CapMan invests in leading insurance software provider Profit Software
(Thomson Reuters ONE) - CapMan Press Release 15 December 2009 8.00 a.m.CapMan and Profit Software today announced that the CapMan Technology2007 fund will invest in Profit Software Oy, the leading supplier ofproduct-based IT software to Northern Europe's insurance andfinancial sector. The aim of the investment is to support ProfitSoftware's expansion into additional European markets.Profit Software produces and delivers web-based software productsthat allow insurers to manage all their services, business lines andprocesses. These ready products, which can be quickly taken into use,have been shown to significantly reduce insurers' IT costs whileallowing them flexibility and speed in adapting their business andintroducing new services. Since its foundation in 1992, ProfitSoftware has served more than 40 clients in nine countries. Thecompany had net sales of EUR 10.8 million in 2008, and today hasapproximately 120 employees in Finland, Estonia and Poland."We believe Profit Software has great opportunities to expand itsoperations in Europe with its excellent product concept," said CapManSenior Partner Vesa Walldén. "The company has built up acomprehensive customer base and market position, particularly inFinland and the Baltic states, and with this investment we arelooking to repeat that success in other countries of operation.""We are very pleased that CapMan has chosen to invest in ProfitSoftware's international expansion after conducting an extremelythorough analysis of our business, technology and strategy," saidProfit Software co-founder and CEO, Harry Nyroos. "With thisinvestment we will be able to quickly ramp up the resources we needto take our leading product concept to new clients on theinternational market. This will also benefit our existing customers,many of whom have expressed their support for the financingarrangement and the direction it will allow us to take ourdevelopment."Certain preconditions must be met prior to completion of theinvestment, which is expected to take place before the end ofDecember 2009. Upon completion, the CapMan Technology 2007 fund willhold approximately 34 percent of Profit Software. The remainder isowned mainly by the company's management and employees. CapMan Plc isa significant investor in the CapMan Technology Fund.For further information, please contact:Vesa Walldén, Senior Partner, CapMan Technology, Tel +358 400 616 997Harry Nyroos, CEO, Profit Software Ltd, Tel +358 40 503 0812Andrew Flowers, Vice President, Marketing and Communications, ProfitSoftware Ltd, Tel +358 45 269 4422CapMan www.capman.comCapMan is one of the leading alternative asset managers in the Nordiccountries and Russia and manages private equity funds withapproximately EUR 3.5 billion in total capital. CapMan has sixinvestment areas (CapMan Buyout, CapMan Technology, CapMan LifeScience, CapMan Russia, CapMan Public Market and CapMan Real Estate),and each of them has a dedicated team and funds. Altogether CapManemploys approx. 150 people in Helsinki, Stockholm, Copenhagen, Osloand Moscow. CapMan was established in 1989 and its B shares arelisted on the Helsinki Stock Exchange since 2001.Profit Software www.profitsoftware.comProfit Software offers a complete suite of ready software productsthat allow insurers to create and provide life, pension, property andcasualty insurance services. Built on a single web-based platform,our products are quick to implement, cost-effective to run, andeasier to maintain than traditional solutions. Since the foundationof Profit Software in 1992 we have served more than 40 clients innine countries. Today, we lead the market for insurance softwaresolutions in Finland and the Baltic States, and have a growingnetwork of customers in Norway, Sweden and Central & Eastern Europe.Our headquarters are in Helsinki, Finland, and we have subsidiariesin Tallinn, Estonia, and Warsaw, Poland.This announcement was originally distributed by Hugin. The issuer is solely responsible for the content of this announcement.
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Datum: 15.12.2009 - 07:00 Uhr
Sprache: Deutsch
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