FSN acquires majority stakes in Fellowmind, eCraft, Orango

Harriet Matthews
05 November 2019

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FSN Capital has acquired majority stakes in three European business software systems providers: Dutch business Fellowmind, Finland-based eCraft and Swedish business Orango.

The transaction will see a merger of the three companies. The new business will continue under the Fellowmind brand, and will expand the regions and products covered by the group.

Fellowmind CEO Emiel Putman will continue as the expanded group's CEO. Ville Hemmilä (CEO of eCraft) and Stefan Selvander (CEO of Orango) will take on roles as members of the company's executive management team.

Norwegian GP FSN drew capital from FSN Capital V for the deal. The fund held its final close in December 2016 on €1bn, and focuses on mid-market companies in Scandinavia and Finland. The vehicle was 55% deployed as of February 2019. The fund invests in companies with an enterprise value of SEK 500m-3bn and commits equity tickets of €30-130m per transaction, with a sweet spot of €50-60m.

Company
Founded in 2005, Fellowmind is based in Barneveld, the Netherlands. It has 405 employees, according to LinkedIn, which will expand to 1,000 through the integration of eCraft and Orango.

The new group will have a combined turnover of €125m.

Fellowmind produces software for businesses based on Microsoft Business Applications and digital workplace software. It has clients in sectors including finance, retail and manufacturing.

People
FSN Capital Partners – Marcus Egelstig (principal).
Fellowmind – Emiel Putman (CEO).
eCraft – Ville Hemmiläand (CEO).
Orango – Stefan Selvander (CEO).