Activities for more than 2 billion DKK

Over the past 18 months HgCapital has engaged in the acquisition and sale of companies for more than 2 billion DKK in the Nordics.(More than 7 billion globally)

A large part of these acquisitions were accomplished via our portfolio companies in the Nordic region. When a venture capital firm carries out acquisitions via portfolio companies, these acquisitions are mostly financed with the means that the venture capital firm manages for its investors (pension funds, banks, etc.). In connection with the acquisitions, resources will be directed to the existing portfolio companies.

During these 18 months Visma, e-conomic and Lumesse, have been the most active on the M & A side. You are wellcome to read more on these companies’ websites about their latest developments and the acquisitions that they have been involved in.

We have also been engaged in possible acquisitions of other large Nordic companies in the IT sector. Not all of this activity has resulted in acquisitions. The main reason is that some of the companies we looked into, did not fully meet the criteria we are looking for:

+ 20% growth, more than 100 million DKK revenue, preferably a recurring revenue model, saas or on the way to saas, a large internationalization potential and an option for controlling interest.


It’s always a little annoying when you have worked hard (due diligence) to land potential acquisitions, and you do not succeed. But it is often wiser to say ’Thanks – but no thanks’ and refrain from acquiring at too high a price or outside your core competence field.

I believe that this mindset, among other things, is what makes HgCapital – with a +50 billion DKK mandate and +20 portfolio companies – one of Europe’s best performing mid-size venture capital firms.


Running a SaaS based business continues to have strong strong differences from a traditionel business

Running a SaaS based business continues to have strong strong differences from a traditionel business. This is hard for many to understand(especially you bank:))
But this is really key to understand when you build, grow and run you Saas business, if you want to be succesful.
Luckily,  by now there is lots of relevant reading and case studies, that was not around when was CEO of e-conomic. But we managed by using common sense, so never forget that !
If have for this purpose gather a few, in my opinion, relevant readings on Saas business and how to market a saas business. I am a strong believer in in-bound marketing.
Se on my website under “Relevant Reading”. Please be inspired. On my blog you will several useful points as well.
Please enjoy.
// Torben

Kendt erhvervsmand i spidsen for fynsk robot

MIR får ny stærk bestyrelsesformand i Torben Frigaard Rasmussen.

Den fynske robotvirksomhed Mobile Industrial Robots oplever stor fremgang i sit andet år på markedet. Robotvognene ruller ud til kunderne og antallet af medarbejdere stiger konstant.

Nu har Odense-firmaet, som står bag en mobil robot, som blandt andet bruges på flere danske sygehuse, nu sikret sig en stor kapacitet som ny bestyrelsesformand.

Det er den internationale iværksætter Torben Frigaard Rasmussen, Odense, som er trådt ind som bestyrelsesformand.

Torben Frigaard Rasmussen har tidligere været involveret i firmaet som E-soft, Worldticket, Umbraco og E-conomics.

– Set i internationalt perspektiv har Danmark en unik position som frontløber inden for robotteknologi. MiR har åbnet for et helt nyt marked for mobile robotter med sit produkts brugervenlighed, fleksibilitet og sit lave prisniveau. Det ser meget lovende ud, også i kraft af det stærke team, der tegner virksomheden, siger den nye formand.

Læs hele artiklen her

Forever Entrepreneur

There’s an entrepreneur in every successful leader.

Leaders have that restlessness that makes them constantly looking for improvements, new options, new markets, and more growth. They’re eager for change, renewal, and development and have respect but lack an interest for basic operations, reports, long intern meetings and traditional operation assignments.
It is the entrepreneur with the sense for scaling and growth that will become a successful leader.
Sense for scaling is the key phrase, since many talented entrepreneurs don’t become leaders of a company with constant growth only because they haven’t mastered the scaling. Many entrepreneurs focus on being the ‘man of the house’ and being a part in every aspect of the business; knowing all the customers and employees and to be the center of attention.

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Disrupt yourself or die (Danish)

Inden for de næste ti år vil 40% af verdens største virksomheder lave en Kodak og afgå ved døden. De vil have tabt kampen om markedsandelene til en flok startups, der med kun ganske få år på bagen vil have skaleret til markedsdominans i et hidtil uhørt tempo. Det viser analyser, som forfatterne bag bestselleren ”Eksponentielle organisationer” har gennemført og indsamlet. Bogen, der pt. går sin sejrsgang verden over og udfordrer den måde som virksomheder organiserer sig på, udkommer på dansk den 10. juni.

Read the article here

Happy to be a part of this high performance team. HgCapital once again among best performing companies in Europe

HgCapital’s portfolio shines at the megabuyte50 awards

Three leading UK software companies, all backed by HgCapital, were honoured.
The awards highlight the best UK-based privately-owned technology companies and are compiled by Megabuyte’s independent and highly-regarded research team.

Sequel Business Solutions, IRIS and Intelliflo were all ranked within the top 25. All three are application software businesses founded in the UK which have grown exponentially to become leading players in their respective sectors.

Click here to learn more about HgCapital’s focus on the software-as-a-service sector.

HgCapital works alongside founders and management teams to realise the full potential of promising European software companies. HgCapital has been investing in European technology for fifteen years and works as a partner of choice for the long-term support of entrepreneurial and growth-orientated technology leaders.