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Advent International to invest in KMD

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15 October 2012 - Advent International [“Advent”], the global private equity firm, today announced that it has agreed to acquire KMD [“the Company”], one of Denmark’s leading IT services and software companies, from EQT and ATP. Advent’s investment is subject to customary regulatory approval and is expected to complete by year-end.

Founded in 1972, the Company has a long track record as a trusted partner to the Danish public sector. KMD is a market leader in innovative software, services, and business process solutions for the delivery of mission critical public sector services in Denmark.  KMD’s technology and service platform administers and processes, amongst other things, welfare benefits, private and public sector salaries, and local government finances. Each year KMD’s systems process and disburse billions of kroner, equivalent to around 25% of Denmark’s GDP, and help make the Danish welfare state one of the most efficient in the world.

The Company has recently launched an innovative range of internet offerings focusing on digital education and e-healthcare. KMD’s operations extend across four locations - Copenhagen, Århus, Odense and Aalborg. In 2011 the Company reported revenue of DKK 4,266 million. 

Commenting on the acquisition, Fred Wakeman, Managing Partner of Advent International, said:

“We are delighted to partner with the KMD team. KMD has a long history of growth and innovation and our investment will allow the Company  to increase the pace and scale of its growth and ongoing operational excellence.” 

John Woyton, Director of Advent International, commented:

“KMD is a market leader in Denmark, one of the most advanced governments in terms of IT adoption and eGovernment initiatives. We believe that KMD has world-class solutions and that the Company has strong potential to grow internationally. We are committed to supporting this unique and critical business and look forward to working in partnership with the management team to grow an even more successful business.”

Lars Monrad-Gylling, CEO of KMD, said:

“We are extremely excited that Advent International sees such potential in KMD. KMD has a solid market position, and a unique insight into and competence in delivering software solutions to the public sector. The new ownership is a great opportunity for us to strengthen our position. When KMD grows and develops, it has a positive impact on all our customers.”

Having invested in over 50 technology companies over the past 25 years, Advent is one of the leading investors in the global technology sector. In addition, with a dedicated Nordic team and a 20 year history of investment in the Nordics, Advent is a proven investor in the region.

Advent was advised on the transaction by Credit Suisse, Deloitte, Marlborough Partners, McKinsey & Company, and Weil, Gotshal & Manges.

About Advent International

Founded in 1984, Advent International is one of the world’s leading global buyout firms, with offices in 16 countries on four continents. A driving force in international private equity for 27 years, Advent has built an unparalleled global platform of over 160 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 inception, Advent has raised €19.4 billion in private equity capital and, through its buyout programmes, has completed over 270 transactions in 35 countries.

Investment experience in the region includes the acquisition and subsequent IPO of Scandinavian Broadcasting Systems (SBS), a leading pan-European TV and radio broadcaster; the transformational add-on acquisition of Dan Net to Advent’s telecoms outsourcing services company MACH in 2004; and most recently, the acquisition of Mondo Minerals in 2011, the number two producer of talc globally which has a talc ore reserve and processing facilities in Finland.

Notable current investments include Skillsoft, a market leader in the fragmented off-the-shelf corporate e-learning and education industry, TransUnion, a leading global provider of information management and risk management solutions, Oberthur Technologies, a leading provider of smartcard based security and identification solutions to governments, financial institutions and telecom operators, and Equiniti, a business services partner to the UK private and public sectors specialising in delivering complex administration and processing services. Equiniti through its joint venture partnership with the UK Government, MyCSP, has a leading position in the UK public sector pensions administration market.

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About KMD

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.


Fred Wakeman

Managing Partner, UK

T: +44 (0)20 7333 0800
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John Woyton

Director, UK

T: +44 (0)20 7333 0800
Office details