AnaCap Financial Partners acquires EDIGard ASthe digital invoice distribution subsidiary of Nexi Nets, the group’s digital payments company, for undisclosed terms, according to a Press release Wednesday (June 15).
Based in Kristiansand, Norway, EDIGard is an autonomous subsidiary of Nets Issuer & eSecurity Services. EDIGard’s EdiEX is an end-to-end billing platform integrated with enterprise resource planning (ERP) and user accounting software.
EDIGard was expected to generate €5.4 million in EBITDA and Nexi’s decision to sell was purely strategic, the statement said.
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“The sale of EDIGard will allow us to maximize our focus on the core business of Issuer & eSecurity Services and further accelerate growth and synergy creation,” said Torsten Hagen Jørgensen, CEO of Nets Group Issuer & eSecurity Services.
“At the same time, to realize the full potential of EDIGard, we have found an excellent fit with AnaCap which we believe will drive the growth and success of the EDIGard business,” added Jørgensen.
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As part of the acquisition agreement, EDIGard’s workforce will retain their current roles and the company will retain its name and brand identity. EDIGard employees based in Denmark and Oslo will relocate to an office outside of Nets, according to the statement.
All other EDIgard employees in Norway will continue to work from their current office in Kristiansand. EDIGard will continue to provide its services to Nets and its customers as an external business partner.
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“EDIGard has great opportunities to continue its recent successes and evolution in the Nordic countries and to further internationalize its offering in other European jurisdictions,” said EDIGard CEO Rune Løbersli.
Løbersli added that AnaCap has expertise in developing businesses with “high growth potential in technology-enabled financial services” and will help EDIGard continue its expansion efforts.