Hg agrees the sale of itm8 to Axcel

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Together Hg and itm8 have more than doubled the size of the business, creating a leading SME technology provider in Europe.

Herning, Denmark and London, United Kingdom. 18 May 2022. Hg, a leading software and services investor, today announces that it has agreed the sale of itm8, a leading supplier of IT services for private businesses and the public sector in Europe, to Axcel, a Nordic private equity fund.

Today itm8 has a team of more than 1,100 IT experts, supporting more than 4,200 customers within four business-critical areas: Cloud Services, Digital Transformation, Application Services and Cyber Security.

itm8 (formerly IT Relation) has more than doubled in size since Hg first invested in 2018, as measured by revenues, employees and the size of its customer base.

Hg’s focus and expertise in the SME Technology Services sector in Europe has supported itm8’s growth by identifying and implementing several strategic initiatives. These include supporting the acquisition of 13 businesses to the group, all significantly adding to itm8’s customer offering, enabling itm8 to complete an end-to-end offering to serve larger customers more effectively.

“Hg have been a valued partner who, with their extensive knowledge within IT services, have contributed to the scaling and professionalisation of our fast-growing company. It has been a great pleasure to work with the whole team. We wish the team all the best for the future.” Henrik Kastbjerg, CEO of itm8

“We wish the itm8 team well after what has been a truly effective and enjoyable partnership. For many years we had seen a clear opportunity to develop a high quality, single scale provider which could deliver a wide set of services to SMEs in the cloud. Henrik and his team had built an exceptional business to do this and there was a clear opportunity to scale. It’s been hugely satisfying to achieve this, and we are delighted that the business will continue to thrive with a new strategic partner.” Nick Jordan, Partner at Hg

Hg’s investment in itm8 was consistent with Hg’s focus on SME Technology Services in Europe, with other activity in this sector including investments in Zitcom (2015), Register (2017) and team.blue (2019), all providers of online hosting services to SMEs.

The terms of the transaction have not been disclosed and completion is subject to customary closing conditions.

Hg media contact


+44 208 148 5401

Azadeh Varzi (Brunswick)


+44 207 404 5959

About itm8

itm8 is a leading Danish supplier of managed IT services for private businesses and the public sector. itm8 is represented at 19 locations in Denmark, Sweden, the Philippines and the Czech Republic. The group focuses on four business areas in Denmark; Cloud Services/IT Operations, Digital Transformation, Application Services and Cyber Security. Following its recent acquisitions, itm8’s annual revenue has grown to DKK 1.6bn and the group employs 1100+ people within the brands IT Relation, Progressive, Mentor IT, Sotea, Cloud Teams, Miracle42, Emineo, Copenhagen Software and Improsec. www.itm8.com

About Hg

Hg is a platform for software and services champions, focused on backing businesses that change how we all do business. Deep technology expertise, complemented by vertical application specialisation and dedicated operational support, provides a compelling proposition to management teams looking to scale their businesses.

Hg has funds under management of over $40 billion, with an investment team of over 160 professionals, including a portfolio team of almost 50 operators, providing practical support to help our businesses to realise their growth ambitions. Based in London, Munich and New York, Hg has a portfolio of over 45 software and technology businesses, worth over $100 billion aggregate enterprise value, with over 55,000 employees globally, growing at over 20% per year.

Visit www.hgcapital.com for more information and sign up to the Hg Newsletter to stay up to date with Hg and portfolio news.

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