Axcel acquires Silkeborg Data from Jyske Bank

Axcel will complete the acquisition via its Axcel IV fund. The deal is subject to the approval of the Danish competition authorities. Silkeborg Data has grown significantly in recent years and Axcel plans to continue the company's existing growth plans, the GP stated.

Jyske Bank meanwhile stressed the importance of the business maintaining a strong presence in Silkeborg, as expectations of additional growth and job creation in the city were crucial factors in the transaction. Silkeborg Data has been a subsidiary of Jyske Bank's IT operations since 1966.

The transaction is expected to have a positive impact of around DKK 300m after tax on Jyske Bank's earnings in Q1 2014.

Company
Silkeborg Data handles 400,000 payroll systems each month for regions, local governments and public sector companies. Based in Silkeborg, the company is expected to post a DKK 250m turnover and an EBITDA of around DKK 38m for 2013. It employs 200 staff.

People
Jørgen Lindholm Lau is the director responsible for the investment at Axcel. Leif Larsen is an executive at Jyske Bank. Brian Busk is the CEO of Silkeborg Data.

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