Alfvén & Didrikson invests $14m in Quinyx

A&D's investment was a combined private placement and secondary share purchase, which will see Russia-based former backer Mint Capital sell its stake in the company.

As a result, Mint's Fredrik Ekman will be replaced by A&D CEO Maria Åhr as Chairman of Quinyx's board, where she will be joined by the GP's founder, Måns Alfvén.

The new capital will be used to boost Quinyx's international presence and customer base.

Angel investor and former Google engineer Magnus Sandberg will co-invest alongside A&D.

A&D is a Stockholm-based private equity and venture capital firm that invests in small to mid-sized companies.

Company
Quinyx's product is similar to Denmark's Planday, providing software to manage staff, including schedules, shift exchanges and timesheets, with mobile app support.

Founded in 2005 by CEO Erik Fjellborg, the company employs 26 staff and has 100,000 users, with clients including SPP, Burger King and FedEx.

The company turned a SEK 2.1m profit last year, from revenues of more than SEK 31m, having grown from profits of just SEK 80,000 in 2011.

People
Maria Åhr is CEO of A&D and will become chairman of Quinyx's board, joined by A&D founder Måns Alfvén. Erik Fjellborg is founder, CEO and board member of Quinyx, while Hjalmar Didrikson is also a founder of A&D.

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• Topics
• Expansion
• Secondaries
• Technology
• Nordics
• Secondary buyout
• Sweden