Five people within the executive management of the Florida-based Danish Business Intelligence software company TARGIT have bought back total control of the business from its capital investors, Nordic Venture Partners (NVP). TARGIT management invested 10 million USD in the acquisition of the 34 percent shares, which were held by Nordic Venture Partners.
“In 2003, we decided to accelerate the development of the internationalization to a greater extent than we were able to finance”, explains Mr. Morten Sandlykke, the founder and CEO of TARGIT. “Therefore, we initiated a partnership with Nordic Venture Partners, and they provided us with capital and directorship competencies”.
The partnership was a success. TARGIT has managed to quadruple their revenue and has grown into an internationally renowned company with more than 280,000 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, Mr. 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 20 percent on the US market when compared to 2009. The continued growth is supervised by TARGIT Country Manager Mr. Ulrik Pedersen and TARGIT CTO Dr. Morten Middelfart.
TARGIT is Europe’s largest pure-play developer of business intelligence products measured in number of customers, and the fastest growing in terms of revenue according to IDC. TARGIT is included in Gartner’s Magic Quadrant for Business Intelligence Platforms.
TARGIT has more than 280partners marketing TARGIT throughout the world and today TARGIT has over 4,000customers with more than 286,000 named users.
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