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Axcel Invests in SuperOffice

14 April 2020

Axcel invests in SuperOffice, a leading Northern European provider of SaaS CRM software.

Axcel takes a controlling stake in leading Northern European SaaS CRM provider SuperOffice. The current management team will reinvest alongside Axcel.

For over 30 years, SuperOffice has been one of the leading CRM solution providers in Northern Europe and has since 2015 transitioned to a cloud-based SaaS provider helping its high-quality and diversified customer base of more than 5,500 SMEs grow both revenue and profitability. SuperOffice enjoys a leading position in the attractive, continuously growing and resilient Northern European SME CRM software market, supported by favourable industry tailwinds in the form of increased digitalisation and adoption of CRM systems along with a continued move towards cloud-based SaaS solutions.

“As a business majority-owned by the founding family, SuperOffice has maintained its unique down-to-earth culture and has enjoyed continued success for over 30 years,” says Gisle Jentoft, CEO of SuperOffice. “By always having the customer at the heart of the development process, SuperOffice has successfully transitioned to a cloud-based SaaS model, creating significant opportunities for further growth. With Axcel’s strong track-record and experience in developing companies within the technology space, we’re excited to partner with Axcel in order to accelerate SuperOffice’s growth trajectory.”

Founded in Norway, SuperOffice has grown to become one of the leading CRM providers in Northern Europe and has repeatedly proven its ability to expand internationally into new markets. SuperOffice provides modular end-to-end CRM solutions helping SMEs manage their customer interactions by organising, automating and synchronising data from sales, marketing and customer service. The fully integrated and comprehensive CRM product suite is customisable to fit customers’ needs and can be expanded further through both applications in SuperOffice’s App Store and customer-created modules using APIs.

Christian Bamberger Bro, Axcel Partner responsible for the transaction, adds:

“Gisle and his team have done a great job in transitioning SuperOffice to a cloud-based SaaS provider and is therefore in a strong position to accelerate growth going forward. SuperOffice’s high-quality customer base and its attractive subscription-based business model with stable recurring revenues and high cash conversion have proven resilient during past business cycles. For this reason, we at Axcel consider SuperOffice to be a robust and attractive investment opportunity, and I’m delighted to be able to announce that this is not only our first investment in our new fund, Axcel VI, but also our first platform investment in Norway.”

SuperOffice is being acquired from the founder’s family, Visma, and key employees. The parties have agreed not to disclose any financial terms. The transaction is subject to customary regulatory approvals.

SuperOffice is Axcel VI’s first investment. Axcel will control the majority of SuperOffice’s shares.

 

About SuperOffice
SuperOffice is a leading provider of cloud-based CRM software to B2B-oriented companies in Europe. SuperOffice delivers a strong CRM offering, covering integration to office productivity tools such as Office 365 and G Suite, support for automation of marketing, sales and customer service processes as well as flexible tools for digital customer engagement. In addition, the company’s App Store offers a wide selection of applications for extending as well as integrating the solution to a wide variety of other business systems. SuperOffice is about to launch generation 9 of its software, which will include a new, improved user interface, AI services as well as a number of general improvements that will benefit the more than 5,500 existing as well as new customers. The company is headquartered in Oslo, Norway, with go-to-market organisations in Sweden, Denmark, Germany, the Netherlands, Switzerland and the UK, as well as a customer experience centre in Lithuania. For more information, please visit www.superoffice.com.

About Axcel
Founded in 1994, Axcel is a Nordic private equity firm focusing on mid-market companies and has a broad base of both Nordic and international investors. Axcel has raised six funds with total committed capital of just over EUR 2.5 billion. These funds have made 55 platform investments, with almost 100 major add-on investments and 43 exits. Axcel currently owns 12 companies with combined annual revenue of more than EUR 1.3 billion and more than 5,000 employees.

Axcel Management A/S holds a licence from the Danish Financial Supervisory Authority to operate as a management company. Axcel is therefore subject to supervision and inspection by the FSA in respect of the funds Axcel IV, Axcel V and Axcel VI.

 

Further information:

Axcel:

Christian Bamberger Bro, Partner
E-mail: cbb@axcel.dk
Tel.: +45 4099 3939

Christian Schmidt-Jacobsen, Managing Partner
E-mail: csj@axcel.dk
Tel.: +45 3336 6999

SuperOffice:

Gisle Jentoft, CEO
E-mail: gj@superoffice.com
Tel.: +47 934 66 000