The deal, which was completed through the firm’s Verdane VII fund, will see Verdane take control of more than 50 per cent of the company, alongside previous owners Ledstiernan, Marinvest and members of the management team.
EasyPark provides a phone parking system that is available in all Nordic countries and has been used by more than 500,000 motorists to date. The company has built a strong position in the Nordic phone parking market, with nearly 200 contracts with cities and parking operators.
The financing will enable the company to continue with platform investments to serve drivers with services such as payment of electric vehicle charging and GPS capability in Smartphone applications, and will also support it in entering new markets.
Lars Thoresen, a managing partner at Verdane, said, “We have followed EasyPark since 2006 and we are deeply impressed with the journey the company has made. It is rare to see a company delivering on their ambitious plans year after year. Verdane funds have a 25 year history of investing in Nordic growth and technology companies and EasyPark’s needs fit well with what Verdane can contribute with as an owner.”
Verdane funds have invested in nearly 250 companies over the past ten years. Portfolio companies include Dibs Payment Services, an online payment services provider, and TradeDoubler, a performance advertising network. Both companies were taken public on the Stockholm Stock Exchange.
Copyright © 2012 AltAssets
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