Advent International to invest in KMD
Private equity firm Advent International is to acquire KMD, a Danish IT services and software company, from EQT and ATP.
Advent’s investment is subject to customary regulatory approval and is expected to complete by year-end.
Founded in 1972, the company has a long track record as a trusted partner to the Danish public sector. KMD is a market leader in software, services, and business process solutions for the delivery of mission critical public sector services in Denmark. KMD’s technology and service platform administers and processes welfare benefits, private and public sector salaries, and local government finances.
KMD has recently launched a range of internet offerings focusing on digital education and e-healthcare. In 2011 the company reported revenue of DKK4,266m.
Fred Wakeman, managing partner of Advent International, says: “We are delighted to partner with the KMD team. KMD has a long history of growth and innovation and our investment will allow the company to increase the pace and scale of its growth and ongoing operational excellence.”
Lars Monrad-Gylling, chief executive of KMD, says: “We are extremely excited that Advent International sees such potential in KMD. KMD has a solid market position, and a unique insight into and competence in delivering software solutions to the public sector. The new ownership is a great opportunity for us to strengthen our position. When KMD grows and develops, it has a positive impact on all our customers.”
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