Quinyx, a Swedish provider of workforce management solutions, has received $14 million in funding from Alfvén & Didrikson. In addition to the funding, Maria Åhr, CEO of Alfvén & Didrikson, has been named chairman of Quinyx while Måns Alfvén, founder of Alfvén & Didrikson, has also joined the board.
August 15 2014
Alfvén & Didrikson has invested $14m in Quinyx, the leading Scandinavian cloud based software supplier of workforce management solutions. Maria Åhr, CEO of Alfvén & Didrikson has been appointed Chairman of Quinyx and Måns Alfvén, founder of Alfvén & Didrikson has also joined the Board.
– We are absolutely delighted that Alfvén & Didrikson has invested in Quinyx and believe their significant funding, and wealth of experience will enable us to increase our international expansion,” says Erik Fjellborg, CEO and founder of Quinyx.
Quinyx is the Scandinavian market leader in cloud based software for workforce management solutions. The company offers comprehensive solutions for time and attendance, scheduling, absence management, employee communication and forecasting.
– Within the last three years we have grown by almost 600%, established offices in the UK, Denmark and Norway and secured significant agreements with SSP The Food Travel Experts, The Mary Rose, Burger King, Subway, Tele 2 Arena, FedEx, Compass Group, GANT etc. With over 100,000 satisfied users we have a stable foundation for continued growth and we are looking forward to our continued future expansion,” states Fjellborg
The investment is a combined private placement and secondary share purchase. Magnus Sandberg, former engineer at Google and today an Angel Investor, will be one of Alfvén & Didrikson’s co-investors. Erik Fjellborg CEO and founder of Quinyx will remain the largest private shareholder in Quinyx after the transaction.
– Erik Fjellborg founded Quinyx in 2005 while he was still in high school. He is a driven entrepreneur who has built a strong management team with broad industry experience. We are especially impressed by the strong customer base that Quinyx has built. With our cloud based business model and market leading position in Scandinavia, we see a great opportunity to turn Quinyx into an international market leader together with Erik and his team, says Maria Åhr.
Maria Åhr, CEO of A&D and with 10 years of international experience from Goldman Sachs in Stockholm, London and New York, will replace Fredrik Ekman to become Chairman of Quinyx’ Board of Directors. The new Board will comprise, in addition to Maria Åhr, Erik Fjellborg and Måns Alfvén, founder of Alfvén & Didrikson.
Quinyx is a premier web-based solution that enables customers to schedule, report time and dynamically forecast optimal labour costs against sales. The solution is especially designed for labour intensive industries and has been appointed by the GSEA in Chicago for “Best Innovation 2007”. Today, Quinyx has over 100,000 users in seven countries and customers such as McDonald’s, SSP The Travel Food Experts, FedEx, Compass Group, Burger King, and Decathlon. In 2013 Quinyx was nominated as a Gasellföretag (Gazelle company) by Sweden’s largest business magazine Dagens Industri and ranked as the second fastest growing IT company in Sweden with a growth rate of 589 percent between 2009 and 2012. For additional information, please visit www.quinyx.com
A&D is an investment company investing in growth companies. A&D was founded by Hjalmar Didrikson, former UBS and EQT, and Måns Alfvén with a background from Boston Consulting Group, Business Sweden and CMA Medical AB. Maria Åhr is the CEO with a long background from Goldman Sachs.
A&D invests in small to mid-sized privately held companies with potential for scalable, international growth. A&D operates with few restrictions, is able to deploy a pragmatic approach to investing, and can take a life-long perspective when appropriate. For additional information, please visit www.alfvendidrikson.com.