Why Sell? Symbrio’s holding company was looking to streamline its portfolio of businesses through a strategic divestment of Symbrio.
Why Lumine? Lumine’s buy and hold forever acquisition philosophy ensured Symbrio would never be resold to a competitor, and offered access to resources where Symbrio could strengthen and grow the business to its potential.
Symbrio is Scandinavia’s leading supplier of electronic purchasing and invoice management systems. Symbrio’s Procure-to-Pay solution is integrated into the customers’ ecosystem. Additionally, the solution includes a ready to use supplier network which improves the customer’s capabilities for efficient e-procurement and supplier invoice approval. Their customers consist of large and medium-sized companies within the, construction and installation industries in Sweden, Norway, Finland and Denmark.
Prior to the acquisition, Symbrio was under ownership by a Swedish holding company that owned businesses within a variety of sectors and industries. Symbrio was operating as a completely independent company under the holding company, and since launching in 2000, had been growing to the business.
In 2019, Symbrio’s shareholders and holding company began considering the potential for sale. Under new ownership, Symbrio would be able to focus on its growth and global expansion, and the holding company would successfully streamline its portfolio of businesses.
The Look for the Right Acquirer
After being approached by Lumine Group, the Symbrio team began considering the possibility of a sale. To understand what Symbrio was looking for in an acquirer, they looked to what they knew they did not want.
“Symbrio was not looking for an acquirer who would cut us into pieces – we wanted an acquirer who would keep our business intact,” said Symbrio CEO, Johan Ouchterlony. For these reasons, the Symbrio team was interested in finding a new home for the business that would ensure continuity. Symbrio felt that by selling to Venture Capital or a competitor, the business would be dismantled and later sold on to the next buyer.
The timing felt right, and Lumine’s acquisition values aligned with what Symbrio was looking for. When speaking with the Lumine team, Symbrio felt they could trust Lumine with the future of the business. “Lumine made their message of buy-and-hold forever very clear,” said Johan.
3 Reasons Symbrio Chose Lumine
Buy & Hold Forever
As buy-hold-forever acquirers, Symbrio would be part of an organization that would invest in the long-term success of the business and would never be at risk of being resold.
Access to New Markets
Symbrio was thriving in the Nordics, and aspired to expand their reach globally. At Lumine, Symbrio knew they would have the resources and network to expand across the world.
Access to Best Practices
Symbrio was excited about the Lumine Playbook, which shines a light on over 200 best practices related to acquiring, strengthening and growing software businesses, as an opportunity to learn more about their business and how to strengthen it.
Symbrio’s Plans for Growth
“We believe in understanding the areas we need to improve,” said Johan. Benchmarking is a very useful practice that we’ve since been able to implement and understand areas we can improve.”
Three months post-acquisition, Symbrio is in the strengthening phase, working with the Lumine team on the business model, finance, marketing, and other “bootcamps” to uncover new growth opportunities within the business. “Lumine Group has introduced us to new routines and reporting cycles that we are already implementing and learning from,” said Johan. “The process is structured, professional, and a great base to build new strategies.”
As the strengthening phase continues, Symbrio will work with the Lumine team to identify the different strategies and opportunities to support their global growth goal. “As we look to expand our global presence and expand into new markets, we are no longer on our own when it comes to understanding international infrastructures,” said Johan. “We have the knowledge of the Lumine team, and support from the other businesses within Lumine.”