News. 12/12/19

Procuritas Capital Investors V divests its leading Norwegian accounting software business Duett

Procuritas Capital Investors V divests its leading Norwegian accounting software business Duett to US based private equity firm Accel-KKR.

“Procuritas has been a great sparring partner for us over the last four years. We have always felt that it’s been a true partnership and with their support the Duett team has managed to develop the business substantially. “says Bjørnar Håkensmoen, CEO of Duett

Erik Fougner, Partner at Procuritas, continues “During our time as owners of Duett, the development of the business has been strong which is thanks to the employees and the management team. They have managed to both further develop the core SaaS platform as well as successfully launch several new modules. As the time has come to change ownership, we are happy that Accel-KKR, with their extensive experience with software companies, are the ones taking over.”

Johan Conradsson, Partner at Procuritas, adds “Duett has built an excellent platform to support its customers on their digitalisation journey. We are proud to have taken part of Duett’s success story and wish them all the best in the next stage of growth.”

Accel-KKR wishes to support Duett to continue to develop and deliver high quality software “Together with the management team in Duett we aim to further grow and develop the company´s offering,” said Maurice Hernandez, Head of Accel-KKR’s European office.

“Accel-KKR is an experienced and professional owner with ambitions to support Duett as the leading provider of software and related services to accountants in Norway.” Bjørnar Håkensmoen, CEO of Duett adds.

About Duett:
Duett AS is a leading provider of SaaS solutions to professional accounting offices and their clients in Scandinavia. The company provides complete financial systems and operating solutions to a range of industries and companies with market leadership positions in agriculture, construction and real estate with more than 20,000 unique users. Duett serves the company’s clients from its headquarters in Tynset, Norway, as well as offices in Elverum, Folldal and Stjørdal. For more information, visit https://duett.no/.

About Procuritas:
Founded in 1986, Procuritas was the pioneer in introducing the concept of management buyouts in the Nordic region. In 2017, Procuritas raised Procuritas Capital Investors VI with EUR 318 million under management focusing on investments in Nordic mid-sized companies. Procuritas Capital Investors V is a private equity fund raised in 2012 focusing on investments in mid-sized companies in the Nordic Region. PCI V is advised by Procuritas AB and Procuritas Partners GmbH.

About Accel-KKR:
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through making significant resources available
through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London and Mexico City.

Contact:

For Duett:
Bjørnar Håkensmoen, CEO of Duett
Mobile: +47 959 86 800
E-mail: bh@duett.no

For Procuritas:
Erik Fougner, Partner in Procuritas
E-mail: erik.fougner@procuritas.com
Johan Conradsson, Partner in Procuritas
E-mail: johan.conradsson@procuritas.com
Tel: +46 8 506 143 00

For Accel-KKR
Todd Fogarty, Kekst CNC
Tel: +1 (212) 521-4854
E-mail: todd.fogarty@kekstcnc.com

About Duett:
Duett AS is a leading provider of SaaS solutions to professional accounting offices and their clients in Scandinavia. The company provides complete financial systems and operating solutions to a range of industries and companies with market leadership positions in agriculture, construction and real estate with more than 20,000 unique users. Duett serves the company’s clients from its headquarters in Tynset, Norway, as well as offices in Elverum, Folldal and Stjørdal. For more information, visit https://duett.no/.

About Procuritas:
Founded in 1986, Procuritas was the pioneer in introducing the concept of management buyouts in the Nordic region. In 2017, Procuritas raised Procuritas Capital Investors VI with EUR 318 million under management focusing on investments in Nordic mid-sized companies. Procuritas Capital Investors V is a private equity fund raised in 2012 focusing on investments in mid-sized companies in the Nordic Region. PCI V is advised by Procuritas AB and Procuritas Partners GmbH.

About Accel-KKR:
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through making significant resources available
through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London and Mexico City.

Contact:

For Duett:
Bjørnar Håkensmoen, CEO of Duett
Mobile: +47 959 86 800
E-mail: bh@duett.no

For Procuritas:
Erik Fougner, Partner in Procuritas
E-mail: erik.fougner@procuritas.com
Johan Conradsson, Partner in Procuritas
E-mail: johan.conradsson@procuritas.com
Tel: +46 8 506 143 00

For Accel-KKR
Todd Fogarty, Kekst CNC
Tel: +1 (212) 521-4854
E-mail: todd.fogarty@kekstcnc.com

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