Altor buys Palette Software from Monterro

Monterro's exit comes six years after it acquired a minority stake in the company. Palette's revenues have since then doubled from SEK 100m in 2016 to around SEK 200m in 2020. 

Sources told sister publication Mergermarket that the GP had hired EY to run the sale process and that the divestor was aiming to complete the deal before the Nordic summer break.

Altor is currently deploying its fifth fund, which held a first and final close on €2.5bn in February 2019. According to Unquote Data, the fund has now made nine platform investments, including in air-conditioning component maker Multi Wing Group, Stockholm-based fashion company Totême, home carbonation appliance maker Aarke, and renewable power generation equipment maker OX2.

Company
Founded in 1993, Palette is a provider of financial process automation, offering procure-to-pay and digital invoice processing services for SMEs and mid-market companies. 

The company has 120 employees and is headquartered in Stockholm. It serves more than 1,500 customers, predominantly in Sweden and Finland. Palette has annual recurring revenues of approximately SEK 200m (€20m). 

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