Hg Capital invests in IT Relation
Hg Capital invests in IT Relation – Hg, the Manager of HgCapital Trust, has announced an investment in IT Relation, a leading Danish supplier of managed IT services to small and medium sized enterprises (SMEs). The terms of the transaction were not disclosed.
HgCapital Trust plc will invest approximately GBP16.0 million in IT Relation, with other institutional clients of Hg investing alongside the company through the Hg8 Fund.
Hg will acquire a majority stake in IT Relation from Adelis Equity Partners. The closing of the transaction is subject to regulatory approval and the terms are not disclosed. Founded in 2003, IT Relation provides services which allow SMEs to move their IT infrastructure and operations into the cloud, as well as providing end user support and consulting as part of a full-service IT offering. The company has more than 450 employees supporting thousands of customers and tens of thousands of users in Denmark and around the world.
This investment is consistent with Hg’s focus on SME Technology Services in Europe, with other activity in this sector including investments in Zitcom (2015) and DADA (2017), both providers of online hosting services to SMEs. Hg will support the management team to build a clear industry champion based on IT Relation’s excellent customer service and operating platform.
Nick Jordan, Partner and Jonas Samlin, Principal, at Hg, said: “Henrik Kastbjerg and the IT Relation management team have built an exceptional business addressing the need for SMEs to operate their mission-critical IT in the cloud. We look forward to partnering with the business in the next phase of growth in Denmark and internationally.”
Henrik Kastbjerg, CEO of IT Relation said: “It has been a great journey with Adelis and now we are very excited about the next phase with Hg. Hg has a proven track record of investing in and developing tech and software companies and can support our further growth in Denmark as well as internationally.”
HGT : Hg Capital invests in IT Relation