Investcorp buys into European e-marketplace Ageras
RIYADH, 11 days ago
Investcorp Technology Partners, which focuses on tech-enabled investments in the European lower middle-market as part of the Investcorp Group, said it has reached an agreement to acquire a majority stake in Ageras, 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 operates in five key markets of Denmark, Sweden, Norway, Holland and Germany from its Copenhagen headquarters. The company has delivered consistent growth by reinvesting cash generated back into the business.
Despite receiving no external investment until now, Ageras grew its revenues by approximately 60 per cent over the last financial year and, in 2016, connected 16,600 customers successfully, said a statement from 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, said the statement.
Commenting on the investment, Yasser Bajsair, the managing director at Investcorp in Saudi Arabia, said: "Ageras offers a highly customisable and efficient service that allows its customers to connect with a range of professional services firms."
"We see a number of growth opportunities, initially focused on its existing markets in Denmark, Sweden, Norway, Holland and Germany, but over time we plan on helping the company expand its reach across Europe. Given Investcorp’s expertise in the technology sector, we believe we are the ideal partner to help Ageras take the next step in its development as a company," he noted.
Ageras CEO Rico Andersen said: "From the first moment we met Investcorp it was clear that they were the right partner for Ageras as we transition to the next level in our growth trajectory."
"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," he added.-TradeArabia News Service