Adform today announced that a new shareholder injected equity in the ad tech company. The new shareholder is GRO Capital, a Northern European private equity fund focuses on B2B software and tech.
Lars Dybkjær, managing partner at GRO Capital, Lars Lunde, partner at GRO Capital, and Torben Munch, former CEO of Itiviti Group AB and COO of SimCorp A/S, will join Adform’s board of directors, with Munch in the role of chairman.
In December last year, Adform tried to go public, but one day before the IPO date, Adform decided to withdraw its application to Nasdaq Copenhagen. Gustav Mellentin, Adform’s CEO, justified the decision with “the continued uncertainty and volatility in the financial markets.”
Adform was established in Copenhagen in 2002, and provides software systems that buyers and sellers of digital display advertising use to automate and optimise their advertising processes. Right now Adform has approximately 850 employees across 27 offices globally.
Danske Bank acted as financial advisor to Adform in the transaction, that will occur by the end of April 2019.
“We have followed Adform for many years and are very impressed with its product and blue-chip customer base, which includes some of the largest advertisers and agencies globally. This investment is perfectly aligned with GRO Capital’s strategy of investing in outstanding technology companies supporting their transformation and growth ambitions. Gustav Mellentin has built a very strong team and assembled a deep bench of highly skilled and ambitious individuals. We really look forward to helping the team build on existing strengths to leverage their position as the leading independent full stack software provider with a high level of transparency, leading data security and strong customer support.”Lars Dybkjær, Managing Partner at GRO Capital