TimeEdit adds Monterro as investors in the company in a $17.5 million deal.

TimeEdit, a Gothenburg and Stockholm, Sweden-based SaaS company, announced that it was acquired by the Swedish growth investor Monterro.

According to the Swedish media, the transaction was made for about 2/3 of the equity at a company valuation of SEK 150M ($17.5M). As part of the deal, Gustav Lagercrantz, CEO of Monterro, will become Chairman of the Board of TimeEdit.

TimeEdit, founded in 2000 by Manuel Alves-Martins and Bengt Olvenmark and led by CEO Johan Blomdahl, develops and markets a flexible cloud-based academic scheduling and planning tool that optimises the use of resources and facilities, and ensures a more efficient scheduling process for educational institutions.

The company has over 150 customers, ranging from SSE in Stockholm to University of Oxford in the UK. In 2019, TimeEdit produced sales of SEK 34 million ($4M) and was profitable.