansion by investing in the organization and product offering, accelerating its growth as a strong and sustainable company.

The Company was founded in 2003 by its CEO Morten Ebbesen and has its headquarters in Copenhagen. Since then it has grown steadily, and now has offices across Europe, North America, and Asia. Siteimprove has 550 employees in 15 countries and over 7,200 customers globally. The Company’s customer base derives mainly from financial services, healthcare, and the public sector, and includes some of the most well-respected organizations in the world. In 2019, the Company reached recurring revenues of USD 81.6 million, of which approximately 60 percent from US customers.

The financial terms of the deal were not disclosed.

Comcare acquired by Mercell (Oslo Børs)

Mercell Holding AS, the Norway-based digital platform for eTendering and eProcurement solutions, has acquired all the outstanding shares in Comcare AS, the Danish Software-as-a-Service (SaaS) company. The acquisition will take immediate effect and the purchase price reflects a multiple in the range of 3-4 times the acquired company’s ARR. The company reported DKK 21.1m (EUR 2.83m) in revenues in 2019.

Comcare holds a strong position in the Danish eProcurement market and is the leading provider to Danish municipalities with a client base of 65 municipalities as well as multiple other regional authorities and energy companies. In total, Comcare has 96 public authorities as customers. Comcare’s service offering covers important parts of the post award workflow solutions including a.o. contract management, eProcurement, and e-catalogue systems. The acquisition further strengthens the position Mercell began building with the acquisitions of Truelink and Tricom in Denmark earlier this year. KMD, the strategic partner of ComCare, supports the transaction and sees potential new opportunities with the larger product portfolio of the Mercell Group.

Comcare is the fourth acquisition made by Mercell in 2020 and is a direct result of the Mercell strategy of combining organic and inorganic growth to consolidate the European eTender and eProcurement markets.

Appex Operations to be acquired by Nordlo (Cision)

Appex Operations, the Norwegian IT company, is to be acquired by its Swedish peer Nordlo. The acquisition is Nordlo’s third acquisition in Norway and marks the continuation of its establishment as a strong challenger within IT and digitalization in Norway. Being a part of Nordlo Group, Appex gets access to better supplier agreements, deeper and broader competencies, and more resources. Altogether this will ensure our future regional expansion for Appex.

Appex focuses on the SMB market and long-term customer relationships, something that is achieved through a local presence, a high level of service, and efficient IT operations, which is completely in line with Nordlo’s model. The acquisition of Appex Operations will further strengthen Nordlo’s position in Norway.

Appex Operations has a turnover of NOK 30m (EUR 2.9m). The financial terms as the deal were not disclosed.

byNordic Acquisition files for USD 100m IPO and plans to target Nordic technology companies (SEC)

byNordic Acquisition, a blank check company targeting fintech businesses in northern Europe, filed on Friday with the SEC to raise up to USD 100m in an IPO.

The Sweden-based company plans to raise USD 100m by offering 10m units at USD 10. Each unit consists of one share of common stock and three-quarters of a warrant, exercisable at USD 11.5. At the proposed price, byNordic Acquisition would command a market value of USD 125m.

The company is led by Chairman Jonas Olsson, the Global Controller for multinational clothing retailer H&M, and CEO Michael Hermansson, who has held chief executive roles for numerous growth and turn-around companies owned by private equity firms such as Triton Investments Advisers and Nordic Capital. The company plans to target technology growth companies in northern Europe, particularly those in the fintech sector with enterprise values between USD 300m and USD 500m.

August 28, 2020

Red Ocean Technology acquired by Adelis Equity Partners (Adelis)
Analytics service provider Red Ocean brings in new majority owner Adelis Equity Partners. Red Ocean is changing its name to Kanari and aims to expand geographically within IT system stability and performance analysis. Now the company’s founders are taking in the private equity firm Adelis to help accelerate its growth and expand geographically.

Over a period of ten years, Red Ocean has built up a solid presence, both in Norway and the broader Nordic region, in the rapidly growing niche Stability and Performance Analytics (SPA). The company analyses the performance of large data systems for around 400 companies, across multiple industries including finance, industrials, retail, and energy. Red Ocean’s managed service helps customers to derive insights from their IT applications’ performance and then optimize these applications. Last year, Red Ocean had a turnover of NOK 130 million. In connection with the transaction, Magnus Sjöqvist will become the new chairman of Kanari.

