Nordic Venture Partners sells its shares in TARGIT to TARGIT

15 April 2011 - A group of 5 people in the management of TARGIT has recently decided to buy Nordic Venture Partners shares in TARGIT to gain back the control of the company after 8 years with Nordic Venture Partners. TARGIT, headquartered in Hjørring, will now add a new chapter to their successful history.

TARGITS Management has invested 53 million DKK in the purchase of 34 percent of the shares, which was owned by Nordic Venture Partners.
　
"A partnership with a venture capital company is limited," says TARGIT founder and CEO Morten Sandelykke". "In 2003 we decided to force the development of our internationalization more than we could fund through ongoing operations. We therefore initiated the cooperation with Nordic Venture Partners who provided financing and added value by offering support and access to resources in key management areas, such as strategic planning, recruiting of executives and board members".

　
The cooperation project managed with great success. TARGIT has managed to increase its turnover four times and has grown into an internationally well-known company with 300,000 daily users of their software.
　
"We have been able to finance our growth plans through our daily operations for a long time now. Therefore it is quite natural that we buy the shares back. We regain full control of TARGIT and Nordic Venture Partners gets a well-deserved profit out of their investment, "says the director of TARGIT.
　
Cooperation with Nordic Venture Partners (NVP) ends, however, not quite. Partner and CEO of NVP, Henrik Albertsen, has accepted to continue as chairman of TARGIT A / S, although he is no longer a shareholder.
　
"I am proud to be part of the amazing developments TARGIT has been through. I still see a huge potential in the company, which I am pleased to contribute to until the realization, "says Henrik Albertsen. Besides the personal enjoyment of the involved investors, there is great satisfaction that TARGIT remains as a locally owned company in North Jutland.
　
TARGITs financial year 2010 included revenue of hundred million and also shows a 10 percent growth compared with the previous year.