itm8 has been on an impressive growth journey since its foundation in Herning, Denmark, in 2003 by CEO Henrik Kastbjerg. The company has based its growth on an accelerated acquisitive strategy, while at the same time delivering superior organic growth. Today, itm8 is a leading provider to Danish SMEs and corporates with 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.
Founded in Malmö, Sweden, in 2000 by CEO Nicklas Persson, AddPro has experienced significant growth over the past 20 years and has evolved to become one of the leading managed IT services providers in Sweden. Axcel invested in AddPro in 2020, and the company has since grown organically as well as strengthened its Swedish footprint through acquisitions of specific service capabilities to broaden the portfolio of services provided to its around 1,000 customers. In 2021, AddPro entered the Danish market through the acquisition of 4 Dimensions.
“AddPro fits perfectly into itm8, enabling us to accelerate growth and expand our offering,” says Henrik Kastbjerg, CEO, itm8. “Our current eco-system of brands will now be able to serve Sweden as well, and AddPro customers will at the same time get access to a broader palette of services. I’m super excited to be joining forces with our many new talented colleagues from AddPro.”
Nicklas Persson, CEO of AddPro, is appointed Head of Sweden and will be part of the itm8 management team led by Henrik Kastbjerg.
“We’ve known the itm8 team for years, and we’re extremely pleased that we’ve now succeeded in bringing the two groups together under the itm8 umbrella. This is great news for all our customers and all our colleagues,” says Nicklas Persson, CEO of AddPro.
“We’ve followed itm8 for several years and are very excited about the opportunity to partner with itm8 and combine it with Axcel-owned AddPro to create a true Nordic managed IT services business,” says Christian Bamberger Bro, Partner at Axcel and in charge of the investment by Axcel. “Our ambitions, however, go beyond establishing a Nordic champion – we want to create a strong northern European group that will place the customers’ needs at the forefront of everything we do.”
“The journey itm8 has been on is a prime example of what can be accomplished by ambitious Danish companies with an entrepreneurial spirit,” says Claus Gregersen, CEO of Chr. Augustinus Fabrikker. “In partnering with AddPro, itm8 will become part of a combined group committed to continuing to deliver great solutions to its customers in the Nordics and beyond. We’re deeply impressed by the culture and leadership in both companies, and we’re excited to team up with Axcel to fuel future opportunities for the group.”
Demand for end-to-end managed IT services is expected to continue to show strong growth, supported by the increasing complexity of IT solutions and the transition to cloud solutions driving the trend towards more outsourcing. itm8 is very well positioned to capitalise on this attractive market growth with its strong value proposition providing services and solutions across the entire IT value chain.
itm8 will be acquired from software investor Hg, the management team and key employees. Management and key employees of both itm8 and AddPro will continue as significant shareholders of the new group. The transaction is subject to customary regulatory approvals and is expected to close in Q3 2022. Post-closing, Axcel will hold 45% of the shares, Chr. Augustinus Fabrikker 17%, while the rest will be held by the management teams and key employees of the two companies as well as other Axcel co-investors.