Summit commits follow-on investment to Relex

In September 2015, Summit injected €20m into the Finnish software developer for a minority stake.

The fresh capital was intended to fund the company's ongoing international expansion, including Relex's move into the North American market later in 2015.

The software company claims to have tripled its revenues since 2015 by entering the North American market. It acquired 90 new customers worldwide, including Rossmann, WHSmith, Morrisons, Coop Denmark and AO.com.

Founders Mikko Kärkkäinen, Johanna Småros and Michael Falck remained majority owners of Relex following what was Summit's first investment in a Finnish company. Summit vice-presidents Steffan Peyer and Antony Clavel joined Relex's board as part of the investment.

Company
Founded in 2005, Relex uses in-memory computing – a computing method that boasts quicker processing speeds – to develop its software, used for supply chain management. It is headquartered in Helsinki and operates offices in Finland, the US, the UK, Germany, Italy, France, Sweden, Norway and Denmark. It employs around 300 staff.

People
Relex – Mikko Kärkkäinen, Johanna Småros, Michael Falck (founders)
Summit – Han Sikkens (managing director)

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• Topics
• Expansion
• Nordics
• Technology
• Finland
• Summit Partners