Today, Polaris Private Equity (”Polaris”) acquired 65% of the shares in fast- growing Danish software company Configit A/S. The company has tripled its revenue in the recent three-year period, and Polaris aims to continue Configit’s current growth and globalisation.
The company’s former owners – IT and telecom entrepreneur Michael Moesgaard Andersen and Configit’s founders, CEO Henrik Reif Andersen and Chief Technical Officer Henrik Hulgaard – will continue as co-owners. Henrik Reif Andersen will also continue as the company’s CEO.
Configit’s client list includes, among others, Jaguar Land Rover, MAN Truck & Bus, Fiat, Case New Holland and John Deere.
Configit is Polaris’ first investment in a software company. Polaris has a clear goal of investing in more software and technology companies and has therefore established an internal team with this specific focus as well as an “ecosystem” of industrial advisers. Partner Allan Bach Pedersen says about the plans for Configit:
”The company has a very strong platform: a solid research-based foundation, competent management and employees, unique proprietary product technology and important references with global clients. Based on that platform Configit has the opportunity to grow significantly, and we will therefore invest further in international expansion, new sales channels, more employees and a high pace of innovation.”
Today, Configit has 150 employees at the headquarters in Copenhagen, two offices in the U.S. as well as offices in Great Britain, Germany, India and China.
In continuation of Polaris’ entrance in the owner group, Allan J. Vestergaard is appointed new Chairman of the Board of Directors. Based in California, Allan J. Vestergaard is a strategic adviser, investor and board member with experience from a range of international software and technology companies.
Configit is the third investment in Polaris’ fund IV, which was established in January 2015. The parties have agreed not to disclose the price for the shares.
Read more about it here.