The financial terms of the deal were not disclosed.

Exsitec headed for listing on Nasdaq First North (Exsitec)
Exsitec, the Swedish IT consultant and software distributor, is headed for listing on Nasdaq First North. The company is planning to raise up to MSEK 70m (MEUR 6.8) via a share issue. Based on the issue price and the existing number of shares before the completion of the offer, the company is valued at approximately MSEK 357 (MEUR 34.6). The offering comprises a total of 2,000,000 shares in Exsitec, of which 1,500,000 are newly issued and 500,000 consists of existing shares, which are offered for sale by the Company’s largest owner Standout Capital I AB. The price in the Offer amounts to SEK 35 (EUR 3.39) per share

Creades, Cliens Smabolag and Syringa Capital have undertaken to, subject to certain conditions, acquire shares in the Offer for a total of MSEK 45.1 (MEUR 4.4), corresponding to approximately 64% of the shares in the offer.

The preliminary first date for trading on 16 September 2020.

Supermetrics secures MEUR 40 funding led by Highland Europe (Supermetrics)
Supermetrics, the Finnish software company, has secured MEUR 40 in a funding round, led by Highland Europe who have helped build businesses like Smartly and Wolt. IVP, one of the leading venture capital firms in the US with companies like Slack, Twitter, ZenDesk, and Dropbox in its portfolio, also took part in the funding round.

Supermetrics, who are helping over half a million users in over 14,000 businesses around the world grow with data, has grown fast. The company has been profitable since it was founded in 2013 and have doubled their revenue every year. Hence, the funding round was more about acquiring skill than scooping funding according to CEO Mikael Thuneberg.

Esports platform Challengermode raises USD 12m led by the global investment arm of Alibaba (MyNewsDesk)
Swedish esports platform Challengermode has announced that it has successfully closed an external financing round of $12 million. Led by eWTP Innovation Fund, the global investment arm of the Alibaba Group, the investment will be used to enable further growth, international expansion, and accelerated monetization. Telia Ventures, GP Bullhound, Back in Black Capital, and Swedish soccer legend Zlatan Ibrahimovic also took part in the round.

With this additional funding, Challengermode will focus on enabling a growing number of brands, content creators, game developers, and professional tournament organizers to reach, engage, and monetize their target audiences through esports. Further technology development will enable the business to make the competitive gaming experience as seamless as possible, by offering ways for game developers to access its technology and new partnerships. It will also enable expansion into North America, accelerating Challengermode’s already strong user growth and leveraging new monetization opportunities.

Swedish open banking platform raises MEUR 3 (OpenPayments)
Sweden FinTech Open Payments has raised a MEUR 3 seed round. The round was led by Industrifonden and it was joined by Brightly Ventures and Luminar Ventures. The capital will be used to continue to grow the team and establish the platform in the Nordic and European market.

Open Payments is one of the leading Open Banking platforms in the Nordic region to offer genuine PSD2 API aggregation via a single and secure API. Open Payments is an FSA licensed Payment Institute that provides a cutting edge modular Open Banking Platform that enables businesses to easily and efficiently integrate with banks and other financial services through pure APIs. The platform has allowed third-party providers and business partners to develop their own products and services under their own brand-name and still own their user journey. The platform supports an ecosystem where third-party providers and business partners will further enhance the development of the platform going forward.

Open Payments last closed a pre-seed investment of MSEK 1.3 in May 2019. With the new funding, Open Payments will continue to grow the team expand the platform to drive and enable Open banking in the Nordic and European markets.

August 21, 2020

Danish-owned Spotify competitor to be listed on Nasdaq First North (WeeTracker)
Mdundo, a Danish-owned music streaming service in Africa, plans to list on the Nasdaq First North exchange in September. Mdundo is a music streaming platform focused on sub-Saharan Africa. The platform has 5 million monthly active users and 20 million monthly downloads on its website and Android app. The company, which is backed by more than 40 Danish business angels, wishes to raise MEUR 4-5.4 by issuing 3-4m new shares before the IPO at a price of EUR 1.3 per share. The proceeds from the IPO will be used to accelerate Mdundo’s current growth in sub-Saharan Africa.

