23 Feb 2021
Investcorp Technology Partners, a leading European technology investor, today announced that its portfolio company, Ageras Group (“Ageras”), a leading provider of recurring revenue-driven accountancy software, solutions and services to both Small and Medium Enterprises (“SMEs”) and Accountancy firms, has raised $73 million from Lugard Road Capital, the US-based alternative asset manager.
The new investment will be used to accelerate Ageras’ expansion into existing growth markets, creating potential for both inorganic and organic growth opportunities. Ageras is well positioned to capitalise on the rising demand for automated business tools and the new investment will also support the continued innovation of its mission critical software.
Ageras operates in six markets: Denmark, the US, Sweden, Norway, Holland and Germany from its Copenhagen headquarters.
Gilbert Kamieniecky, Managing Director and Head of Investcorp’s Private Equity Technology business said: “The combination of Ageras’ mission critical software, backed by a reputation for dependability, insights into the professional service market, an outstanding management team, paired with its cutting-edge research & development has ensured it has continued to grow its market position and deliver an accountancy ecosystem based on high quality recurring revenue. The additional financing secured by Ageras will help to drive international expansion and support the continued innovation of its customer offering.”
Rico Andersen, Chief Executive Officer, Ageras, added: “Ageras has established a market leading and best-in-class product offering that is optimally positioned for international expansion and the rising demand for automated business tools. Investcorp has a fantastic track record of growing founder-owned companies in the technology space, and its global presence and extensive network has supported our growth to date. This latest financing round will support our ongoing commitment to scaling the Ageras brand and bringing our software offering to new customers across the globe. We look forward to continuing the Ageras story in the years to come.”
Investcorp (through Investcorp Technology Partners) has established a market leading position of investing in lower mid-market technology companies with a specific focus on Software, Data / Analytics, Cyber Security and Fintech / Payments. Investcorp Technology Partners’ most recent investments include: Avira, a multinational cybersecurity software solutions firm, which recently entered into a definitive agreement to be sold to NortonLifeLock (NASDAQ: NLOK) for approximately US $360 million; Contentserv, a provider of Product Information Management (“PIM”) software; Ubisense, an enterprise software and sensor platform; and softgarden, a Human Resources software provider. In January, its portfolio company, Impero, a leading provider of online student safety and classroom and network management software, acquired Netop, an international software solutions provider to the education sector and corporates.