Danish accounting software fintech Ageras is on the acquisition hunt after securing €82 million in funding.
The oversubscribed private placement round was joined by i.a. the Norwegian state pension fund Folketrygdfondet, Lazard and Investcorp.
Launched in 2012 as a marketplace for small business owners to find accountants, Ageras has expanded to offer a suite of software covering SME banking, accounting, invoicing, and payroll software.
The firm now claims more than 300,000 SME clients across Europe - mostly in Denmark, Germany, France and the Netherlands - and employees 250 people.
The new funding will be used to make acquisitions as the company bids to widen its product suite and double its annual recurring revenue to €100 million ahead of a potential IPO.
Rico Andersen, CEO, Ageras, says: "We want to make it easier to be a small business in an increasingly difficult administrative and regulatory landscape by offering a fully integrated platform where companies can manage their banking, accounting and tax in one financial cockpit/
"To deliver faster on that vision, M&A is an integral part of our strategy, where we have acquired technology and thus expanded our product faster than if we built everything from scratch.
"Currently, we see an attractive pipeline of potential acquisitions emerging, and the ones we eye reinforce our vision and goal 100%; to become market leader and then go public."