Vitruvian Growth Investment in Accountor
Accountor Holding Oy (“Accountor”), the leading provider of financial, accounting and HR solutions in Northern Europe, announced a significant investment by funds managed and advised by Vitruvian Partners (“Vitruvian”), subject only to customary regulatory approvals. As part of the transaction, Founder and Chief Executive Officer Asko Schrey will retain a significant stake in the company, while Vitruvian becomes the new majority owner. Several current shareholders, including funds managed by Sponsor Capital, will reinvest.
Accountor is one of the leading providers of financial administration, accounting and HR management outsourcing services and software in the Nordic countries. Accountor operates in seven countries: Finland, Sweden, Denmark, Norway, the Netherlands, Ukraine and Russia. Accountor’s software selection focuses on financial administration, accounting and HR management. In 2014, Accountor’s turnover was EUR 155 million, and it has more than 2,000 employees and approximately 30,000 customers. Accountor brands include Procountor, Mepco, Tikon, Työvuorovelho, Maraplan, eCom, PCP and eTasku, among others.
Richard Hall, CloudOrigin CEO and Founder, led the Technology and Operational Due Diligence for Vitruvian commented:
“We are delighted to have supported the Vitruvian team once again on another successful transaction, and were able to bring our deep knowledge of the accounting, BPO and Software as a Service sector to bear on this deal.”
The new ownership will enable Accountor to continue to invest in its people, processes and industry-leading technology in order to build upon its premier position in a large and rapidly growing market.
Asko Schrey, Founder and Chief Executive Officer of Accountor, commented:
“Accountor is playing a market leading role in the evolution of the Nordic landscape for financial and accounting services, enhancing the way in which clients operate and enabling their continued profitable growth and success. Having started off as a single accounting office in Finland in 1987, Accountor today operates more than 140 offices across seven countries and provides some of the industry’s most innovative solutions to over 30,000 customers. Over the past 15 years, we have grown our revenues from less than €3 million to over €200 million, through a combination of M&A and rapid organic growth, particularly driven by innovation in our software division. This progress would not have been possible without the dedication of our people and loyal customers, as well as our current investors. Vitruvian has a strong track record in supporting fast-growing companies in their international and product expansion efforts, as well as an unrivalled experience within the software space. In combination with the ambition to support a continued acquisition strategy, this makes Vitruvian the perfect partner for the next stage of Accountor’s growth.”
Mike Risman, Managing Partner at Vitruvian Partners, added:
“Vitruvian is excited to invest in Accountor at a time when the financial and accounting outsourcing market is undergoing rapid digitisation. Our investment will allow the company the flexibility to accelerate its growth both organically and inorganically by further leveraging its unique proposition of combining market leading software products with a vital layer of direct customer contact through its pan-Nordic office network. Asko and his team have created a truly outstanding market leader in growing Accountor to its current size, and we are delighted to partner with them to jointly drive the next phase of the company’s development.”
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