CEO Martin Nielsen commented: “With a steep growth curve and a very scalable solution, we plan to invest further in user growth to increase our market coverage in sub-Saharan Africa and within approximately three years establish Mdundo as the leading Pan-African music service for consumers and musicians. We want to achieve in Africa what Spotify has achieved in the West and what Tencent has achieved in Asia.”

Mdundo is set to start trading on 4 September.

Devoteam acquires majority stake in Inviso (Devoteam)
The French-based technology consultancy Devoteam has acquired 70% of the Danish-based IT-company Inviso for a double-digit million (DKK) amount. The vendors are the two founders of the company Simon Kvistgaard and Peter Juel Jensen, who combined owned 80% of the business prior to the acquisition. Inviso, who helps companies optimize their business using data , had revenues of DKK 80.7m and EBIT of DKK 12.1m in 2019.

The acquisition expands Devoteam’s digitalisation competencies, which will help the consultancy company provide their clients with better data driven advise, and allows Inviso to gear up for further growth and internationalisation. grabs $29M Series B to continue building out pen testing platform (TechCrunch), the Californian start-up focused on automating pen testing, the process of testing an application for security vulnerabilities before it goes out the door, has raised a $29 million Series B led by Highland Europe. The company’s platform provides a way to move beyond traditional pen testing consultancies to connect pen testing professionals with companies who need their services. Beyond being a pure employment connection platform, the reports those pros generate, and the issues that need to be fixed, get incorporated into the tools developers are using, like Jira, to help resolve them in their existing workflow.

As the company grows, it wants to put more resources into engineering with the goal of making the process of signing up, getting a subscription, and using the service to be even simpler. also hopes to build many more integrations into the platform with the broader applications security ecosystem.

Constellation Software’s Volaris Group acquires Swedish software provider (GlobeNewswire)
Volaris Group, a Canadian software holding company owned by Constellation Software, has acquired Symbrio AB, a Swedish provider of software for the installation industry. Symbrio has recently transformed itself into a cloud-native SaaS solution to allow rapid onboarding of customers into a ready-made and connected supplier ecosystem.

Symbrio will add an installation software business to Volaris’s portfolio which will complement existing portfolio companies and provide further mission-critical software capabilities to Volaris’s ecosystem. Volaris will provide Symbrio with access to capital, business guidance, and best practices to accelerate their business. As a part of Volaris’s acquisition principle of ‘buy and hold forever’, Symbrio continues to operate autonomously under the same corporate identity and entertain future M&A of their own.

Norwegian neobank completes successful IPO (Oslo Børs)
The Norwegian neobank, Instabank, has been listed on the Norwegian Merkur Market. The first day of trading was on the 17th August 2020. Instabank is a full-service digital bank with customers in Norway, Sweden, and Finland.

Oslo Børs opened Merkur Market in January 2016 with the aim of offering listing and electronic trading of shares and equity certificates for smaller and medium-sized companies. Merkur Market has admission requirements that are less comprehensive than those associated with the established marketplaces operated by Oslo Børs.

Bilot and CastorIT to merge (Bilot)
Finnish software and IT service company Bilot signed an agreement to purchase all the shares in CastorIT, a company that specializes in SAP solutions. With the merger the companies will strengthen their market position as a full-stack developer of digital business and a recognized SAP expert. After the merger, the company’s name will be Bilot Oyj.

The combined customer base of CastorIT and Bilot and the extended service selection will create new opportunities for Bilot’s growth in the development of core business processes for both Finnish and international SAP customers. After the merger, Bilot will have over 200 employees, who will have improved opportunities for professional development and new career paths.

August 14, 2020

Tofte & Company advises Practio on its 8.2 MEUR financing led by Spintop Ventures (Tofte & Company)

Tofte & Company is pleased to have acted as exclusive advisor to the digital health care platform company Practio on its 8.2 MEUR financing led by Spintop Ventures and joined by PHOENIX and Carl Westin, the international investment company with a focus on digital health.

