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HgCapital buys European accounting software giant e-conomic

19 Aug 2013

tax papers_sqEuropean private equity firm HgCapital has bought the continent’s largest software-as-a-service accounting company e-conomic.

The Denmark-headquartered business said it has about 60,000 customers for its core product and around 100,000 for its ‘freemium’ invoicing and expenses offering Debitoor.

HgCapital said the deal continued its approach of investing in growing mid-market companies in the European SME software sector.

Managing partner Nic Humphries said, “e-conomic is a leader in the fast-growing sector providing cloud-based accounting services to SMEs.

“We believe it has the potential to be a true champion in this sector globally and will work closely with CEO Torben Rasmussen and his colleagues to deliver this potential.

“We intend to create a significant number of new jobs at e-conomic, both in Denmark and several other European countries, as the business grows.”

The deal is HgCapital’s second this month following its purchase of British company Nair & Co, which specialises in helping growing companies expand into international markets.

Nair & Co sets up the required international entities and integrates legal, accounting, payroll, tax and human resources services to ease the process of international expansion.

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