HgCapital Buys e-conomic

HgCapital said Monday it acquired e-conomic. Financial terms weren’t announced. Coppenhagen-based e-conomic provides SaaS accounting services for SMEs in Europe.

PRESS RELEASE

19 August 2013: HgCapital, the European sector-focused private equity investor, has today announced that it has acquired e-conomic (www.e-conomic.com) in an off-market transaction for an undisclosed amount.

e-conomic, founded in 2001 in Copenhagen, is Europe’s leading and largest SaaS (Software as a Service) accounting company for SMEs with c. 60,000 customers for its core product, and c. 100,000 customers for its freemium invoicing and expenses product Debitoor (www.debitoor.com). The company operates in its core home market of Denmark and in eight other European countries, including the UK, the Nordics, Germany and Spain. Its products enable its customer base to do their accounting more efficiently and with greater flexibility over the internet.
 
The investment is in line with HgCapital’s sector-focused approach of investing in leading growth mid-market companies in the European SME software sector. The SME SaaS sector is expected to continue to grow strongly in the coming years and HgCapital will support e-conomic’s management to capitalise on this opportunity.
 
Commenting on the acquisition Nic Humphries, Managing Partner at HgCapital, said:
“e-conomic is a leader in the fast-growing sector providing cloud-based accounting services to SMEs. We believe it has the potential to be a true champion in this sector globally and will work closely with CEO, Torben Rasmussen, and his colleagues to deliver this potential.   We intend to create a significant number of new jobs at e-conomic, both in Denmark and several other European countries, as the business grows.“