HgCapital's e-conomic acquires SpeedLedger

The deal was financed by HgCapital and was the most recent move in e-conomic's efforts to consolidate its position in the European market; in September, the company sealed a joint venture agreement with Spanish business adviser CE Consulting Empresarial.

SpeedLedger will continue as an independent outfit following e-conomic's investment, though the acquisition will offer increased exposure of e-conomic's products to the Swedish market.

Previous funding
HgCapital bought the Danish SaaS accounting firm e-conomic in July 2013, with the HgCapital Trust contributing around £11.5m alongside the GP's third-party funds.

Company
Based in Gothenburg, SpeedLedger provides a SaaS accounting platform aimed mainly at SMEs.

Founded in 2001, the company boasts a customer base of 25,000 and employs 55 people.

According to publicly available information, SpeedLedger had revenues of SEK 43.7m last year, of which SEK 8.3m were profits.

e-conomic is based in Copenhagen and, like SpeedLedger, it was founded in 2001 and offers SaaS accounting services for SMEs. The business has around 100,000 clients across Scandinavia, Spain, Germany and the UK.

People
Nic Humphries is a managing partner at HgCapital. Magnus Nilselid is the CEO of SpeedLedger, and Mogens Elsberg is his counterpart at e-conomic.

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• Topics
• Nordics
• Technology
• Expansion
• Internet
• HgCapital
• Sweden
• Denmark
• Acquisition finance