Herkules III and the management shareholders in Enoro have signed an agreement to sell Enoro to the Australian Hansen Technologies.

Hansen Technologies is a publicly traded company on the Australian stock exchange that delivers customer care and billing solutions to the energy, utilities, Pay TV, and telecommunications industries worldwide.

Herkules III acquired Elis in 2010 with the ambition to create a leading Nordic software provider to the utilities sector. Two add-on acquisitions were made in 2011 and the company was rebranded Enoro in 2012.

Enoro has since the acquisition of Elis grown to become a leading European software provider for the utilities sector, providing customer information systems and meter and energy data management. The company has operations in Norway, Sweden, Finland, Switzerland, Germany and the Netherlands. The revenue base has through organic growth and acquisitions increased to NOK 317 million in 2016 from NOK 64 million 2010, and EBITDA has grown to a run rate of close to NOK 60 million, from NOK 18 million in 2010.

In 2016, Enoro Generis was awarded a contract for the data hub in the Netherlands (covering 17 million metering points), while Enoro CIS won a new landmark deal with Fortum Markets in Finland.

We are pleased about the development of the company, growing from a local company to a leading European player, and we believe Hansen Technologies is a perfect owner for the company going forward. For Herkules III the investment has delivered an annual return in the high teens.

Please see Hansen Technologies press release for more information:http://www.hsntech.com

Herkules Capital is exclusive advisor to the Herkules Private Equity Funds.