Mercell raises $51.4M, acquires Dutch Software firm Negometrix for 27 million euro

Mercell, an Oslo, Norway-based company providing software for electronic submission of public tenders, announced that it acquired Dutch Negometrix, an eProcurement software solutions provider.

The deal was made for EUR 27 million ($32.3M) on a cash- and debt-free basis. Mercell has carried out a private placement raising gross proceeds of approximately NOK 434 million ($51.4M), of which parts will be used to finance the acquisition.

Negometrix CEO Sander de Vocht and founder Jan Siderius are both fully committed to the transaction and will continue in their current positions.

Negometrix is the largest private provider of e-procurement software solutions in the Netherlands, with an established foothold in the emerging US market, and an integrated technology hub in Bulgaria. In 2020, Negometrix had revenues of approximately EUR 6m, of which close to 90 pct. was recurring revenue.

The acquisition is Mercell’s first major entry into continental Europe. Negometrix will act as a platform to continue the firm’s expansion strategy as the leading provider of public e-tendering and procurement software in Europe. Following the transaction, Mercell will have approximately 500 FTEs, and a customer base of approximately 29,000 customers across 15 countries.