Visma e-conomic’s 160,000 customers can in future look forward to a new inventory management solution integrated directly into the program.
Visma has thus acquired the company Rackbeat, which provides an inventory management system targeted at small and medium-sized companies.
In the process, Rackbeat has turned down both national and international venture funds and business angels.
There is a great focus on digitizing Danish companies. This also applies to the software company Visma, which with a targeted strategy acquires companies and makes them part of the Visma family and an ecosystem of cloud-based software solutions.
Now Visma is acquiring the company Rackbeat, which has developed an inventory management system for small and medium-sized companies. The system is built with the aim of democratizing inventory management and thus giving smaller companies access to predictions, overviews and a better opportunity to control its supply chains, which together will strengthen the competitiveness of SMEs.
Rackbeat will be affiliated with Visma e-conomic, which is behind Denmark’s leading accounting program with more than 160,000 customers, many of whom already use Rackbeat today. Lars Engbork, CEO of Visma e-conomic, will also take over as Chairman of the Board of Rackbeat.
According to Lars Engbork, the acquisition and the addition of Rackbeat’s solution will give e-conomic’s solution a completely new perspective.
“With e-conomic, we have created a system that makes it easy and efficient for Danish SMEs to create accounts and invoicing, so that they can instead focus on their core business. At the same time, we are constantly looking for new ways to simplify our customers’ administration and make their business more competitive, and this is where Rackbeat’s inventory management comes into the picture, which is widely demanded by our customers. The integration of their solution in e-conomic will be an important factor that our customers will greatly benefit from, ”says Lars Engbork, who also explains that the acquisition once again emphasizes Visma’s approach to the market:
“We are constantly trying to make our solution better for the benefit of Danish SMEs. Roughly speaking, there were two ways to go: We could either build an inventory management system from scratch, or we could search the market and find solutions that can be directly integrated into our system. The latter is a concrete part of our strategy, and with the synergies we see between e-conomic and Rackbeat, it makes sense to make an acquisition. ”
No thanks to venture funds and business angels
Rackbeat was founded in 2017 by Steen Bøttzau Haunstrup and Morten Bæhrenz. In the process surrounding the acquisition, Rackbeat has rejected both venture funds and business angels.
“It makes super good sense for Rackbeat to team up with e-conomic. We have created a solution that ensures customers a constant flow of goods, so that even the smaller companies can compete against the larger ones. Visma e-conomic has the capacity and more than 160,000 customers, and we have the technology, ”says Steen Bøttzau Haunstrup.
Co-founder Morten Bæhrenz continues:
“Back in 2017, we built Rackbeat because we saw a potential in helping SMEs become even more competitive. Rackbeat is also built in an ecosystem with a mindset of API-first, which ensures direct integration with e-conomics current program. We have said no thanks to both national and international venture funds and business angels, because our solution fits so well with e-conomic. ”
Initially, Rackbeat will be integrated with Visma e-conomic’s Danish customers. But according to Lars Engbork, Rackbeat has already shown that their concept can work outside the country’s borders. With Visma’s acquisition, Rackbeat’s solution will be further expanded to other markets.
“We know that Rackbeat’s inventory management system works well for the Danish market. But it has also been important to us that Rackbeat has already proven its worth outside the country’s borders. This is a development we plan to unfold even more, and their structure in an open API means that their solution could be moved to our sister companies outside Denmark relatively smoothly, ”says Lars Engbork.
The paperwork for the acquisition was signed on 1 December 2021. Rackbeat retains both its name and all employees and will reside at their current address in Copenhagen.
Source: IT-Kanalen by it-kanalen.dk.
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