Practio has developed and deployed a digital healthcare platform, which enables pharmacies to become central points-of-care. Initial Practio services include vaccinations and COVID-19 antibody testing, but the company is planning to roll out broader platform services over time. Practio has deployed its platform across Denmark since 2015 and started its rollout in the UK in 2019. The latest funding will be used to speed up the deployment in the UK and to enter the German market later this year with other countries to follow from 2021 onwards.

“We are truly impressed by the Practio team and the platform they have built over the last couple of years. The modular technology architecture of the Practio technology platform will enable rapid scaling into the next countries and services – incl. opportunities to combat the corona-crisis.  We are looking forward to follow the journey of Practio,” says Poul Kotiah Hansen, Senior Associate at Tofte & Company”.

Practio co-founder & CEO Mads Mikkelsen further adds: “We have been very satisfied with Tofte & Company during this fundraising process. They have provided valuable advice in every phase of the process. The fundraising process was very streamlined and with their comprehensive understanding of tech startup businesses and insight into the healthtech startup fundraising scene they managed to secure a strong investor match”.

You can read the full announcement here.

KMD owned fintech company to acquire Norwegian software company, Concent (Banqsoft)

Nordic technology company Banqsoft, specialized in software for the financial services sector, has entered into an agreement to acquire Norwegian software company Concent. The acquisition will enhance Banqsoft’s capabilities, offer an additional product line within credit management and debt collection, and expand the customer base.

The strategic acquisition is part of an international growth strategy supported by Banqsoft’s owner, Danish IT group KMD, part of NEC Corporation, a global leader in the integration of IT and network technologies. Banqsoft will take over customer relations, software, and 85 employees located in Norway, Poland, and Sweden. The two companies will join forces and continue to grow as one Banqsoft. The acquisition is expected to be completed in September once all the preconditions for the transaction are satisfied.

The financial terms of the deal were not disclosed. However, the Norwegian business daily reported that the price of Concent, which had a turnover of MEUR 11.2 in 2018, is around MEUR 28.

Qentinel Finland to be acquired by Gofore for EUR 8.9m (GlobeNewswire)

Gofore has today agreed to acquire Qentinel Finland Oy, a specialist in software testing automation. The deal is estimated to be completed on 1 September 2020. The debt-free purchase price is MEUR 8.9. An additional purchase price has been agreed based on the EBITDA as stated in the current year’s financial results. Gofore expects the additional purchase price to total MEUR 1–2.

Gofore provides services needed by its clients in their digital transformation. The digital quality assurance services of Qentinel Finland will complement Gofore’s professional services offering. In addition, Qentinel’s superior testing automation and quality assurance expertise will improve Gofore’s ability to act as a provider with principal responsibility in large scale software projects.

ROOM raises MUSD 12.5 led by Silicon Valley venture funds (TechSavvy)

In 2018 the Danish serial entrepreneur Morten Meisner-Jensen founded ROOM. The company creates soundproof phone boots for office use and thus ties into the global trend of short-term office renting, co-working, and flexible work environments. This trend has only been accelerated by COVID-19 and ROOM already has 3.400 customers including Google, Nike, Apple, Uber, and WeWork.

The company has raised MUSD 12.5 led by venture funds from Silicon Valley. Danish architect Bjarke Engels has also contributed to the cap raise and he will now join ROOM’s Advisory Board.

The capital will be used to expand ROOM’s product offering. Already within the next month ROOM will launch two new products: a soundproof meeting room and a private office designed to enable social distancing.

Embracer Group announces three acquisitions to strengthen its position within the gaming industry (Embracer)

Embracer Group, through its wholly-owned subsidiary Saber Interactive, has entered into an agreement to acquire Malta-based 4A Games Limited, a top-tier independent AAA PC and Console developer. Through the acquisition, Saber Interactive onboards a reputable team of 150+ people across two studios in Malta and Ukraine as well as best-in-class internally developed and owned First-Person-Shooter technology to the Group. The upfront purchase price amounts to approximately MUSD 36 on a cash and debt-free basis and is paid in cash and in newly issued B shares, plus an earn-out consideration, subject to fulfillment of agreed milestones, of a maximum MUSD 35.

