Norvestor invests in Swedish accounting technology company Wint
Norvestor IX SCSp (“Norvestor IX”) has signed an agreement to acquire a majority of the shares in Wint Group AB (“Wint” or “the Company”), a Swedish technology company offering an automated accounting and payroll solution for micro and small businesses.
Wint, founded in 2011 and based in Gothenburg, develops and offers an automated cloud-based accounting and payroll solution designed to simplify financial administration especially for micro and small businesses. The platform enables an all-in-one solution offering across financial processes including invoicing, receipts and expense handling, time and financial reporting, bookkeeping, payroll, and statutory reporting including year-end reports and tax returns. Wint offers its services through a subscription-based model.
The company's strategic investments in automation and artificial intelligence have not only enhanced its platform's capabilities but also positioned Wint as a leader in automated accounting solutions. Customers consistently provide outstanding feedback, praising the platform's efficiency, ease of use, and transformative impact on their financial management processes. Wint generates over SEK 140 million in annual recurring revenue, has consistently delivered high growth, and scaled to positive cash EBITDA earlier in the year.
"Wint has developed an innovative platform for modern accounting and administrative services, aligning strongly with our strategy to support scaling customer-centric, technology-driven, companies. We see Wint as a market challenger with a distinct value proposition, demonstrating rapid growth alongside outstanding customer perception. We are excited to partner with the Wint team and support their ambitions for further growth”, says Georg Enderlein, Investment Director at Norvestor Advisory.
“With Norvestor as our new majority owner, we are well-positioned to continue our growth journey. While we currently serve approximately 4,500 customers, there are over 100,000 potential companies in Sweden alone that fit our target market. With Norvestor’s support, we are excited to scale our operations, further enhance our digital platform, and drive meaningful value for our customers” says Daniel Johansson, CEO of Wint.
Following the acquisition from among other Neudi Kapital AB, Norvestor will become the largest shareholder in Wint, followed by the Company’s management and key employees.
The transaction is in line with Norvestor’s focus on acquiring and scaling outstanding mid-market companies in the Nordic region. The transaction is expected to close during Q4 2024, subject to customary closing conditions.
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For further information:
Fredrik Gyllenhammar Raaum, Partner, Norvestor Advisory
Mobile: +47 930 32 846
E-mail: fgy@norvestor.com
Georg Enderlein, Investment Director, Norvestor Advisory
Mobile: +47 73 069 5161
E-mail: georg.enderlein@norvestor.com
Daniel Johansson, CEO, Wint AB
Tel: +46 10 19 90 571
Email: daniel.johansson@wint.se
Wint is a Swedish technology company developing its proprietary, automated accounting and payroll platform. The company offers a turnkey platform to simplify financial administration and management for micro businesses, offered through a monthly subscription. Wint is headquartered in Gothenburg, Sweden and has a tech-oriented organization of 100 employees. Read more at www.wint.se
Norvestor is a leading private equity company focusing on mid-market buyouts in the Nordic region. The team has worked together since 1991, making it one of the most experienced private equity teams in the Nordics, having executed 93 investments with >500 add-on acquisitions, in addition to executing 61 exits, including 16 IPOs. The Fund seeks to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries or by geographic expansion. Read more at www.norvestor.com