EG was sold to Francisco Partners in a $560M deal.
Financial details were not disclosed. The announcement comes after a successful separation of EG into a software and service business and a subsequent sale of the service business to DXC Technology.
EG is the ninth company to be sold by Axcel’s fourth fund, launched in 2010. The transaction is expected to be completed within three months.
EG, led by CEO Mikkel Bardram, is a leading Scandinavian software company with a suite of proprietary software solutions for the private and public sector, serving more than 9,500 customers supported by more than 1,000 employees. Since Axcel acquired EG in 2013, the company has doubled profitability, accelerated organic growth and completed several successful bolt-on acquisitions.