Five people within the executive management of TARGIT have chosen to buy back total control of the business from its capital investors, Nordic Venture Partners (NVP), after 8 years.
TARGIT management invested 10 million USD in the acquisition of the 34 percent shares, which were held by Nordic Venture Partners.
”It is in the nature of things that a partnership with a venture company is temporary”, explains Morten Sandlykke, the founder and CEO of TARGIT. “In 2003, we decided to accelerate the development of the internationalization to a greater extent than we were able to finance. Therefore, we initiated a partnership with Nordic Venture Partners, and they provided us with capital and directorship competencies”.
The partnership was a great success. TARGIT managed to quadruple their revenue and has grown into an internationally renowned company with 300,000 named users of their software.
”We have been able to finance our growth initiatives for a long time now. Therefore, it is only natural that we buy back the venture company’s shares. This way, we regain total control of TARGIT, and the venture company receives a well-deserved profit for their investment”, says Morten Sandlykke.
The partnership with Nordic Venture Partners has not come to a complete stop. CEO and partner of NVP, Henrik Albertsen, has accepted the offer to continue as chairman of the board of TARGIT even though he is no longer a shareholder.
”I am proud of being part of the great success that TARGIT has experienced. I still see a great potential in the company, and I look forward to contributing to the realization of this potential”, Henrik Albertsen says.
The 2010 figures show that TARGIT experienced growth of more than 10 percent when compared to 2009 and more than 20 percent on the US market. The continued growth in the US is supervised by TARGIT US Country Manager Ulrik Pedersen and TARGIT CTO Dr. Morten Middelfart.
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