Danish technology firm Queue-it, which supports many ticketing sites, has received strategic investment from Nordic private equity fund GRO Capital.
Under the agreement, GRO Capital will become a new majority shareholder and provide further capital to help accelerate growth at the Software-as-a-Service (SaaS) company, which provides a virtual waiting room that online enterprises, such as ticketing outlets, use to manage end-user inflows to prevent overloading websites and apps.
GRO will partner with Queue-it’s management team to drive product innovation, grow its partner network, enhance sales and marketing efforts, as well as continue expanding its position in North America and grow in the European and Asian markets.
“We are excited about the partnership with GRO and we look forward to working with them to fulfil our joint vision to serve enterprises around the world with our fair virtual waiting room solution,” said Niels Henrik Sodemann (pictured centre), chief executive and co-founder of Queue-it.
He continued: “Throughout Queue-it’s journey we have felt strongly about proving that it is indeed possible to grow a company with a Danish foundation, so this was also important in our evaluation of potential investment partners and we are very happy that we are able to partner with such a strong local fund to boost our future growth.
“GRO brings a unique combination of competencies that will support our international expansion. The need for web performance solutions is rapidly increasing across markets as more and more online activities happen in peaks, which is exactly what our SaaS is built for.”
The demand for Queue-it’s SaaS has been increasing globally and has grown revenues at a compounded annual growth rate of approximately 40% for the last four years.
Lars Dybkjær, managing partner at GRO Capital, added: “GRO Capital is very excited to invest in Queue-it and support its ongoing international expansion.
“Queue-it is a strong fit with GRO Capital’s strategy of investing and supporting B2B software companies with global ambitions and products that solve important customer pain points.”