HgCapital has today announced investments in Zitcom and ScanNet, two leading Danish hosting and cloud solutions providers. The investment is being made in partnership with the Zitcom co-founder and CEO, Stefan Rosenlund. The investment was made from HgCapital’s Mercury Fund which focuses on growth buyouts in the technology sector across Europe. The terms of the transactions were not disclosed.
Zitcom was founded in 2000 and operates under the Wannafind, UnoEuro, Curanet and Zitcom brands. The business has demonstrated fifteen years of consistent revenue growth and provides cloud services to more than 100,000 business and private customers in Denmark. ScanNet was founded in 1995 and provides services to a further 13,000 customers. The combination of Zitcom and ScanNet will create a business with a leading position in both mass and managed hosting markets for SMEs in Denmark.
HgCapital’s objective is to support the Zitcom and ScanNet management teams and employees in building a clear champion in Denmark, based on their excellent reputation for service delivery, unique operating platform and attractive multi-brand strategy.
Nick Jordan, a Director in the HgCapital Mercury team, said:
“Stefan and his team at Zitcom have built a highly differentiated hosting business in Denmark addressing attractive growth segments of the cloud solutions market. We are delighted to be supporting them to accelerate the development of the business and the combination with ScanNet is a key first step of this journey. HgCapital has a long track record of investing in SME-focused technology business in Denmark and the wider Nordic region and we are pleased to be adding Zitcom/ScanNet to this portfolio”
Stefan Rosenlund, CEO of Zitcom, said:
“With the investment from HgCapital, Zitcom has found the perfect partner to accelerate and continue our mission of delivering scalable and solid IT products from our state-of-the-art platform along with ScanNet. The investment will help my team and I to strengthen and grow our position in the Danish market and we couldn’t be more excited about the endeavour ahead of us.”
Bo Fallesen, Founder of ScanNet, said:
“We are very happy with this transaction that will create a clear Danish leader in the hosting industry. We could not have wished for a better ending of our ownership of ScanNet”
Nordic M&A acted as exclusive financial advisors to ScanNet A/S
Clearwater International acted as exclusive financial advisors to Zitcom A/S