EQT acquires Saxo Payments Banking Circle

EQT acquires Saxo Payments Banking Circle

It’s been a pleasure to invest early in SaxoPayment. A truly game-changing company in Fintech.  Now it’s acquired by EQT.

“We are proud of Saxo Payments Banking Circle’s development and growth. As investor and incubator, we have supported the company with our core competencies in foreign exchange as well as developing and managing global fintech solutions. It is not an easy task to build fintech solutions that create value and are long-term sustainable, but the company has done what few succeed in. We see EQT as the ideal partner for the next part of the journey and we are confident that Saxo Payments Banking Circle will thrive and continue its impressive growth trajectory. We look forward to continuing a close collaboration with the company and EQT, leveraging our technology and market access”, says Kim Fournais, founder and CEO of Saxo Bank.

Read EQT acquires Saxo Payments Banking Circle for further details.

Mobile Indistrial Robots moving on

Mobile Industrial Robots moving on

MiR was sold in April 2018 at an amazing multiple (22x 2017 revenue). It has been great great ride for just under 3 years.

I’ve joined as a Chairman and investor in August of 2015. In 2015 we did around 700 K Euro in revenue. 3 years later, the company was sold to Terradyne for +220 M USD

Read Mooreland Partners Advises Teradyne on Acquisition of Mobile Industrial Robots for up to $272 Million for further details.

TV2 News – Torben Frigaard, Mobile Industrial Robots

On 30th of March 2017, Danish Prime Minister, Lars Løkke Rasmussen, paid a visit to Washington, D.C. to meet U.S. President Donald Trump.

At the same time, I’ve paid a visit to Mobile Industrial Robots headquarter in Odense, Denmark – one of the companies that watched Danish Prime Minister’s visit very closely.

As a chairman of Mobile Industrial Robots, I gave a short interview on a national TV2 News channel.


Please watch the video here (in Danish).

Converzion henter millioner

Converzion har altid haft mindre fokus på rapporter, snak og rådgivning og tilgengæld mere fokus på praktisk hjælp, konkrete resultater og mere kapital.

Via en samarbejdsaftale med det visionære offentlige tiltag Invest in Odense har Converzion over de seneste 9 måneder hjulpet tre vækstende virksomheder med at skaffe grundlag for og adgang til vækstkapital – og resultaterne er i hus!

Et mindre tocifret millionbeløb i ny vækstkapital sikrer ikke kun ny beskæftigelse, adgang til nye markeder og kraftige vækstrater for de tre virksomheder men er med til at understrege, at selv mindre virksomheder kan med det rette set up tiltrække investorer

De tre virksomheder Trivision, Sensohive og OnRobot har over 9 måneder fået praktisk hjælp fra Converzion.
Mindre snak og mere handling har været omdrejningspunktet. Der har skulle skabes resultater, åbnes nye markeder, findes nye salgskanaler, sikres samarbejdspartnere samtidig med at der har skulle arbejdes med salg og marketing, produktudvikling, HR og administrative funktioner – Alt sammen mens man i samarbejde med Converzion arbejdede med at sikre kapital.

Læs mere på Converzion.com

Umbraco-as-a-Service: changing the way we approach web solutions

At the heart (and the start) of Umbraco is “U”.
Umbraco powers over 400,000 websites in 169 countries worldwide. It records over 10,000 monthly installs and is backed by an active community following of over 180,000 craftspeople globally. It is the friendly Content Management System that will act as a vehicle for your creativity. In efforts to further free its users from the monotonous administrative tasks that come with the territory of web solutions, Umbraco has launched its biggest game changer yet, Umbraco-as-a-Service. UaaS takes the solid foundation of the Umbraco core and skyrockets it to a new level, changing the way we approach web solutions.


Founded in Denmark in 2002, Umbraco was created as a content management system that aimed to make it easier for people to build great digital experiences, only limited by their creativity and curiosity. Somewhat reflecting the culture of “simplicity in design” from its Danish roots, Umbraco was a reaction to some of the technical complexities and over-engineering that came with the boom in web-shops and CMS solutions in the early 2000s. Unlike other CMSs it hoped to return technology to its position as an “enabler” rather than a “prescriber”. With people at the centre of its inception, Umbraco began as and continues to be an open-source product – that is, free to download, accessible and editable source code and constantly improved with submissions by its users. The community forum, Our Umbraco, records [# of new posts per month] proving that users are truly invested in the success of the product.


Umbraco is not only strongly supported by this active (and hugely enthusiastic!) community, but by a rock-solid commercial organization. It provides professional support subscriptions, add-on products, video tutorial content to over 3,5000 subscribers, certification training in 8 countries worldwide, which as a result boasts over 200 certified webshop partners. The product can be used in its free, open-source format with the additional option of professional tools, support plans or the fully-managed UaaS subscription as required. If the raw Umbraco CMS is the enabler then think of UaaS as a virtual member of your team. It will change the way developers and webshops build web solutions. Two years in the making, UaaS was born from the Umbraco belief in, and commitment to, its talented craftspeople. Developers spend between 8-12% of their time on things that can be automated. That’s a lot of uninspiring, non-billable hours that UaaS picks up to free developers from the tasks of installing, upgrading and deploying. Welcome to the smarter and more productive way to build websites. It is the unique combination of UaaS’s primary features; an unshakeable, secure Azure infrastructure, automatic updates, smart deployments and efficient baselining capabilities with the existing strength and ingenuity of the Umbraco contributing community that sets it apart from other products.  Running the same version of Umbraco that users download, UaaS allows the dynamite-duo of freedom from administrative tasks with freedom to create, improve and enhance. Since launching in September the rate of sign-up suggests this freedom is highly sought-after. In the first two months over 1700 UaaS users are running almost 1000 projects, including global client Carlsberg Group who are blazing the trail with a multi-site content delivery platform powered by UaaS. Also Red Bull, NFL and COOP are some of the delighted users of Umbraco.

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.