TYNSET, Norway and LONDON,– Duett AS (“Duett”), a leading provider of software-as-a-service (“SaaS”) solutions to professional accountants and their clients in Norway, today announced it has received a majority growth investment from Accel-KKR, a leading global software-focused investment firm headquartered in Silicon Valley. The investment will build on Duett’s deep success in Scandinavia to fuel vertical and geographic expansion plans. The investment also marks Accel-KKR’s 39th completed investment in the EMEA region since 2013 when it established a European headquarters, making Accel-KKR one of the most active software private equity firms in Europe.
Since its founding, Duett has grown to become one of the most comprehensive providers of SaaS accounting solutions in Scandinavia for professional accountants and the enterprises they serve. With a unique combination of functionality and ease of use, Duett has earned a loyal customer base and has built powerful, differentiated features for industries including agriculture, construction and real estate.
“Duett’s consistent growth over the years has been a result of strong adoption of our solutions that drive increased productivity for our customers. Now with Accel-KKR’s clear focus and proven success in growing software companies, we are excited about the prospect of transforming our company in very strategic ways and scaling our solutions to serve an ever-growing base of customers, industries and geographies,” said Bjørnar Håkensmoen, CEO of Duett.
Duett offers three pillar products: Økonomi, MinSide and Sky. Økonomi is a comprehensive SaaS accounting platform used by professional accountants. Select offerings include invoices, factoring, transaction registration, reporting, settlements, inventory management and payroll. MinSide can be sold through the accountants to their end users to allow visibility into current accounts / business KPIs, simplify administration and maintain internal controls. Sky is a hosting service for Duett SaaS customers.
“This partnership is highly complementary, bringing together Duett with its mission-critical technology and a culture of customer focus, and Accel-KKR with our proven track-record in scaling Scandinavian software companies globally. We are already working with the Duett team on ways we can add even more value to their customers and their customers’ customers,” said Maurice Hernandez, Head of the European office at Accel-KKR. Hernandez, along with Rachel Spasser and Adam Malinowski, will join Duett’s Board of Directors.
EY Corporate Finance served as financial advisor to Accel-KKR while ABG Sundal Collier served as debt advisor. Simonsen Vogt Wiig, Brodies LLP and Wikborg Rein served as the legal advisors to Accel-KKR.
Duett AS is a leading provider of SaaS solutions to professional accounting offices and their clients in Scandinavia. The company provides complete financial systems and operating solutions to a range of industries and companies with market leadership positions in agriculture, construction and real estate with more than 20,000 unique users. Duett serves its clients from its headquarters in Tynset, Norway, as well as its offices in Elverum, Folldal and Stjørdal. For further information, please visit www.duett.no.
Accel-KKR is a technology-focused investment firm with over $9 billion in capital commitments. The firm focuses on software and IT-enabled businesses well-positioned for top-line and bottom-line growth. At the core of Accel-KKR’s investment strategy is a commitment to developing strong partnerships with the management teams of its portfolio companies and a focus on building value through making significant resources available through the Accel-KKR network. Accel-KKR focuses on middle-market companies and provides a broad range of capital solutions including buyout capital, minority-growth investments, and credit alternatives. Accel-KKR also invests across a wide range of transaction types including private company recapitalizations, divisional carve-outs and going-private transactions. Accel-KKR is headquartered in Menlo Park with additional offices in Atlanta, London and Mexico City.