In a similar vein, Embracer Group announced that it has entered an agreement to acquire 100 percent of the shares in US/Canada based New World Interactive, an award-winning creator and developer of First-Person-Shooter IPs for PC. Through the acquisition, Embracer Group adds its first studio in Canada and establishes a strong foothold for further growth.

Furthermore, Embracer Group has entered into an agreement to acquire Germany-based Deca Live Operations GmbH, a mobile asset care and live operations expert within the Free-to-Play games segment. Through the acquisition, Embracer Group adds a strong team forming a key pillar in building a growing and profitable mobile and FTP business within the group while DECA will benefit from Embracer’s IP catalog, access to capital and deal flow. The upfront purchase price amounts to approximately MEUR 25 and is paid in newly issued B shares, plus an earn-out consideration, subject to fulfillment of agreed earnings targets, of a maximum of approximately MEUR 60.

Bolero acquired by NetNordic (NetNordic)
Bolero, an established Swedish provider of services related to cloud, cybersecurity, analytics, network, data center, and system development has been acquired by Norwegian system integrator NetNordic. Both companies work primarily with large and medium-sized customers in both the public and private sectors.

NetNordic has the ambition of becoming the leading Nordic system integrator, and through the acquisition of Bolero it will add competence and capacity to deliver value-added services and solutions within system integration in the Nordic market.

The financial terms of the deal were not disclosed. The management shareholders in Bolero are reinvesting in NetNordic and will continue to focus on developing the business in Sweden and the Nordics.

EG acquires Altiplan (EG)
EG’s subsidiary Silkeborg Data A/S acquires the Danish software company Altiplan Aps. The company provides a unique rostering system, HosInfo, that is used on more than 70 hospital wards in Denmark.

With this strategic acquisition, EG is strengthening and expanding its strong suite of payroll and rostering solutions to the public sector. Altiplan’s core solution, HosInfo, automatically prepares work plans and ensures that the resources of each department are utilized optimally. The solution is a good fit with EG company Silkeborg Data’s own market-leading planning and rostering solutions.

The seller and the buyer have agreed not to disclose further details concerning the sales price and other terms of the transaction.

August 7, 2020

Visma completes another strategic acquisition in the accountancy software market (Visma)

Visma, the European leader in cloud business solutions, acquires the Netherlands-based all-in-one accounting platform, Yuki. The acquisition marks Visma’s third strategic acquisition in the accountancy software market in a short period of time. In 2016, Visma acquired the Danish accounting software company Dinero with Tofte & Company acting as exclusive advisor to Dinero. In 2018, Visma further strengthened its positioning with the acquisition of Hungarian provider of cloud-based billing and invoicing services, Számlá

With the acquisition of Yuki, Visma has immediately taken the lead in the accountancy software market.

The financial terms of the deal were not disclosed.

Consignor Group, a Norwegian software company, has been acquired by Francisco Partners for EUR 139.6m (Consignor)

Consignor Group, a leading Nordic software company focusing on delivery management solutions for the booming e-commerce industry and industrial companies, has been acquired by the global private equity firm Francisco Partners, that specializes in investments in technology and technology-enabled businesses.

Peter Thomsen will continue as CEO and a 30% shareholder in Consignor Group while Petri Oksanen and Mario Razzini will join the Consignor board.

Cisco acquires Swedish sensor and software optical tracking company, Modcam (Cisco Meraki)

In acquiring Modcam, Cisco gets a team of highly talented engineers who bring a wealth of expertise in machine learning, computer vision, and cloud-managed cameras. Currently, Cisco Meraki MV smart camera capabilities include motion detection and machine learning-based object detection, all of which run at the edge, in-camera. However, these analytics are constrained to a single camera’s view of the world. With Modcam’s technology, this micro-level information can be stitched together, enabling multiple cameras to provide a macro-level view of the real world.

The financial terms of the deal were not disclosed.

Atlassian Corporation to acquire Mindville (Atlassian)

Atlassian Corporation, an Australian provider of team collaboration and productivity software, has announced the acquisition of Swedish IT configuration management company, Mindville.

