|Axcel takes a controlling stake in leading Northern European SaaS CRM provider SuperOffice. The current management team will reinvest alongside Axcel.
For over 30 years, SuperOffice has been one of the leading CRM solution providers in Northern Europe and has since 2015 transitioned to a cloud-based SaaS provider helping its high-quality and diversified customer base of more than 5,500 SMEs grow both revenue and profitability. SuperOffice enjoys a leading position in the attractive, continuously growing and resilient Northern European SME CRM software market, supported by favourable industry tailwinds in the form of increased digitalisation and adoption of CRM systems along with a continued move towards cloud-based SaaS solutions.
“As a business majority-owned by the founding family, SuperOffice has maintained its unique down-to-earth culture and has enjoyed continued success for over 30 years,” says Gisle Jentoft, CEO of SuperOffice. “By always having the customer at the heart of the development process, SuperOffice has successfully transitioned to a cloud-based SaaS model, creating significant opportunities for further growth. With Axcel’s strong track-record and experience in developing companies within the technology space, we’re excited to partner with Axcel in order to accelerate SuperOffice’s growth trajectory.”
Founded in Norway, SuperOffice has grown to become one of the leading CRM providers in Northern Europe and has repeatedly proven its ability to expand internationally into new markets. SuperOffice provides modular end-to-end CRM solutions helping SMEs manage their customer interactions by organising, automating and synchronising data from sales, marketing and customer service. The fully integrated and comprehensive CRM product suite is customisable to fit customers’ needs and can be expanded further through both applications in SuperOffice’s App Store and customer-created modules using APIs.
Christian Bamberger Bro, Axcel Partner responsible for the transaction, adds:
“Gisle and his team have done a great job in transitioning SuperOffice to a cloud-based SaaS provider and is therefore in a strong position to accelerate growth going forward. SuperOffice’s high-quality customer base and its attractive subscription-based business model with stable recurring revenues and high cash conversion have proven resilient during past business cycles. For this reason, we at Axcel consider SuperOffice to be a robust and attractive investment opportunity, and I’m delighted to be able to announce that this is not only our first investment in our new fund, Axcel VI, but also our first platform investment in Norway.”
SuperOffice is being acquired from the founder’s family, Visma, and key employees. The parties have agreed not to disclose any financial terms. The transaction is subject to customary regulatory approvals.
SuperOffice is Axcel VI’s first investment. Axcel will control the majority of SuperOffice’s shares.