Private equity firm Verdane Edda has invested in Scanmarket, a Danish cloud-based strategic sourcing platform.
Scanmarket was founded in 1999 and helps medium and large companies digitalise their procurement function in order to improve efficiency and provide cost savings. It provides purchasing, planning, assessment and performance management services through a Source-to-Contract SaaS suite.
The business is based in Denmark and has more than 120 customers, including car manufacturer Nissan and film studio Paramount Pictures. It employs 43 people.
Ole Nielsen, Founder and CCO of Scanmarket, said: “Scanmarket is already a fast-growing global market leader in a strategic procurement software niche, and I believe Verdane the ideal partner for us to further accelerate growth.”
Martin Welna, investment director at Verdane’s Danish office, added: “In the transition to cloud-based software for procurement professionals, efficient platforms like Scanmarket’s are key to reaping the benefits of engaging with multiple suppliers, to increase productivity and to generate cost savings when using for example eAuctions as part of the engagement.”
Verdana will hold a 90% stake in the business while CEO Betina Nygaard and CCO Ole Nielsen will reinvest to retain a stake of 10%.