HgCapital adds e-conomic to its software portfolio

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European private equity house HgCapital - the owner of IRIS - this month acquired the Danish cloud accounting specialist e-conomic for an undisclosed sum.

One of the pioneers of web-based accounting, e-conomic was founded in 2001 and claims to be Europe’s leading supplier software as a service (SaaS) accounting company with around 60,000 customers for its core product. Another 100,000 use its “freemium” Debitoor invoicing and expenses product - but mainly in other markets than the UK.

The company’s founders Anders Bjornsbo and Jacob Wandt will bow out of the picture with Hg’s acquisition, but current chief executive Torben Frigaard Rasmussen will remain in place and looked forward to opening a few more doors with extra investment behind him.

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