Siteimprove partners with Nordic Capital to accelerate growth
Nordic Capital will support the company’s future growth journey as the new majority owner in close partnership with the CEO & Founder
As an award-winning global Software-as-a-Service (SaaS) company, Siteimprove unites essential digital disciplines into a single, integrated solution. It empowers organizations with the tools to protect their reputation through consistent content quality standards, improve accessibility and compliance, and holistically optimize marketing efforts across organic and paid search. With nearly 20% of the world’s population living with a disability, website accessibility has become a major focus for organizations worldwide and Siteimprove is a global leader within this field.
The company was founded in 2003 by its CEO Morten Ebbesen, and has its headquarters in Copenhagen, Denmark. Since then, it has grown steadily, and now has offices across Europe, North America and Asia. Siteimprove has 550 employees in 15 countries and over 7,200 customers globally. The company’s customer base derives mainly from financial services, healthcare, and the public sector, and includes some of the most well-respected organizations in the world. In 2019, the company reached recurring revenues of $81.6 million USD, of which approximately 60 percent is from US customers.
Siteimprove has significant long-term growth potential, driven by increasing market penetration, expansion in key customer segments and opportunity-generating past investments in product development and platform solutions. Nordic Capital will support Siteimprove’s further development and international expansion by investing in the organization and product offering, accelerating its growth as a strong and sustainable company.
“I am very pleased that we have chosen Nordic Capital as our partner for Siteimprove’s future journey. They have a long history of developing technology companies and enabling and driving global growth. Nordic Capital’s investment is an endorsement of our success to date and a validation of our software, which can help overcome today’s most demanding digital challenges regardless of a company’s size or industry. I am looking forward to further developing Siteimprove in partnership with Nordic Capital,” says Morten Ebbesen, CEO and Founder of Siteimprove.
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“We have long admired Siteimprove as one of the top SaaS companies globally, with great potential for further growth due to its world-class product offering, strong customer base and expanding market coverage. Nordic Capital will draw upon its significant experience and success in developing technology companies, working closely with the management team to continue Siteimprove’s journey as a strong and sustainable company. We are impressed by the company and how its products reduce inequality in society by helping people with disabilities gain access to a digitalized world, and drive growth across essential digital disciplines,” says Fredrik Näslund, Partner and Head of Technology & Payments, Nordic Capital Advisors.
Morten Ebbesen will continue as a significant minority shareholder in the company and remain as CEO. Growth equity investor Summit Partners, the company’s current minority shareholder, will divest its holding upon completion of the transaction. Summit Partners invested in Siteimprove in 2015.
Technology & Payments is one of Nordic Capital’s core focus sectors, with 16 platform investments in the Nordic region since 2001. It has a strong and active sector network and a dedicated Technology & Payments team with a local presence across Northern Europe. Nordic Capital’s previous experience in this sector includes investments such as Bambora, Trustly, Conscia and Signicat.
The terms of the transaction were not disclosed. The transaction is subject to customary regulatory approvals.
Footnote: “Nordic Capital” refers to any, or all, Nordic Capital branded or associated investment vehicles and their associated management entities. Nordic Capital is advised by several non-discretionary sub-advisory entities, any or all of which is referred to as “Nordic Capital Advisors”.
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