Karnov Group, a Scandinavian information and business intelligence provider backed by GMT Communication Partners, has secured a refinancing following a period of investment and accelerating growth. Karnov was acquired by GMT, the European TMT-focused private equity group, in 2011 from Thomson Reuters.
Karnov Group (“Karnov”), the Scandinavian information and business intelligence provider backed by GMT Communication Partners (“GMT”), is delighted to announce that it has secured a DKK510 million refinancing following a period of investment and accelerating growth.
Karnov provides legal and tax & accounting information to businesses in Denmark and Sweden and was acquired by GMT, the European TMT ¬focused private equity group, in 2011 from Thomson Reuters. Since the acquisition, Karnov has pursued an ambitious strategy that has transformed the business from a 20th century publisher into a modern information technology company. In addition to bringing in a new Chairman, CEO and management team, the company has pursued a customer-centric approach, focusing on the integration of premium information with advanced cloud-based technologies to help customers within the legal, tax and accounting professions to reach better decisions faster, thereby improving productivity and increasing profitability. At the same time it has developed its content to ensure customers are able to access more indispensable information in an intelligent and focused way, as well as completely re-engineering its back office systems to ensure they are able to support a modern, fast-moving technology business.
The company, which employs around 160 people across offices in Copenhagen and Stockholm, is projected to report revenues in excess of DKK300 million for 2014, mainly generated by its online platform, supported by an accelerating organic growth of 8% versus previous year.
The refinancing package was provided by SEB and Ares Management Ltd., a wholly owned subsidiary of Ares Management LLC.
GMT Communications Partners is a European independent private equity group focused on the media, information, entertainment and telecommunications industries, having actively invested in the European marketplace for the past 20 years. As industry practitioners, GMT focuses heavily on developing new strategic directions for established businesses that are able to benefit from new communication technologies. Since its foundation in 1993, GMT has invested in 32 companies and completed 70 bolt-on transactions across 19 countries, exclusively in European media/communications.