Investcorp to acquire majority stake in European online marketplace Ageras
Investcorp Technology Partners announces that it has reached an agreement to acquire a majority stake in Ageras A/S (“Ageras” or the “Company”), a fast growing European online marketplace matching small and medium-sized Enterprises (SMEs) and micro-businesses with professional services providers such as accountants and lawyers.
Ageras grew its revenues by approximately 60 per cent over the last financial year and, in 2016, connected around 16,600 customers successfully, despite receiving no prior external investment. Ageras operates in five markets: Denmark, Sweden, Norway, Holland and Germany from its Copenhagen headquarters. The Company has delivered consistent growth by reinvesting cash generated back into the business.
“Ageras’s unique combination of customised service and high automation positions it perfectly to connect SMEs with accountants and lawyers. Its best-in-class levels of customer satisfaction coupled with recurring sales into its partner base have allowed it to secure a leading market position in Europe. These fundamental business strengths, coupled with an outstanding management team, make it an ideal candidate for Investcorp to partner with,” said Mohammed Al-Shroogi, Co-CEO at Investcorp.
The investment by Investcorp is expected to underpin Ageras’ high standards of service delivered to its customers and partners, and will help to drive continued growth in the Scandinavian market, as well as the Company’s broader international footprint. It will also allow for expansion into new geographies, leveraging Ageras’ strong brand, reputation for dependability and their insights into the professional service market.
“Ageras is an exciting company and we believe it is a perfect fit for Investcorp and our European technology portfolio. The company’s attractive offering and focus on customer service give it a real edge and we see an opportunity to expand its geographic footprint throughout Europe. We look forward to providing our expertise to help Ageras embark on the next phase of its growth journey,” said Fahad Murad, Managing Director at Investcorp in Bahrain.
Rico Andersen, Chief Executive Officer, Ageras, added that Investcorp has a fantastic track record of growing founder-owned companies in the technology space, and its global presence and extensive network will support Ageras’ continued international expansion. Executing this investment from Investcorp is a great vote of confidence in Ageras’ development to date, and we believe their ongoing support will open up multiple opportunities for future growth.
Investcorp has established a market leading position of investing in lower mid-market technology companies with a particular focus on founder-owned Data, IT Security, Internet / Mobility and Fintech / Payments businesses, and has raised more than $1 billion in funding for technology investments. Investcorp continues to see a strong technology deal pipeline in the market with Ageras marking its second investment in the sector within four months.