Technology specialist Amadeus Capital Partners and Nordic venture firm Northzone Ventures alongside entrepreneur Peter Larsson have bought web software company EPiServer for $23.5 million (€17 million).
Larsson will become chief executive of EPiServer. Larsson built and recently sold Protect Data, a web security business, to rival CheckPoint for more than $600 million.
EPiServer provides web designers with a development platform and it is used by more than 50,000 users in more than 1,800 companies.
Amadeus said in a statement the company is significantly exceeding estimated sector growth of 13 percent per annum. The buyout firm’s spokesperson said: “The company operates in a crowded space but we think Larsson’s involvement and the company’s distinct model to others in the sector sets it apart.”
Larsson has held senior management positions with Sunguard and Ericsson as well as founding Common Agenda, a consultancy advising early stage software companies. EPiServer’s founder, Mikael Runhem, will remain a shareholder and will become the company’s chief technology officer.
The company focuses on developing software, while other companies market and distribute the product. This is in contrast to most companies in the sector which also market and distribute their products.
Amadeus’ Jeppe Zink and Northzone Ventures’ Hans Otterling will join the company’s board.