CapMan Technology 2007 funds and other investors said Friday they have sold 100 per cent of IT2’s shares for an undisclosed sum, describing the company as “a very good investment for investors.”
CapMan owned about 86 per cent of IT2’s equity prior to the deal.
IT2 provides treasury management software and services for large corporations and small and mid-sized financial institutions, and has offices in Copenhagen, Amsterdam, New York and Hong Kong.
CapMan Technology 2007 Fund and CapMan Technology 2007 B KB Fund invested in IT2 in July 2007.
During the funds’ holding period, IT2’s revenue increased at CAGR of 17 per cent.
“IT2 was a very successful investment for the CapMan Technology 2007 funds and we are pleased with the opportunity to develop the company into a significant treasury management service provider,” IT2 chairman Tommy Valther Hansen said in a statement.
“We invested in IT2 primarily because of the company’s competitive product, strong reputation and international growth opportunities.
“The business has developed even faster than we initially expected, especially in the United States, and profitability has remained high throughout CapMan’s investment period.”
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