HgCapital backs Zitcom and ScanNet merger

Listed investment vehicle HgCapital Trust deployed £3.2m as part of the deal, while Hg's Mercury TMT Fund also financed the transaction. This marks the seventh investment by the Mercury TMT Fund, which is now approximately 45% invested.

HgCapital's investment was made alongside Zitcom founder and CEO Stefan Rosenlund. The founders of ScanNet are understood to be exiting the business as part of the deal, with ScanNet and Zitcom due to merge and create a single hosting and cloud services group.

Company
Founded in 2000, Zitcom operates under the Wannafind, UnoEuro, Curanet and Zitcom brands. It provides cloud services to business and private customers in Denmark.

ScanNet was founded in 1995 and offers similar services to 13,000 customers.

People
Nick Jordan worked on the deal for HgCapital.

Advisers
Company - Nordic M&A (Corporate finance); Clearwater International (Corporate finance).

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• HgCapital