Ge.tt acquired by e-conomic accounting
e-conomic, a global leader in online accounting software for small and medium-sized businesses, today announced the acquisition of Ge.tt, a successful technology start-up that specializes in online file sharing. The acquisition is the first delivery of a new accelerated growth strategy that aims at making e-conomic the global market leader in online accounting solutions.
Ge.tt is an innovative real-time file sharing service that needs no special software or time-consuming user registration to share files. Just using a standard browser, users can drop files and ship them in a single process. This is a very innovative and simple approach for sharing all types of files including documents, videos, music and photos. The service has in record time garnered global market acceptance with more than 2 million users leveraging the platform to easily share files with business partners, customers and friends. The Ge.tt file sharing service will continue unchanged following the acquisition by e-conomic.
It is only a month ago that e-conomic itself was acquired by HgCapital, a large international equity investor specialized in technology with an investment budget of over £2 billion. “With the financial backing of HgCapital, e-conomic has initiated acquisitions of both Danish and EMEA-based companies that can complement the e-conomic online accounting business. With Ge.tt, we gain access to an exciting and visionary technology that can accelerate our introduction of new e-conomic capabilities and solutions already in the works. At the same time, a very talented team of innovative engineers joins us to further strengthen our strong R&D operation,“ says e-conomic CEO Torben Frigaard Rasmussen.
Skype founder invested early
Ge.tt was founded in 2010 by computer science students Tobias Baunbæk and Mathias Buus Madsen. They initially made the file sharing technology available as a side project, but when they then won a Venture Cup prize they quit their studies and launched Ge.tt. Since then, they have raised capital from well-known entrepreneur Morten Elk of the very successful cloud service provider SimpleSite and Atomico, the investment firm that includes Skype founder Niklas Zennström.
“We're happy and proud that e-conomic saw the same fit in our two companies as we did. Through the last few months we've been working together and have seen that we're a good match. Parts of the technology we have built over the last three years for Ge.tt can be used in the e-conomic accounting system, and at the same time we get the chance to work on other products,” says Ge.tt co-founder and CEO Tobias Baunbæk.
HgCapital, who recently acquired e-conomic, is very pleased with the addition of of Ge.tt to the e-conomic portfolio. “e-conomic is already the European market leader within cloud-based accounting software for small businesses with the full-fledged e-conomic accounting system and the free Debitoor invoicing and accounting software. Our strategy is to build on this leadership position to make e-conomic the global market leader within online bookkeeping and with the Ge.tt acquisition we take an important step towards that goal,“ says HgCapital partner and CEO Nic Humphries.
“We know that it requires significant investments to achieve our goal with e-conomic. We are very happy with the road we are on, and by adding even more resources to e-conomic we want to increase the quality and capabilities of the e-conomic accounting solution to make it unparalleled in its class,“ he adds.
Contact Torben Frigaard Rasmussen, e-conomic CEO, at email@example.com.
Ge.tt is a free real-time file publishing and sharing service allowing users to share documents, videos, music and photos in the browser making them instantly available to recipients. The company was founded in 2010 by computer science students Tobias Baunbæk and Mathias Buus Madsen and has since received funding from well-known entrepreneurs, including Skype founder Niklas Zennström. Ge.tt has more than 2 million users globally, with over 20 million files shared using the service. The tool has been widely praised from many sides, including by leading educational institutions as a way to share content quickly and easily.
e-conomic is a globally leading SaaS provider (Software as a Service) within online accounting systems for small and medium-sized businesses. e-conomic has more than 200,000 customers worldwide, and in 2012 the company had a turnover of over £11 million. The e-conomic accounting system is adapted to nine European markets, including the UK, Germany, Spain and Scandinavia, and has users in more than 50 countries. The free Debitoor invoicing and accounting software is available in six languages, including Spanish, French and Russian, and has been localized to more than 30 countries globally. e-conomic currently has 130 employees across Europe.
e-conomic.com and debitoor.com
HgCapital is an international private equity investor based in London and Munich. The company has 100 employees. HgCapital was established in 2000 and has assets under management of £5.6 billion serving over 100 highly regarded institutional investors. HgCapital’s investment focus is on healthcare, industry, service, TMT (technology, media, telecom) and sustainable energy. Geographically, the company’s primary investment focus is the UK, Germany and Scandinavia. HgCapital identifies and invests in established niche companies with the potential to grow faster than the market, create jobs and become market leader within their sector.