Eletive, a Malmö-based startup in continuous employee engagement software, has been acquired by U.S. private equity firm Accell-KKR, marking a successful exit for its Skåne-based founders and investors.
The deal, reported first by Rapidus, sees Accell-KKR take a majority stake in Eletive, which has grown to 100 million SEK in annual recurring revenue, a testament to its rapid expansion and profitability in the competitive HR-tech sector.
Founded by Marcus Wennmo and Nils Wilhelmsson, Eletive has been prioritizing organic growth and profitability over external funding.
“We’ve had the advantage of not being dependent on external capital. For a long time, we’ve been profitable and didn’t need money just to survive. When we did raise funds, it was to grow. and that allowed us to be selective in choosing the right investors,”
said Marcus Wennmo to Rapidus
While the acquisition price remains undisclosed, Rapidus reports that Eletive’s 2023 funding round valued the company at approximately € 41 million (458 million SEK) post-money, with Fårö Capital as the biggest external shareholder, with 14 procent of the shares.
“I’ve been chairman of Eletive for six years, and I’m deeply impressed by what Marcus, Nils, and the rest of the team have built. It’s been incredibly rewarding to contribute, and it’s great that all investors, even those who came in later, made a strong return,”
Linus Wiebe told Rapidus
The exit underscores the regions strength in building global competitive SaaS companies in the HR tech field, with others such as Planday, Peakon, Wellbefy, PayZlip and many more.
