London – December 20, 2012 – Advent International [“Advent”], the global private equity firm today announced the completion of the acquisition of KMD [“the Company”], one of Denmark’s leading IT services and software companies, following the approval of the transaction by relevant regulatory authorities.
Advent is co-investing in KMD with Danish life insurance and pension group, Sampension who has taken a minority share in the business.
Commenting on the completion of the acquisition, Fred Wakeman, Managing Partner of Advent International, said:
“KMD is a market leader in Denmark and has a long history of growth and innovation. We are delighted to be co-investing with Sampension and look forward to working together to develop KMD into an even more successful business.”
About Advent International
Founded in 1984 by Peter Brooke, Advent is one of the world’s largest firms dedicated solely to private equity, with offices in 16 countries on four continents. A driving force in international private equity for 28 years, Advent has built an unparalleled global platform of over 170 investment professionals across Western and Central Europe, North America, Latin America and Asia. The firm focuses on international buyouts, strategic repositioning opportunities and growth buyouts in five core sectors, working actively with management teams to drive revenue growth and earnings improvements in portfolio companies. Since its inception, Advent has raised €28 billion ($37 billion) in private equity capital and, through its buyout programs, has completed 279 transactions in 35 countries. For more information, please visit www.adventinternational.com.
Sampension manages industry-wide pension schemes for primarily white collar workers in municipalities and central government. The company is organised as a life insurance limited company, but essentially non-profit.
The company strategy is to deliver efficient management of labour market pension funds and investment portfolios at low administration costs. Sampension’s results prove the thorough success of this.
Sampension manages assets of around €20 billion.
KMD is the largest Danish based IT-company. The majority of KMD’s business derives from its own software development. For the last 40 years, KMD has developed, operated and maintained the largest IT-systems in the Danish municipalities. KMD develops and delivers software solutions to the local governments in Denmark, the Danish state and private companies. Each year KMD’s systems handle billions of kroner, equivalent to more than 25% of Denmark’s GDP. Among other things, it is via KMD’s systems that Danes receive key welfare benefits such as family allowance, maternity/paternity pay, daily allowance and state pension. KMD’s software solutions handle everything from the administration of schools and utility companies to parliamentary elections. Recently, KMD has launched a new strategy focusing on digitising welfare services such as education and health care. KMD has annual revenues of more than DKK 4 billion and employs around 3,400 people in the group.