Mandatum Asset Management Growth Equity II fund invests in Integrata, an HR and payroll technology company
Mandatum Oyj, Press release 16 August 2024, 9:00 a.m. EEST
Mandatum Asset Management’s growth investment strategy has invested in Integrata, a Finnish growth company. The investment boosts Integrata’s international growth and the development of its technology solutions. This is the third investment made by the MAM Growth Equity II fund.
The MAM Growth Equity strategy focuses on the scale-up phase of Finnish and Nordic growth companies. It takes part in exceptional growth stories by being an active owner and providing expertise, networks and flexible growth capital for companies with a proven business model and ambitious management teams.
Integrata’s vision is to build an intelligent future at the top of HR and payroll administration. It is an HR and payroll smart house founded in 2008 that integrates humane HR technologies with its customers’ daily work. The company frees customers to focus on their core business with the help of experts, automation and analytics. Integrata has achieved an average profitable revenue growth of more than 25 per cent in 2020–2023. The company’s revenue was EUR 18.4 million in 2023, and Integrata employs approximately 200 people.
“As a modern technology-driven operator leveraging AI and automation in HR and payroll, Integrata is an ideal addition to our portfolio. The company’s growth journey has been impressive – Integrata has been able to take market share from bigger players and achieve strong growth in a market that is only growing slightly. Integrata also boasts excellent customer and personnel satisfaction and has strong Finnish customer references. The challenges in which the company supports its Finnish customers are similar in the other Nordic countries as well. That is why Integrata is now in an ideal place for its next growth leap and expansion into the Nordic and European markets,” says Rami Salonen, Investment Manager at Mandatum Asset Management.
Riku Heinonen, CEO and Founder of Integrata, emphasises the importance of the investment in the company’s growth story: “So far, Integrata has been operating on cash flow financing under the management of its three founders. With our new strategy, we are now ready for our next transition by focusing on future technologies and international growth. Mandatum’s team brought a collective ambition to the table and shares our values, and they have a convincing track record of similar investments. We believe that an investor with a similar corporate culture to ours will help us achieve our strategic goals,” Heinonen says.
MAM Growth Equity II Fund is the second vintage of MAM's growth investment strategy, which held its first close in December 2022. The fund aims to actively develop its portfolio companies to enable their growth and internationalisation. The Mandatum Growth Equity team has been part of developing companies such as Haltian, Nosto, Cadmatic and Oddlygood. Before Integrata, its most recent investment was in the Finnish company HappySignals.
Additional information:
Mandatum
Alexander Antas
Head of Private Equity, Mandatum Asset Management
Tel. +358 40 533 0986
alexander.antas[a]mandatumam.com
Niina Riihelä
SVP, Communications, brand and sustainability, Mandatum plc
Tel. +358 40 728 1548
niina.riihela[a]mandatum.fi
Integrata
Riku Heinonen
CEO, Integrata
Tel. +358 40 593 0609
riku.heinonen(a)integrata.fi
Mandatum in brief
Mandatum is a major financial services provider that combines expertise in wealth management and life insurance. Mandatum offers clients a wide array of services covering asset and wealth management, savings and investment, compensation and rewards as well as pension plans and personal risk insurance. Mandatum offers services to corporate, retail, institutional and wealth management clients.
Mandatum’s subsidiary, Mandatum Asset Management (MAM), is a Nordic asset manager. MAM offers discretionary and consultative asset management for institutional and other professional investors and manages a variety of investment products within its core areas of credit, private equity, real estate and equity selection. MAM’s GE team focuses on the scale-up phase of Nordic growth companies with a proven business model and ambitious management teams.
Integrata in brief
Integrata Oy, founded in 2008, is an intelligent HR and payroll management house that brings
humane HR technologies (with a dash of wit) to its clients' everyday operations while adapting future technologies to support a smarter work life. Through the expertise of its professionals, automation, and analytics, the company provides its clients with the time to think big and plan for success. Integrata employs over 200 experts across five locations: Tampere, Helsinki, Turku, Pori, and Oulu.
This marketing communication is related to Mandatum Asset Management Ltd's ("MAM") MAM Growth Equity II Fund (the “Fund”). This document is prepared by MAM, portfolio manager of the Fund. The Fund is managed by Mandatum AM AIFM Ltd (Bulevardi 56, 00100 Helsinki, P.O Box 1221, 00120 Helsinki, Finland). The Fund is available only to professional clients.
This marketing communication does not constitute investment advice. Please refer to official fund documents before making any final investment decision.