HgCapital buys e-conomic

The fresh funding will allow e-conomic to make a number of hires for its Denmark and overseas offices.

HgCapital is currently focusing its investments on the SME SaaS sector. The firm recently backed Bristol-based Nair & Co, a provider of international tax, compliance and accounting services for companies looking to expand into international markets. HgCapital also acquired a majority stake in IntelliFlo, a Kingston-upon-Thames-based SaaS provider to the financial services sector, via its Mercury Fund.

Alongside commitments from HgCapital's third party funds, HgCapital Trust plc contributed approximately £11.5m of equity to the overall funding structure.

Company
Founded in 2001, e-conomic is based in Copenhagen with additional offices in Norway, Sweden, Germany, Spain, Poland, Finland, France and the UK. The company employs approximately 100 staff and recorded turnover of €9.7m in 2011.

The company provides SaaS accounting services for SMEs, predominantly in Denmark but also serving some overseas markets. Its software allows customers to design invoices, find an accountant or bookkeeper and have constant technical support. e-conomic has around 100,000 customers.

People
Torben Rasmussen is the CEO of e-conomic. Nic Humphries is a managing partner at HgCapital.

• Tweet  
• Facebook  
• LinkedIn  
• Google plus  
• Send to  

• Topics
• Buyouts
• Nordics
• Technology
• HgCapital
• Denmark