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Accounting startup Ageras raises €82M for M&A

Apr 30, 2024
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Illustration: Aïda Amer/Axios

Danish accounting software startup Ageras is hunting for acquisitions after raising €82 million in an Investcorp-led round.

Why it matters: A slowdown in venture funding for fintechs means a potential wealth of riches for well-financed startups pursuing M&A.

How it works: Copenhagen-based Ageras provides a product suite for SMEs to manage banking, accounting, and tax filing on a single platform.

  • The company serves more than 300,000 European SMEs across its core markets of France, Germany, the Netherlands, and Denmark.
  • The recent fundraise also included Lazard and Norwegian state pension fund Folketrygdfondet.

What's next: Ageras plans to pursue M&A to expand its product offering across its core markets, Ageras CEO Rico Andersen tells Axios.

  • "We are looking at similar players... with eyes to acquire them and do a full integration into our existing financial hub," he says.
  • "We're seeing a high appetite for businesses to be bought and integrated into a business like ours. Either they're having growth issues or issues related to their funding," Andersen says.

State of play: Ageras hopes to more than double its annual recurring revenue to €100 million — from €40 million to €50 million today — which would put it on track for an IPO in the next 24 months, Andersen says.

  • "We are actually prepared for [an IPO], but we took the opportunity to stay private due to the markets. It's all about the markets stabilizing and the company reaching a different size," he says.
  • "So hopefully, within the next two years, we will be able to list a business that's at least efficient at the target."

Flashback: Ageras has raised nearly €200 million to date, including a €30 million round in February 2022 and a €35 million round later that same year.

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