This category is for our successful transactions made by Tofte & Co.

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 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.

Tofte & Company advises Wizdom A/S on its EUR 30m sale to LiveTiles

As exclusive advisor to Wizdom A/S it is with great pleasure that we can announce that the New York headquartered global digital workplace software vendor LiveTiles Limited (ASX:LVT) has signed an agreement to acquire 100% of Wizdom A/S at an aggregate price of up to EUR 30m.

 

Wizdom is a leading ‘plug and play’, Microsoft-aligned digital workplace software business. Its software provides users with the tools needed to drive employee engagement, collaboration and compliance. Wizdom will enable LiveTiles to deliver new capabilities in relation to news and content publishing as part of its intelligent workplace platform.

Headquartered in Copenhagen, Denmark, Wizdom serves a high-quality customer base of 243 customers across Europe and the rest of the world. Representative customers include Nokia, Syngenta, Saxo Bank, De Beers and Anglo American.

 

Wizdom founders John Wainer and Claus Ole Hasle will together with the senior management team join LiveTiles to drive the continued growth of the Wizdom business and to help LiveTiles advance its position as the leading intelligent workplace platform. John and Claus bring a deep level of expertise in the Microsoft ecosystem and decades of operating experience in European markets.

The acquisition provides LiveTiles with an immediate and established regional presence in Europe, fast-tracking the Company’s expansion into the region and accelerating its already impressive growth of 272% per year.

 

“For a technology company like ours, we found the right partners in Thomas, Rasmus and the entire Tofte & Company team. They truly understood the DNA of Wizdom and the market we operate in and did an amazing job illuminating the true value of what we have built. Thomas´ unique experience as a deal-maker resulted in a deal with both sides as winners. We, at Wizdom, are looking very much forward to unfold the full potential of our technology together with the rest of the LiveTiles organization.” says John Wainer, CEO of Wizdom A/S.

“Thanks to Thomas and his team at Tofte & Company we have been able to secure a great deal for everyone involved. We are very excited to welcome Wizdom with their incredibly talented team led by John Wainer and Claus Ole Hasle to our LiveTiles family.” says Matthew Brown, CFO of LiveTiles

 

“I truly believe that Wizdom and LiveTiles together is a winning formula that will be very difficult for any competitors to match. From product, to market presence, to organizational fit the two companies are made for each other and I am very much looking forward to follow their shared journey going forward.” says Thomas Tofte, Managing Partner of Tofte & Company.

 

About LiveTiles:

LiveTiles is a global software company headquartered in New York, with operations in Seattle, Tri-Cities (Washington State), San Francisco, Los Angeles, Chicago, North Carolina, Rochester, London, Sligo, Amsterdam, Sydney, Melbourne, Brisbane, Geelong and Hobart. LiveTiles offers intelligent workplace software for the commercial, government and education markets, and is an award-winning Microsoft Partner. LiveTiles’ products comprise LiveTiles Intelligent Workplace, LiveTiles Design, LiveTiles Bots, LiveTiles Intelligence, LiveTiles for SAP Software, LiveTiles MX, LiveTiles Mosaic and Hyperfish. LiveTiles’ customers represent a diverse range of sectors and are spread throughout the United States, United Kingdom, Europe, the Middle East and Asia-Pacific.

About Wizdom:
Headquartered in Copenhagen, Denmark and with offices in North America, Wizdom deliveres state-of-the-art digital workplace solutions to leading organizations across Europe and the rest of the world. Wizdom´s top-rated and award-winning intranet solution offers components to build and brand a digital workplace on top of Microsoft’s SharePoint and Office 365, empowering over 300 digital workplaces around the globe.

CC:factory – Sell side to TDC

Tofte & Company advises CC:factory on its sale to TDC 

As exclusive advisor to CC:factory it is with great pleasure that we can announce that the largest Danish telecommunication company, TDC, has acquired CC:factory – a well-established powerhouse within the Nordic CCI market.

As one of the leading Nordic CCI solution providers, CC:factory delivers best-in-class CCI platform installations and consultancy services. The company is known for its unique solutions which combines the CC:factory proprietary CCI suite with established platforms such as Genesys to deliver solutions tailored to each unique customer needs. With major Nordic corporations such as Ørsted, Nordea, Nykredit, SEAS-NVE and Arla on the CC:factory client list TDC NetDesign A/S now further cements its position as the leading CCI solution provider in the Nordics.

