“We are very excited about the sale to Descartes. The transaction will open KSD’s software platform to a large new customer base, and at the same time, strengthen KSD’s offering to existing customers. KSD and Descartes are a good strategic fit,” says Verdane Capital Adviors’ Arne Simensen. “KSD has developed a fantastic software suite, and we are pleased to have been able to help the company find a new home within a large global organisation where it can reach its full potential.”
Descartes acquired KSD for an all cash consideration of NOK 190 million. Verdane was the largest shareholder in the company with a 43% equity stake. Verdane’s exclusive investment advisor is Verdane Capital Advisors, the Nordic region’s leading specialist in advising secondary direct funds.
“From the start, Verdane had an ambition to follow the company through its transition to a Software-as-a-Service provider before selling it to an international trade buyer,” comments Staffan Mörndal, Partner at Verdane Capital Advisors. “The investment in, and exit from, KSD was according to that original plan, both in terms of timing and returns.”
KSD was a privately held company backed by Verdane, employees and private investors. Verdane invested in the company through the acquisition of the Eqvitec Technology Fund III in 2011.
About KSD Software Norway
KSD is a leading provider of electronic customs filing solutions for countries in the EU, as well as Switzerland, Norway, Israel, US and Canada. In addition to customs handling, KSD provides software for security filing (ICS), transport management and forwarding systems. KSD started developing software in 1995 and the solutions support companies in accomplishing efficiency improvements within their internal and external supply chain. KSD is headquartered in Oslo, Norway, and has 8 offices located in Scandinavia and BeNeLux.
About Verdane
Verdane is a specialist growth investment firm that partners with tech-enabled and sustainable European businesses. Verdane can invest as a minority or majority investor, either in single companies or through portfolios of companies, and looks to deploy inside two core growth themes; digitalisation and decarbonisation.
Verdane funds hold over €6 billion in total commitments and have made over 400 investments in fast-growing businesses since 2003. Verdane’s team of over 140 investment professionals and operating experts, based out of Berlin, Munich, Copenhagen, Helsinki, London, Oslo and Stockholm, is dedicated to being the preferred growth partner to tech-enabled and sustainable businesses in Europe.
Verdane is also a certified B Corporation, the most ambitious sustainability accreditation globally. The firm only backs businesses that pass its 2040 test, which indicates whether the company can thrive in a more sustainable future economy.
Verdane is partly owned by the Verdane Foundation, which is focused on two areas: climate change and more equitable and inclusive local communities.
More info: www.verdane.com
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