London-based private equity firm Verdane has made a platform investment in Eduhouse and Wistec, two Finnish providers of business-to-business subscription-based e-learning focused on accounting, finance, HR, IT, and payroll.
The investments in Eduhouse and Wistec were made by Verdane Capital X.
The platform comprises two niche markets companies in Finland with thousands of educational videos and more than 25,000 users combined. The platform plans to expand into new content areas and increase market share in Northern Europe.
The main selling shareholder in Eduhouse is software company Accountor, which is exiting its majority shareholding. Accountor will remain as a customer and commercial partner by offering the content and services to its personnel and customers in Finland, Sweden and Norway. Eduhouse co- founders Jukka Vento and Johannes Jokelin will remain shareholders. Wistec’s main seller is the chief executive Juha Huhtanen and his family, who will retain a minority holding in the combined group.
Iikka Moilanen, principal at Verdane said: “We are excited to bring together two growing and attractive businesses, operating in a fast-developing market. As corporate learning grows and shifts towards digital solutions, the combined forces of Eduhouse and Wistec will be uniquely placed to respond to professionals’ needs for high-quality training services through a purely content-focused offering. With over 30 software businesses in our portfolio and a strong track record in the educational tech-enabled sector, Verdane is well-positioned to partner with the company and support its plans to consolidate product offering and scale operations across Northern Europe.”
Vento and Jokelin stated: “It is with great enthusiasm that we team up with Verdane, a partner that brings valuable experience as an investor in businesses looking to reach their next stage of growth. We are also excited to expand our team and offering by having Wistec on board, and believe that our shared values and passion for learning and pedagogy will enable us to boost the educational services we provide to our customers, and to broaden our horizons beyond Finland. Lastly, our thanks go out to the Accountor team for a successful partnership that has brought us to where we are today.”
Huhtanen said: “We are pleased to partner with the Eduhouse team and Verdane, a proven and collaborative investor in high-quality tech-enabled businesses across Northern Europe. Wistec and Eduhouse share a similar culture, drive for learning and knowledge, and provide complementary services, and I believe that we could not have found a better fit for Wistec. I look forward to working with Jukka, Johannes and the Verdane team on this next stage of our journey.”
Financial terms for the transactions are undisclosed.
Date published: 4 June 2021