EQT in €1bn buyout of Sitecore

The GP tapped its €6.75bn EQT VII fund for the equity, with Danish pension funds Danica and Sampension providing additional equity as co-investors.

EQT will take a majority stake in the company, with Sitecore's founders retaining a significant minority stake.

According to local media reports, Sitecore had mandated Morgan Stanley to run the sales process that EQT eventually won.

The deal also provides an exit for Technology Crossover Ventures, a Palo Alto-based venture outfit which took a large minority stake in Sitecore in December 2011.

As a result of EQT's buyout, the Danish company joins the ranks of Nordic ‘Eunicorns' – tech companies with a valuation in excess of $1bn based in Europe. The current crop of Nordic Eunicorns includes music streaming service Spotify and fintech companies Klarna and iZettle, among others.

Company
Headquartered in Copenhagen, Sitecore develops content management software for businesses in the consumer sector.

The company was founded in 2001 and claims to have experienced growth in excess of 30% per year in recent years, generating around €200m of revenues in its most recent financial year, with an EBITDA margin of 25%.

The company said it has a client base of 4,600, including EasyJet, L'Oreal and American Express.

People
EQT – Dominik Stein (partner, head of TMT), Morten Hummelmose (partner, head of Denmark).
Sitecore – Michael Seifert (CEO).

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