“We have throughout the entire process been impressed by the team’s professionalism as well as deep understanding of our business and our industry, which is rare as we operate in a quite technical and complex industry. The process has been very well executed, and we feel that our strategic value has been extremely well-presented. This combined with a very structured and skilful deal making process makes us a very satisfied customer,” says Andrew Watson, CEO of CC:factory. “We are delighted that we will now be part of the powerful TDC NetDesign organization enabling us to deliver even better value to our customers. We feel that this is the right harbor for our technology and competences to expand rapidly in the market.” 

“Working with Tofte & Company has been a pleasure. They have made this transaction as frictionless as these things can possibly be and have had a very professional approach in the entire process,” says Thomas Stokking from TDC NetDesign.

“I am very excited to see CC:factory acquired by TDC NetDesign as I truly believe that the unique technology and competences of CC:factory will further unfold within the very competent and well-recognized TDC NetDesign organization,” says Rasmus Bøegh, Partner of Tofte & Company.

About CC:factory:
As a leading Nordic CCI solution provider, CC:factory delivers best-in-class CCI platform installations and consultancy services. The company is recognised for its unique solutions combining a proprietary CCI suite with established platforms to deliver highly customized and tailored solutions.

About TDC NetDesign:
As part of the largest Danish telecommunication company, TDC Group, TDC NetDesign has more than 20 years experience within system integration, datacenters, networks, security and IP-based communication solutions and is today considered the leading Nordic provider of network solutions and unified communications.

SpotOn Marketing – Sell side to Adelis Equity backed Søgemedier

Tofte & Company advises SpotOn Marketing on its sale to Adelis Equity backed Søgemedier

Acting as exclusive advisor to SpotOn Marketing it is with great pleasure that we can announce that Søgemedier has acquired 100% of the shares in SpotOn Marketing as part of a roll-up of the Nordic digital marketing agency market.

As one of the leading Nordic digital marketing agencies SpotOn Marketing combines senior consultancy services with a proprietary technology platform to provide superior marketing results for its clients. With this acquisition Adelis Equity further supports its leading position in the Nordic roll-up of digital marketing agencies, which was initiated with the acquisition of Søgemedier in the beginning of 2018 and followed by several bolt on acquisitions.

“It has been a very positive experience to work with the team at Tofte & Company. They are professional, competent and hardworking and has been the perfect M&A partner for us. They had the right contacts and the deep understanding of our business and market dynamics which resulted in the best possible outcome, namely to get the opportunity to become part of an extremely exciting journey with Søgemedier and Adelis Equity,” says Simon Salomonsson, CEO of SpotOn Marketing.

“It has been a pleasure to work with Tofte & Company on this transaction. Their extensive experience ensured a smooth acquisition process,” says Jacob Frandsen from Adelis Equity.

“To see Simon and the rest of the team at SpotOn Marketing joining Søgemedier in conquering the market for digital marketing is quite exciting. The strategic fit is very clear and I am quite confident that this will prove to be a great value adding deal for all involved parties,” says Rasmus Bøegh, Partner of Tofte & Company.

 

About SpotOn Marketing:

SpotOn Marketing is a young, Danish digital agency in growth with more than 50 employees who have dedicated their competencies and expert knowledge to help local businesses in Denmark. Today they deliver solutions to over 500 local businesses. SpotOn Marketing offers easy, transparent, and profitable marketing, including SEO, Google-ads, Facebook-ads, and website design, as well as their data tool, SpotOn Live, that makes it easy for local businesses to get an overview of their online visits and inquiries as well as using this data in their business development.

 

About Søgemedier:

Søgemedier is one of the leading digital marketing agencies in Denmark, with offices in Aarhus and Copenhagen. Since inception in 2008, Søgemedier has provided consulting, search engine optimization (SEO), Google AdWords, Facebook pages and Ads, websites, and web shops to more than 4,000 small and medium-sized enterprises. For further information please visit http://www.sgme.dk/.

 

About Adelis Equity:

Adelis is an active partner in creating value at medium sized Nordic companies. Adelis was founded with the goal of building the leading middle market private equity firm in the Nordics. Since raising its first fund in 2013, Adelis has been one of the most active investors in the Nordic middle-market, acquiring 14 platform investments and making more than 30 add-on acquisitions. Adelis now manages approximately €1 billion in capital. For more information please visit www.adelisequity.com.

Hejdoktor.dk – capital raise from UK based angel

Tofte & Company – Hejdoktor.dk secures funding

We are pleased to announce that we have raised an undisclosed round of financing from a UK based Business angel.

“We are very pleased with the extremely speedy process facilitated by Tofte & Company“. With the high quality “around the clock” support from Tofte & Company we have secured funds for growth. Again Tofte & Company has delivered as promised and we look forward to further corporation in the future” says Mikkel Geertsen, CEO of Hejdoktor.dk.

