CapMan has sold its holding in Profit Software Oy to Via Venture Partners, Finnish Industry Investment Ltd and the company’s management team. Profit Software provides IT solutions to the insurance sector. CapMan invested in Profit Software in 2009.
Funds managed by CapMan have sold their holding in Profit Software Oy to Via Venture Partners, Finnish Industry Investment Ltd and the company’s management team. Profit Software provides IT solutions to the insurance sector.
Funds managed by CapMan invested in Profit Software in 2009. Profit Software provides software solutions that allow insurers to manage all their services, business lines and processes. The company has operations in six countries and its headquarters are located in Espoo. Profit Software is a market leader in Finland and the Baltic countries, it employs over 90 people and its turnover in 2013 was approx. EUR 9.6 million.
“Cooperating with CapMan has been very rewarding and made our growth in the Nordics possible in recent years. During CapMan’s ownership we have built a strong foothold in the Swedish market, among others. Furthermore, it is important that the transaction enables us to remain as an independent company,” says Ilkka Starck, CEO of Profit Software.
“We are very satisfied with our investment in Profit Software. It has been great to cooperate with the company’s competent management and personnel. Profit Software has grown in the Nordics and become a leading domestic provider of IT solutions to the insurance sector, which demonstrate clear industry expertise. Profit Software has excellent prerequisites to continue its growth under the leadership of its new owners,” comments Vesa Walldén from CapMan Technology and responsible for the investment.
The majority of the investment in Profit Software was made from CapMan Technology 2007 fund, which owned approx. 70% of Profit Software Oy’s shares prior to the exit. The exit will not change CapMan’s outlook estimate for 2014 given on 7 August 2014 as the exiting funds are not yet in carry.