AnaCap Financial Partners is acquiring EDIGard AS, the digital invoice distribution subsidiary of Nexi Group’s digital payments firm Nets, for undisclosed terms, according to a press release on Wednesday (June 15).
Headquartered in Kristiansand, Norway, EDIGard is a standalone subsidiary of Nets Issuer & eSecurity Services. EDIGard’s EdiEX is an end-to-end invoicing platform that’s integrated with users’ enterprise resource planning (ERPs) and accounting software.
EDIGard was expected to generate € 5.4 million in EBITDA and the decision to sell on Nexi’s part was purely strategic, according to the release.
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“The sale of EDIGard will allow us to maximize our focus on Issuer & eSecurity Services’ core business and further accelerate growth and synergy creation,” said Torsten Hagen Jørgensen, CEO of Nets Group Issuer & eSecurity Services.
“At the same time, to realize EDIGard’s full potential, we have found an excellent match in AnaCap that we believe will provide further growth and success of the EDIGard business,” Jørgensen added.
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As part of the acquisition deal, EDIGard’s workforce will remain in their current roles and the company will retain its name and brand identity. Employees of EDIGard based in Denmark and Oslo will move to an office location outside of Nets, according to the release.
All other EDIgard employees in Norway will continue working from their current office location in Kristiansand. EDIGard will continue providing its services to Nets and its customers as an external business partner.
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“EDIGard has great scope to continue its recent successes and evolution across the Nordics and further internationalize its offering into additional European jurisdictions,” said EDIGard CEO Rune Løbersli.
Løbersli added that AnaCap has expertise in developing companies with “high growth potential in tech-enabled financial services” and will help EDIGard continue expansion efforts.
