Monterro buys SaaS company TimeEdit

According to Swedish publication Digital DI, the GP acquired a stake of around 75% for almost SEK 100m (€9.8m), while the company's founders Manuel Alves-Martin and Bengt Olvenmark exited the business.

Monterro is currently investing from its third fund, Monterro 3, which held a final close in January 2019 on SEK 2.5bn, around €240m. The fund invests in Nordic software companies with turnovers of SEK 25-250m. 

CEO Johan Blomdahl told Digital DI that the company was aiming to expand internationally, with countries including the UK, Australia, New Zealand and Singapore being relevant for its product.

Company
Founded in 2000 and based in Gothenburg, TimeEdit is a provider of resource management software to universities, school districts and individual schools worldwide. The company has 150 customers, including SSE in Stockholm and the University of Oxford in the UK.

TimeEdit in 2019 generated revenues of around SEK 34m (€3.3m) and an operating profit of SEK 6m. It has 25 employees.

People
TimeEdit – Johan Blomdahl (CEO).

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