Hg agrees the sale of itm8 to Axcel

itm8 (formerly IT Relation) is represented at 19 locations in Denmark, Sweden, the Philippines and the Czech Republic. The group focuses on four business areas in Denmark; Cloud Services/IT Operations, Digital Transformation, Application Services and Cyber Security. Following its recent acquisitions, itm8’s annual revenue has grown to DKK 1.6bn and the group employs 1,100+ people and support more than 4,200 customers within the brands IT Relation, Progressive, Mentor IT, Sotea, Cloud Teams, Miracle42, Emineo, Copenhagen Software and Improsec.

itm8 has more than doubled in size since Hg first invested in 2018, as measured by revenues, employees and the size of its customer base.

Hg’s focus and expertise in the SME Technology Services sector in Europe has supported itm8’s growth by identifying and implementing several strategic initiatives. These include supporting the acquisition of 13 businesses to the group, all significantly adding to itm8’s customer offering, enabling itm8 to complete an end-to-end offering to serve larger customers more effectively.

Plesner's core M&A team consisted of Henrik Rossing Lønberg, Brian Bundgaard, Rasmus Egede Budtz and Emilie Appelrod.