HG Capital acquires European SaaS business

19th Aug 2013 11:31

HgCapital, a private equity investor, has acquired e-conomic, which provides of software as a service (SaaS) for SMEs in Europe. The purchase was made to further HgCapital's investment in growth mid-market companies within the SME software sector, which it believes will continue to grow strongly in the coming years. Nic Humphries, Managing Partner at HgCapital, said: "e-conomic is a leader in the fast-growing sector providing cloud-based accounting services to SMEs. We believe it has the potential to be a true champion in this sector globally and will work closely with CEO, Torben Rasmussen, and his colleagues to deliver this potential. "We intend to create a significant number of new jobs at e-conomic, both in Denmark and several other European countries, as the business grows."The net asset value of the group at the end of May 2013 was estimated to be £123m. The acquisition was made for an undisclosed sum. NR