About Hejdoktor.dk:
Hejdoktor.dk is a Copenhagen based eHealth startup with a vision to lock horns with the current unprecedented global health challenges, by providing high quality online, convenient and cost-effective healthcare services – combined with the exponential power of computers.
Hejdoktor.dk is transforming traditional healthcare by making it more accessible and convenient. Hejdoktor.dk has empowered thousands of users, by giving them direct access to the healthcare professionals they need, through UX friendly and secure digital channels.
Hejdoktor.dk strives to make a positive impact in the world and believes that quality healthcare should be a universal human right.

Copyright Agent- Capital raise

Tofte & Company – Copyright Agent secures funding

“Tofte & Company was a strong partner in our recent capital raise, where they headed the capital raise process for Copyright Agent. We have been pleased to work with Tofte & Company who  acted fast, professional and diligent.

Their valuable network of potential investment partners was a strong asset and jointly we have succeeded in gathering an experienced and valuable team to support and secure the successful future of Copyright Agent. We give our warmest recommendations to Tofte & Company.“
says Henrik Eggert, Co-founder of Copyright Agent.

About Copyright Agent:
Copyrightagent.com consist of a team of professional photographers and talented entrepreneurs who realized no service existed to protect the copyright for photographers online. Until now!
We collaborate with photographers and leading image agencies to discover any unauthorized use, and ensure the owner receives what they’re owed.
As the Internet grows day-by-day, hour-by-hour, more photographic material is being used without respecting copyright. That’s not ok. As a photographer, it’s crucial you’re paid for the use of any photographs that rightfully belongs to you.
That’s why we created this service. Copyright Agent shows you where your photos appear across the Internet. But more importantly, where they are used in violation of your existing copyright. We’ll ensure you receive payment from the violator, and only charge you a success fee once the money’s in your account.

Agillic – IPO on NASDAQ First North Copenhagen

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.

CSI Protect – Private Placement

Tofte & Company – CSI Protect secures funding

We are proud to announce that CSI Protect has raised a significant round of financing from a group of investors led by Henrik Friborg.

From it’s US HQ in Los Angeles, CA. CSI Protect is building it’s North American business centered around Forensic DNA property marking, forensic coding and asset identification solutions which deter theft and aid recovery of stolen property.

The Company has been at the forefront of providing the Police and Insurance recommended property marking solutions since 2015. Since then, CSI Protect has helped homeowners, businesses, local authorities, hospitals and schools protect their property. With already established business relationships in 8 states and partnerships with several major Law Enforcement Agencies like LAPD, CSI Protect was seeking funding to ensure a rapid expansion throughout the entire US market. The past 3 years have shown outstanding results and all major US retailers and Law Enforcement Agencies have shown significant interest in protecting their local communities, employees and valuables using DNA technology.

We pride ourselves on top quality, accredited products, the best customer service and exceptional value. In fact, repeat business is growing as more and more satisfied customers return to us year after year. Key markets include B2B, Education, Government, Police and B2C. Our goal is to reduce a number of crimes including domestic and commercial burglary, robbery, metal theft, vehicle theft and theft of cycles.

“As a result of our rapid expansion in the US market additional funding was needed in order to keep momentum. Through a mutual international contact we were recommended to contact Sasja Dalgaard, Partner at Tofte & Company. Sasja came highly recommended, but being a US company seeking funding for a US expansion we were armed with a fair amount of skepticism and questions. I am happy to say that for the first phone call to the final Due Diligence we have received the most professional and result orientated advice and guidance from the entire Tofte & Company team, but Sasja has a special place in our CSI hearts. Sasja has continuously outperformed all out expectations and been a priceless partner during the entire process. The professional approach has allowed us to focus on our US operations while the funding process was on full speed. Being in the hands of a professional team allowed us to feel confident that we would achieve our common goal and find the right match for our business,” says Kristian Brandt, Co-Founder and & COO of CSI Protect.

“It has been a great pleasure to work alongside the founders Kristian Brandt and Henrik Olsen in this process and it is obvious that they possess the needed determination to conquer the US market. The product is unmatched and with the capital injection and an active investor team with deep industry knowledge they are on a path to succes. Lead investor – Henrik Friborg co-founded Milestone Systems (Sold to Canon Group in 2014) and that is a match that I am proud of since his past journey and experiences makes him the ideal investor for CSI Protect. I very much look forward to follow the company,” says Sasja Dalgaard, Partner at Tofte & Company.

Duka – Sell side to Executive Capital

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.