Founded in 1982, DL Software is a provider of ERP, financial management and integrated online store software solutions. The company's head office is in Vaasa, Finland, with offices also located in Vantaa, Finland and Stockholm, Sweden.
DL Software includes finance, logistics, production and manufacturing functionality for a wide range of customers but mostly specialty retail and vehicle retail customers.
Boston-based Abry Partners was looking for a new opportunity to invest in the Nordics and create a network of enterprise software organisations under a common parent company. Abry plans to keep each of the subsidiary companies as separate brands, operating independently. However, in the new holding company these organisations will be able to share best practices, for example, in sales and marketing, or research and development.
Vidur Khatri, senior associate at Abry Partners, adds “A lot of Nordic companies we’ve looked at have had aspirations to expand across the Nordics and lack of resources to do so. Therefore we want to provide them with the ability to cross-sell to each other's customer base as well as realise some of their aspirations to further penetrate the Nordic markets.”
Abry asked Intuitus to support it in evaluating DL Software as part of this strategy.
How Intuitus Helped
Vidur explains, “We were looking for a good Nordic Technology Due Diligence provider that also had a pan-European presence. Some of the providers we’ve used in the past have either been too large or didn’t have the level of built out European practice that we were looking for.”
“There’s a lot we can attribute to Intuitus in terms of helping deliver this project. It was really important for us to have the same team working on all these projects for continuity and consistency. That’s worked out really well for us. We’ve had the same point people across all the transactions we’ve done with Intuitus. They understand the strategy of what we’re trying to do and they’ve been able to draw parallels between the different companies we’ve evaluated which is really, really important for us.”
“This was a new kind of project for us. Intuitus helped us navigate this uncharted territory. Intuitus was able to look underneath the hood of these businesses and understand the product, the value proposition and tell us what areas we could improve, for example, areas in the architecture or within the codebase. You helped us understand the scale and quality of these businesses and what we should expect from a technology perspective. You helped us understand that it was very important for us to set expectations for smaller software organisations that have development teams that are fit for purpose.”
Another benefit Intuitus brought to the project was around the language. We don’t speak the local language and so having the Intuitus team be able to navigate the dynamics of the localities and speak the local language was incredibly helpful for us.
Abry Partners acquired DL Software, along with Cash-in Consulting and Computer Program Unit, in May 2019. Together these companies formed the first part of the new parent company - Confirma Software.
Abry Partners has continued to work with Intuitus on the acquisition of Complio Software in Norway and are still looking for new investments to grow the Confirma Group.