Hg to sell Eucon to VHV Group
European software investor Hg has agreed the sale of Eucon Group to VHV Group, a German insurance company. The terms of the transaction, which is subject to customary anti-trust approvals and is expected to close later this year, have not been disclosed.
Eucon is a leading provider of best-in-class information and data-based systems for efficient product management in the automotive aftermarket. Customers include car manufacturers and suppliers, as well as a variety of workshop chains. For insurers, Eucon digitalises claims management and is one of the sector leaders for digital platform solutions for data and document processing. In addition, Eucon offers digital solutions for the real estate industry for efficient and transparent invoice management.
Sven Krüger, CEO of the Eucon Group, says: “Together with Hg, we have written a great success story over the last five years. We would like to thank Benedikt Joeris and his team for their partnership and trusting cooperation. We have been successfully cooperating with the VHV Group for some time now and therefore could not have hoped for a better new investor. By providing platform solutions, we help our customers tap the digital potential of their industry and ensure sustainable access to the key technologies they require. With VHV as a robust, powerful and innovative partner, we can achieve this goal even more effectively and ensure that this open platform strategy is available to our customers for the long term.”
Benedikt Joeris, Director at Hg, says: "It has been a real privilege to work with Sven, the founders and entire team at Eucon. Today we part ways after five very productive years of working together. Eucon's business sits at the intersection of two growth drivers in which Hg has built substantial experience: the value of big data in the automotive sector and the increasing digitalisation of the insurance and real estate industry - and together we have built a great business in these areas. We are delighted that the team will be able to continue this journey with VHV, a true leader in insurance across Germany. We're also pleased to see the strength of our networks and our track record continue to drive value in small and medium enterprises across Germany."
The founders of Eucon Group, Maurice and Marcel Oosenbrugh, say: "Eucon can look back on a very successful few years of development alongside Hg. Our collaboration has been very valuable to the business and we enjoyed working closely together. We look forward to continuing Eucon’s growth with VHV.”