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CapMan invests in leading insurance software provider Profit Software
Dec 15, 2009 (Hugin via COMTEX) --
CapMan Press Release 15 December 2009 8.00 a.m.
CapMan and Profit Software today announced that the CapMan Technology
2007 fund will invest in Profit Software Oy, the leading supplier of
product-based IT software to Northern Europe's insurance and
financial sector. The aim of the investment is to support Profit
Software's expansion into additional European markets.
Profit Software produces and delivers web-based software products
that allow insurers to manage all their services, business lines and
processes. These ready products, which can be quickly taken into use,
have been shown to significantly reduce insurers' IT costs while
allowing them flexibility and speed in adapting their business and
introducing new services. Since its foundation in 1992, Profit
Software has served more than 40 clients in nine countries. The
company had net sales of EUR 10.8 million in 2008, and today has
approximately 120 employees in Finland, Estonia and Poland.
"We believe Profit Software has great opportunities to expand its
operations in Europe with its excellent product concept," said CapMan
Senior Partner Vesa Wallden. "The company has built up a
comprehensive customer base and market position, particularly in
Finland and the Baltic states, and with this investment we are
looking to repeat that success in other countries of operation."
"We are very pleased that CapMan has chosen to invest in Profit
Software's international expansion after conducting an extremely
thorough analysis of our business, technology and strategy," said
Profit Software co-founder and CEO, Harry Nyroos. "With this
investment we will be able to quickly ramp up the resources we need
to take our leading product concept to new clients on the
international market. This will also benefit our existing customers,
many of whom have expressed their support for the financing
arrangement and the direction it will allow us to take our
development."
Certain preconditions must be met prior to completion of the
investment, which is expected to take place before the end of
December 2009. Upon completion, the CapMan Technology 2007 fund will
hold approximately 34 percent of Profit Software. The remainder is
owned mainly by the company's management and employees. CapMan Plc is
a significant investor in the CapMan Technology Fund.
For further information, please contact:
Vesa Wallden, Senior Partner, CapMan Technology, Tel +358 400 616 997
Harry Nyroos, CEO, Profit Software Ltd, Tel +358 40 503 0812
Andrew Flowers, Vice President, Marketing and Communications, Profit
Software Ltd, Tel +358 45 269 4422
CapMan www.capman.com
CapMan is one of the leading alternative asset managers in the Nordic
countries and Russia and manages private equity funds with
approximately EUR 3.5 billion in total capital. CapMan has six
investment areas (CapMan Buyout, CapMan Technology, CapMan Life
Science, CapMan Russia, CapMan Public Market and CapMan Real Estate),
and each of them has a dedicated team and funds. Altogether CapMan
employs approx. 150 people in Helsinki, Stockholm, Copenhagen, Oslo
and Moscow. CapMan was established in 1989 and its B shares are
listed on the Helsinki Stock Exchange since 2001.
Profit Software www.profitsoftware.com
Profit Software offers a complete suite of ready software products
that allow insurers to create and provide life, pension, property and
casualty insurance services. Built on a single web-based platform,
our products are quick to implement, cost-effective to run, and
easier to maintain than traditional solutions. Since the foundation
of Profit Software in 1992 we have served more than 40 clients in
nine countries. Today, we lead the market for insurance software
solutions in Finland and the Baltic States, and have a growing
network of customers in Norway, Sweden and Central & Eastern Europe.
Our headquarters are in Helsinki, Finland, and we have subsidiaries
in Tallinn, Estonia, and Warsaw, Poland.
This announcement was originally distributed by Hugin. The issuer is
solely responsible for the content of this announcement.
SOURCE: CapMan Oyj
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