Axcel partially exits EG

Axcel made the divestment from its DKK 3.6bn buyout fund, Axcel IV, which held a final close in 2011.

The services division was divested due to its underperformance compared with the software division, Unquote understands. It will be integrated into DXC's Microsoft Dynamics integrator division (DXC Eclipse).

EG's services division includes its Microsoft Dynamics, Infor M3 and SAP practices, which will be integrated into DXC Eclipse and DXC's SAP practice.

The divested division employs 570 people out of the group's total 1,821 employees, according to publicly available information.

Previous funding
Nordic Capital acquired EG with capital from its €4.3bn buyout fund, Nordic Capital Fund VII, in 2008. It supported 14 add-ons for the business between 2009-2013. 

Axcel acquired EG for an enterprise value of €160-170m in a secondary buyout from Nordic Capital in June 2013. Nordic Capital reaped a 4x money multiple on the transaction, according to Unquote Data.

Company
Headquartered in Herning, Denmark, EG is an IT software and services provider offering industry-specific IT solutions, implementation and consultancy services in the Scandinavian market.

People
DXC Technology – Mike Lawrie (CEO).

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• Topics
• Exits
• Nordics
• Technology
• Axcel
• Partial sale
• Denmark