Danske Venture Partners has sold Swedish Netgiro to US e-commerce provider Digital River for $27m in cash. According to press reports British rival Datacash had previously agreed an offer of EUR 10.25m in February. The purchase was put on hold due to the defeat of a resolution at a Netgiro EGM called to pave the way for the deal. At the time, Datacash said it would pursue legal actions because of Netgiro’s conduct and one of its shareholders, but the case was subsequently dropped.
Gyrus is fundraising for both its open-ended Cortex Fund and closed-ended Principal Fund
Predecessor vehicle PEC III closed on $389m in October 2017 and is now fully deployed
Arlington expects to put fresh capital into the business and grow it through acquisitions
Investment is expected to support the company's growth and international expansion