The transformation towards digital business operations has been accelerated during COVID-19 and the acquisition of Mindville will bolster Atlassian’s current IT Service Management capabilities. By combining rich contextual information from disparate development tools with infrastructure-related information, Atlassian’s IT teams can now better anticipate the impact of changes to critical business services and respond to the unexpected faster.

The financial terms of the deal were not disclosed.

Pentia, a Danish digital consultancy agency, acquires a majority stake in Klausen + Partners (Pentia)

The Danish digital consultancy agency Pentia has acquired the omnichannel marketing agency Klausen + Partners. The vision of the acquisition is to create a leading Nordic B2B full-service customer experience agency that combines strategic, creative, and technical competencies.

The financial terms of the deal were not disclosed.

Danish robotics company TinyMobileRobots raises EUR 1.75m to develop new robot (TechSavvy)

Aarhus based TinyMobileRobots, which specializes in high-precision, reliable outdoor robots for marking and stake out, has raised EUR 1.75m from current shareholders and employees. The capital will be used to develop a new robot which, according to TinyMobileRobots, will significantly increase the industry standard.

TinyMobileRobots was founded in 2017 and has already captured large market shares in Denmark, England, and the United States.

July 3, 2020

Danish PE firm Axcel acquires IT company AddPro from Adelis Equity. Reported EV close to EUR 105m (Axcel)

The deal is the second acquisition during the corona crisis from Denmark’s largest Private Equity fund, Axcel. The first being the acquisition of the Norwegian software company, SuperOffice, in April for EUR 89.3m. Børsen reports the deal value for AddPro is close to EUR 105m.

AddPro delivers mission-critical IT services and solutions, including infrastructure, application, and integration solutions.

The company was founded in 2000 and has previously been backed by Polaris in 2005, Adelis since 2017, and now Axcel.


Danish InsurTech, Undo, raises EUR 4.7m from Tryg to tackle car insurance (Techsavvy)

The investment is Tryg’s second investment in the young company, with the first of EUR 3.4m coming two years ago. However, Tryg maintains its 50% equity in Undo.

Undo is aimed at younger insurance-holders, with a mobile-based product. The solution is modular and flexible with customers being able to choose the exact policy needed.

The funding will be used to develop a new product aimed at the car insurance market. The intelligent tech-driven product is scheduled to be launched in the Fall, and will be personalized insurance with policyholder paying for how they drive – not who they are on paper.


Danske Bank’s new initiative sees EUR 6.7m invested in web company, Cobiro (Børsen)

The EUR 6.7m is raised from affluent Danske Bank customers, through Danske Bank’s new initiative, Business Angel Academy. The initiative is aimed at combining two existing complimentary ecosystems (re: startups and affluent Business Angel-prospects).

On top of the capital raise, Danske Bank will also provide a EUR 3.4m loan to Cobiro.

The total investment in Cobiro raises the company’s valuation to over a billion Danish kroner (EUR 170m).

Cobiro, which has created a software-based platform allowing customers to create websites and webshops for free, has raised a total of EUR 18.1m since its founding in 2016.


InsurTech company, Insurello, raises EUR 7.1m led by the Nordic VCs Inventure and Schibsted (EU-Startups)

The funding was raised from Inventure and co-led by Schibsted with participation from Luminar Ventures.

The 4-year-old company will use the funding to seek international expansion and develop the product. Insurello helps consumers claim fair compensation from insurance companies after personal accidents.

To date, the company has managed over 85,000 insurance claims resulting in more than EUR 7m in compensation for its customers.


Danish Beyond Leather Materials raises EUR 1.1m Seed Round led by Angel Investor Steen Ulf Jensen (Rockstart)

The round was led by Angel Investor Steen Ulf Jensen via Jensen Group Investment Fund, with participation from Rockstart and Vækstfonden.

Beyond Leather Materials, is a Denmark-based company that produces plant-based and eco-friendly alternatives to animal leather for the B2B sector.

The funding will be used to advance the company’s production facilities.


DAM software company, FotoWare, acquired by Viking Ventures (Viking)

The 23-year-old Digital Asset Management (DAM) enterprise solutions provider will use the funding to accelerate their European expansion. Viking Ventures acquired 100% of the share capital of FotoWare.

