About the deal
Netset has established itself as a leading provider of fully integrated business-to-business (B2B) e-commerce software solutions and services to the IT and Telecom industry. The SaaS-based turnkey solution suite and customization services help value-added IT resellers to minimize transaction costs and to integrate business critical processes. The company also enables its customers to improve trading relationships with their suppliers and end-users, where everyone benefits from end-to-end commerce, order management and purchase process.
The company is headquartered in Malmö, Sweden, and has successfully grown to more than 50 FTEs. With a 20+ year track-record, Netset has gained a leading position throughout the Nordics with a growing number of customers in the UK, Continental Europe and the US. The customer base is diversified, both geographically as well as in terms of company sizes, covering a span from small and medium-sized companies to multimarket and global enterprises. Netset’s solutions are currently used by over 600 IT resellers in Europe and the USA.
Progrits is a group of B2B oriented SaaS companies, active in three segments: Travel, Automotive and E-commerce/Logistics. The group employs +190 co-workers, with a turnover of approximately 25 MEUR. The companies in the group focus on niched software solutions for both the private and public sector and grow both organically and via acquisitions. Founded in 2016, the group now consist of more than 20 software companies with more than 5,000 customers accounts across the Nordic region with a growing number of customer base in Continental Europe. Progrits is backed by Eterna Invest, a Swedish technology-focused investment firm with a focus on software and service companies in tech-related industries.
With the acquisition of Netset, Progrits further strengthens its position within its e-commerce and logistics software vertical. The new partnership will further help to accelerate Netset’s international expansion and strengthen the product offerings. Both Progrits and Netset will continue to operate under their respective brands, management teams and employee bases.
“It immediately became clear to us that Netset holds a strong product and company culture. We see great potential in the possibilities and competencies that they bring into the group. Netset will play an important role in our ambitions for the group’s further international expansion”, says Björn Ekström, Group CEO of Progrits.
“It is very exciting to become a part of Progrits, especially since our company cultures are a very good match. The acquisition is important for the continuing development of Netset and the Netset offering, and it is really inspiring for both previous shareholders as well as all personnel to be a part of Progrits’ journey”, says Jens Rosberg, CEO of Netset.
Jens Rosberg, further added: “Capitalmind was the perfect partner for us. The team, led by Erik Dahl, supported, and guided us throughout the entire process. The combination of industry expertise, professional craftsmanship and uncompromising dedication, made it a successful outcome for all involved and an important milestone for the continued growth of Netset”
“Netset has taken a unique technical know-how and has developed a world-leading software and service offering to the IT and Telecom resellers and IT distributors. Together with Progrits, the company will be able to accelerate growth further. We are delighted and honoured to have contributed to this important milestone and will follow the future development with excitement”, commented Erik Dahl
What we did
Capitalmind actively supported Netset as exclusive financial advisor along the entire sell-side process: marketing materials preparation, dialogue with relevant strategic and financial buyers, advising on transaction strategy and structuring, defining deal tactics, management of the due diligence and negotiation of terms and conditions of the deal until final closing of the transaction.
This transaction illustrates Capitalmind’s strong expertise and committment to execute successful outcomes in a very active Technology & Software sector.