Riyadh - MENA Herald: Investcorp Technology Partners, which focuses on tech-enabled investments in the European lower middle-market as part of the Investcorp Group (“Investcorp”), today announces that it has reached an agreement to acquire a majority stake in Ageras A/S (“Ageras” or the “Company”), a fast growing European online marketplace matching Small and Medium-sized Enterprises (“SMEs”) and micro-businesses with professional services providers such as accountants and lawyers.
Despite receiving no external investment until now, Ageras grew its revenues by approximately 60% over the last financial year and, in 2016, connected ~16,600 customers successfully. Ageras operates in five markets, Denmark, Sweden, Norway, Holland and Germany from its Copenhagen headquarters. The Company has delivered consistent growth by reinvesting cash generated back into the business.
The investment by Investcorp is expected to underpin Ageras’ high standards of service delivered to its customers and partners, and will help to drive continued growth in the Scandinavian market, as well as the Company’s broader international footprint. It will also allow for expansion into new geographies, leveraging Ageras’ strong brand, reputation for dependability and their insights into the professional service market.
Commenting on the investment, Yasser Bajsair, Managing Director at Investcorp in the Kingdom of Saudi Arabia, said, “Ageras offers a highly customisable and efficient service that allows its customers to connect with a range of professional services firms. We see a number of growth opportunities, initially focused on its existing markets in Denmark, Sweden, Norway, Holland and Germany, but over time we plan on helping the company expand its reach across Europe. Given Investcorp’s expertise in the technology sector, we believe we are the ideal partner to help Ageras take the next step in its development as a company.”
Rico Andersen, Chief Executive Officer, Ageras, added, “From the first moment we met Investcorp it was clear that they were the right partner for Ageras as we transition to the next level in our growth trajectory. Investcorp has a fantastic track record of growing founder-owned companies in the technology space, and its global presence and extensive network will support Ageras’ continued international expansion. Executing this investment from Investcorp is a great vote of confidence in Ageras’ development to date, and we believe their ongoing support will open up multiple opportunities for future growth.”
Investcorp has established a market leading position of investing in lower mid-market technology companies with a particular focus on founder-owned Data, IT Security, Internet / Mobility and Fintech / Payments businesses, and has raised more than $1 billion in funding for technology investments. Investcorp continues to see a strong technology deal pipeline in the market with Ageras marking its second investment in the sector within four months.
Gilbert Kamieniecky and Julian Bennet will join the board of Ageras as non-executive directors.