The company serves over 250,000 users and 4,000 customers, reaching annual recurring revenue of EUR 4.1m.

Viking Ventures is a Private Equity firm specializing in Nordic B2B software companies.


SaaS company LeadDesk acquires Finnish ICT company Nordcom (Cision)

100% of the share capital of Nordcom will be acquired in the deal. The total acquisition price will be up to EUR 700k.

LeadDesk previously stated they would be looking for acquisitions in 2020 and 2021. The acquisition of Nordcom will provide LeadDesk with comprehensive solutions to larger customers and public administrators.

June 26, 2020

Facebook acquires Sweden-based crowdsourced imagery platform Mapillary (Siliconcanals)

Previous backers of Mapillary include Sequoia Capital, Atomico, BMW i Ventures, and Samsung Catalyst Fund. The company will be merged into Facebook’s broader open mapping efforts.

The company provides a crowdsourced global street-level imagery platform with tens of thousands of contributors offering imagery and data to make better maps. They have raised a total of EUR 22M over three funding rounds since being founded in 2013 and has 59 employees according to LinkedIn.

Interestingly, co-founder and CEO Jan Erik Solem previously founded Polar Rose, a face recognition solution for mobile and web that Apple acquired in 2010. A deal our very own Thomas Tofte advised on.


Investcorp-backed Ageras acquires Tellow  and receives investment from Rabobank (Tofte&Company)

The major European bank, Rabobank, invests in Ageras via its strategic investment fund, Rabo Frontier Ventures.

Furthermore, Ageras acquired the Dutch SaaS accounting company Tellow. According to co-founder and CEO of Ageras, Rico Andersen, the strategic rationale behind the acquisition was to expand the combined ecosystem.

According to Computerworld, Tellow is the Dutch answer to the Danish SaaS-based accounting platform Billy, which Ageras acquired last year. Tofte & Company are proud to have advised Ageras on both acquisitions, as well as their latest capital raise from Rabobank.


EG-owner aims to continue aggressive acquisition strategy (ITwatch)

Francisco Partners, who acquired EG from the Danish PE firm Axcel in 2019, has raised EUR 9 billion in their latest fund raise.

Petri Oksanen, Partner at Francisco Partners, was instated as Chairman of EG at the time of the acquisition. He told ITwatch, that they are ready to support EG financially – and there is “no upper limit” to how much they are willing to fund EG’s acquisitions. “It is only about whether it is the right acquisition for EG or not”, Oksanen said.

EG’s CEO Mikkel Bardram has previously stated that the company is ready to make acquisitions in the DKK billions. In the last 12 months, EG has acquired 5 companies, and the chairman is ready to continue their aggressive acquisition strategy.


SAP-competitor Mercell acquires Danish fintech company Tricom (Computerworld)

Norwegian Mercell has recently been investing heavily in the Nordics – aiming to take on the fight with the source-to-pay solutions providers, such as SAP, Visma and Tradeshift.

Tricom will continue as an independent brand in the Mercell Group and will be expanding throughout Europe. The company was founded in 2011 and currently employs 25 people according to the source.


Acast, a Swedish podcast company, has raised EUR 50M in new capital from EIB and existing shareholders (Nordic9)

The round is divided in two; a EUR 25M credit facility from the EIB, where the financing is supported by the Juncker Plan (Investment Plan for Europe), and the remainder from an equity raise led by existing shareholders Alfvén & Didriksson, Moor Capital, Bonnier Ventures, Första AP Fonden and Swedbank Robur.

The company hosts independent podcasts, as well as larger publishers, such as the Financial Times, the Guardian, Vogue, Aftonbladet and Billboard. Acast hast over 125 million monthly listeners globally, and generated sales of EUR 34.4M in 2019.


Visma aims to continue aggressive acquisition strategy despite Covid-19 – has acquired 7 targets YTD (ITwatch)

Two of Visma’s lastest seven acquisitions have been in Denmark, and according to Director Carsten Boje Møller, they expect to make several over the summer holidays. Visma usually acquires ca. 20 companies per year.

