Stockholm, 25 November 2021 – Leading accounting software provider Björn Lundén, backed by Main Capital Partners, today announces the acquisition of TimeKeeper. TimeKeeper is a solution for time, project and expense management previously owned by Apptech.
TimeKeeper represents Björn Lundén’s first acquisition following the capital investment and backing of Main Capital Partners in July 2021.
The combination with TimeKeeper enhances Björn Lundén’s value proposition to both current and new customers, strengthening the solution offering with new time and project management functionality. The combined Group serves over 30.000 customers in Sweden, consisting of accountancies and SMEs. The combined offering creates a one-stop-shop for accounting and financial management.
Ulf Svensson, CEO at Björn Lundén, commented: “With the support of Main Capital, Björn Lundén is on a growth journey towards building a position as a one-stop-shop vendor for accounting and financial management solutions. I’m particularly happy to announce TimeKeeper as our first strategic acquisition as we for some years have followed the impressive development of TimeKeeper and are well acquainted with the software and the competence of the TimeKeeper staff. TimeKeeper will further strengthen our offering and add important functionality and the combined offering will open up new markets for both TimeKeeper and Björn Lundén.”
TimeKeeper offers functionality for time, project and expense management and has become particularly popular among SME customers in project-driven industries, with more than 600 customers today. TimeKeeper improves efficiency and decreases time spent on administrative tasks.
Both companies are based in Hudiksvall, Sweden and already work closely together with many shared customers. The combination creates strong opportunities to further combine the solutions to provide more value for the customers. Björn Lundén is releasing new innovative cloud solutions tailored for the direct SME market and TimeKeeper will be a strong addition to expand among this customer segment.
Kristofer Håde, Founder and CEO at Apptech, commented: “TimeKeeper has rapidly grown to be a product that is today used by many SMEs in Sweden. TimeKeeper has great future potential and by now joining forces with Björn Lundén and gaining access to additional resources, opportunities and synergies are created that will benefit both existing and new customers. Björn Lundén has a very good reputation in the Swedish accounting market and it feels right to build on our already established relationship. Björn Lundén’s expertise in accounting and salary administration will make the overall customer experience difficult to compete with for the next generation of entrepreneurs.”
Wessel Ploegmakers, Partner and co-Head of the Nordics office at Main, added: “The acquisition of TimeKeeper represents a first strategic step for Björn Lundén. TimeKeeper has been growing impressively over the past years, having a customer base of over 600 customers today. With the solutions of TimeKeeper Björn Lundén can serve its current customers even better and attract new customers particularly in project-driven industries, strengthening the market position in Sweden.”
About Björn Lundén
Björn Lundén, founded in 1987, provides accounting and financial software solutions targeted at accountancies and SMEs. From its office in Hudiksvall, the company serves over 30.000 companies in the Swedish market. The company has developed a comprehensive portfolio of solutions and tools for administration, finance, accounting, tax, legal and personnel administration and in addition offers knowledge tools, books and courses in the aforementioned areas.
TimeKeeper is a time, project and expense management solution by Apptech that is based in Hudiksvall, Sweden. TimeKeeper is used by over 600 customers and is particularly popular among customers in different project-driven industries, such as construction, consulting and accounting.
About Main Capital Partners
Main Capital Partners is a strategic investor with an exclusive focus on enterprise software companies. Main has almost 20 years of experience in building strong software groups in the Benelux, the DACH-region and the Nordics. Main specialises in helping management teams within mature and growing software companies achieve sustainable growth by working closely together as a strategic partner. Main has a workforce of 45 employees working from offices in The Hague, Stockholm and Düsseldorf, offering support on a strategic and a pragmatic level. As of October 2021, Main Capital has approximately €2.2 billion assets under management.
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