TV application solution provider Accedo announced a majority transaction with SEB Private Equity, a private equity firm based in Stockholm. As part of the transaction, earlier investors Industrifonden and Acacia exited their equity positions in Accedo. In addition, $10 million of growth equity was invested in Accedo to support future growth initiatives.
According to a report from Di Digital, Accedo was valued at SEK 477 million or about USD $56 million in the transaction. Accedo had approximately $40 million (USD) of revenue last year, equating to a revenue multiple of approximately 1.4x (versus 2015 revenue).
Accedo was founded in 2004 and raised an initial $1.28 million (USD) of financing in June 2007. At the time, Accedo had approximately $450,000 (USD) in annual revenue. Accedo had received an additional 15 SEK million (1.75 million USD at current exchange rates) from its early stage investors.
Based on the deal value estimates from Di Digital, early investors in Accedo achieved a seven times return on their investment. With the closing of the transaction SEB Private Equity is now a majority owner of Accedo, though the founders are maintaining a significant ownership percentage.
Accedo also announced the appointment of James Ackerman as the Chairman of the Board. Mr. Ackerman held previous positions at A&E, BSkyB, and Open TV.
Commenting on the transaction, CEO and co-Founder of Accedo Michael Lantz stated, “We’re excited to partner with SEB Private Equity to go to the next level. They share our vision of the market development and what a company like Accedo can deliver to truly transform the way consumers experience video services. We firmly believe that we’re still only in the beginning of the transformation of video consumption as we know it and we’re looking forward to continue our 12-year growth trajectory in the future.”
Accedo works with several high-profile media companies including HBO, Disney, Foxtel, Netflix, and Sky. The Company has over 400 employees across 16 global offices.
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