The Director also stated in another article from ITwatch, that their focus is particularly on startups with innovative solutions on the Danish market.

Visma Denmark owns 14 companies, incl. E-conomic, Dinero, Visma Enterprise, and the Danish Visma companies have combined revenues of EUR 200M.


Shape Robotics IPO on Nasdaq First North Growth Market Denmark (OMXGroup)

Yesterday (re: June 25, 2020) Shape Robotics launched their initial public offering on Nasdaq First North Growth Market in Denmark.

According to Shape Robotics, the company made proceeds of EUR 3.6M with an oversubscription of 486% on the offering of EUR 1.31 per share. The share opened at EUR 1.55 and closed its first day of trading at EUR 1.44.

The company is a Danish educational technology company that has develop the robot Fable. Fable is an innovative modular robot system that makes it easy and fun for students to build and program their own robots.

Shape Robotics are the 5th company to be listed on Nasdaq Copenhagen this year. Please also find our previous coverage of this deal on our website.

June 19, 2020

Edtech Unicorn, Kahoot!, has closed a private placement of EUR 25M in new equity (

The funding also included existing shares, with the total round amounting to EUR 80.3M. The company’s latest investment round is currently valued at roughly EUR 1.3b and has raised over EUR 98M to date.

Participating in the round were both CEO Eilert Hanoa and Northzone Ventures – one of its largest investors.

The new capital will be used to expand its online game-based platform, targeting three distinct customer segments: Global organizations, educational institutions, and families. The latter representing a significant percentage of Kahoot!’s customer growth during Covid-19. Also, in the plans according to, are future M&A transactions in the areas of business, education and at home learning.


Stillfront, a Swedish gaming studio, raise EUR 114M via directed share issue (Cision)

The proceeds will be used to further financial strength and add flexibility to the company to be able to act swiftly on potential future acquisitions and growth opportunities.

According to the press release, “the subscription price corresponds to a discount of 1.4% to the closing price of SEK 781 (EUR 74.2m) on 16 June 2020 and a premium of 7.8% versus the volume weighted average price the latest 10 trading days”.

Stillfront is a global gaming studio, aiming to be the market leader in free-to-play games.


4-year-old Finnish Swappie raise EUR 35.8M Series B (Mergermarket)

The Finnish online marketplace for buying and selling refurbished smartphones, closed the round with TESI, alongside previous investors Lifeline Ventures, Reaktor Ventures, and Inventure participating.

The funding will be used to accelerate international expansion and continue its growth trajectory.

According to Tony Nysten, Investment Manager at TESI, “The smartphone market in Europe is worth over €100 billion, but used or refurbished phones currently make up just over 10% of that and only one in four pre-owned phones are currently re-sold”.

To date, Swappie has raised EUR 48M.


Descartes Systems Group acquires Danish shipping software company, Kontainers. Total consideration of EUR 10.7M (ITwatch)

The deal includes an upfront transaction of EUR 5.4M and a two-year earn-out period.

Co-founder and Kontainers CEO Graham Parker will join Descartes as Vice President of sales and digital freight solutions.

The company’s e-commerce platform is aimed at large shipping companies and forwarding agents. Kontainers has previously proclaimed relations with Maersk and logistics companies Toll and Ceva.


Denmark-based Likvido raise EUR 2.5M in Seed Funding from Blackfin Tech and others (Finsmes)

The round was led by BlackFin Tech and joined by several existing investors.

According to the source, the funding will be used to optimize its existing process automation solution and add a prediction engine that utilizes all transaction data to create a transaction-level credit rating.

The company plans to raise a Series A round in about 12 months.


Joliv acquired by Main Capital Partners-backed Alfa (Joliv)

According to Mergermarket, Main Capital paid EUR 6-7M for the company. The source cites Charly Zwemstra, managing partner at the PE company, for the information.

The PE-firm will roll-up Joliv to its existing portfolio company Alfa, a Swedish software company that was acquired in April 2020 for EUR 15-20M, to create a leading e-health player in the Nordic care market. The firm’s combined revenues will be EUR 10M, with a goal to fivefold that figure in four years’ time, partly by making more acquisitions according to the source.