Tynset, Norway & Sabro, Denmark, April 20, 2021 — Duett Software Group, parent of Duett AS, has completed its acquisition of Danish software company Skyhost ApS. The strategic acquisition expands Duett’s ERP product capabilities into adjacent solutions, new verticals and geographic markets. Skyhost develops cloud-based software for, among other things, resource planning and fleet management in the Danish market. Both Duett AS and Skyhost ApS will continue to operate under their respective brandss, management teams and employee bases.
This transaction marks the first acquisition completed by Duett since receiving a majority equity investment in December 2019 from leading American technology private equity firm, Accel-KKR.
CEO of Duett, Bjørnar Håkensmoen, says: “We are impressed by the strength of Skyhost’s solutions, and by strong customer adoption across many different industries, a proof of the software’s broad applicability and mission criticality. Skyhost solutions will be very interesting for many of our professional accounting clients, complementing Duett Økonomi’s SaaS accounting solutions with resource planning data for end clients with field service employees. With this acquisition, both companies are strengthened in Duett Software Group, and we become a larger and more powerful unit together. We share similar product and strategic visions to better serve our customers, and we look forward to growing together across borders.”
CEO of Skyhost, René Amstrup, says the following: “With the acquisition, Skyhost with our sister company Duett will be able to offer an even broader software solution than before. Skyhost develops systems that help customers make their operations more efficient, and with Duett Økonomi, we can go to our existing customers and pursue new customers in Scandinavia with a total software package that unites their field employee data and core payroll, accounting and financial systems.”
“The combined entities will be able to offer very compelling solutions that help end customers have more accurate and timely data and become ever more efficient in running their businesses,” said Maurice Hernandez, Managing Director of Accel-KKR and board member of Duett Software Group. “We are pleased to support this transaction and look forward to their future growth together.”
The company was founded in 2008. Skyhost is headquartered in Sabro close to Aarhus in Denmark, with more than 2,500 customers managing more than 23,000 vehicles in total. Skyhost combines job and project management, hour registration for payroll and billing, tool management, webportal, documentation, GPS tracking, quality assurance and standardization of routines in one software solution. The company has a leading position in the Danish market.
Duett AS has more than 100 employees, with headquarter in Tynset, and offices in Folldal, Elverum and Stjørdal. Duett offers ERP-systems and hosting. Duett Økonomi is a market leading solution for accounting offices and their customers, as well as several thousand companies with their own finance department. In total, Duett Økonomi has approximately 20,000 users. More than 90,000 financial accounts in a broad range of private sectors in Norway run through Duett Økonomi.
Accel-KKR is a technology-focused investment firm with over $10 billion in capital commitments. The firm focuses on software and tech-enabled businesses, well-positioned for topline 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 alongside management by leveraging the 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. In 2019 and 2020, Inc. named Accel-KKR to “PE 50 – The Best Private Equity Firms for Entrepreneurs”, its annual list of founder-friendly private equity firms. Accel-KKR is headquartered in Menlo Park with offices in Atlanta and London. Visit accel-kkr.com to learn more.