Midaxo secures €12.9M in series B funding, accelerates growth of its cloud M&A platform.
Midaxo, a Helsinki, Finland-based company providing a software as a service solution for managing the M&A pipeline, announced getting into an investment transaction totallig €12.9M ($16M) in series B capital investment funding.
The deal consists of a €10.3 million ($12.7M) round of equity financing and a secondary deal of €2.6 million, whereas the company's co-founder Kaija Katariina Erkkilä and Finnvera, the early-stage investor, will exit their shareholding positions.
The money will be used to expand the business globally, after establishing its base in the US, as well as improve the existing product development.
Midaxo, founded in 2011 and led by CEO Ari Salonen, developed a cloud platform for mergers and acquisitions dealflow, by driving a systematic and collaborative process in the pipeline, from target identification to due diligence and integration. The company has 70 employees based in Boston, Helsinki, Amsterdam, and Riga, and a customer base of hundreds of corporations, consultants, and private equity firms, including over 40 companies on the Fortune 1000 list, such as HP Enterprise, Philips, Daimler, and Verizon.