Summa Equity acquires myneva to drive digitization and holistic care across the European social sector
Summa Equity Fund II, has made its first investment in Germany, acquiring myneva, one of the leading European software providers for the social care sector. myneva helps to digitize workflows and supports the increasing convergence of client needs across the elderly, disabled, social and youth care segments.
01 July 2021, Stockholm, Sweden: Summa Equity Fund II (“Summa”) has acquired a majority stake in myneva, the leading European software provider for the social care sector. myneva offers dedicated SaaS solutions across the elderly, disabled, social, and youth care sectors, helping care providers to digitize their workflows to better manage increased demand for care, and respond to converging patient needs.
myneva was formed in 2017 in Hamburg around a merger of the Regas Group, Heimbas and Daarwin, and the subsequent acquisition of six established and independent software specialists. Since then, the company has experienced double-digit growth, having completed further add-on acquisitions and seen consistent revenue growth, including a high percentage of recurring revenues, continuous account growth and numerous new client wins. The company now operates in six countries across Europe, with 220 employees, and around 2,000 customers.
Europe’s social sector is under increasing pressure, as it adapts to population growth and demographic trends, government efforts to improve social inclusion, and a convergence of patient needs. Care providers face a range of challenges, including increased regulation and compliance, a shortage of time and resources, limited business and IT expertise, and the need to balance daily operations and liquidity requirements.
This combination of factors presents a significant opportunity for myneva, which offers a multi-care solution enabling providers to meet their clients’ varied and evolving requirements, alongside the many regulatory and administrative demands placed upon them. myneva drives digitization across planning, care giving, documentation, invoicing, and reporting, increasing workflow efficiency and overall care.
Summa Equity’s investment in myneva aligns with its focus on solving global challenges, and supporting the UN Sustainable Development Goals, specifically ‘#3 Good Health & Wellbeing’ , ‘#8 Decent Work and Economic Growth’ and ‘#10 Reduced Inequality’. It is Summa’s first investment in Germany and signals an increasingly international focus for the firm.
“myneva has achieved huge success by meeting the needs of care providers more comprehensively than any other digital solution,” comments Christian Melby, Partner and Chief Investment Officer, Summa Equity. “Given the macro trends that are underway in the social sector, we see significant opportunities for further growth and international expansion, which promise to bring both financial returns and numerous social benefits, in line with our investment strategy. As Summa’s first investment in Germany, this deal also paves the way for a greater presence in the DACH region, as well as across Europe, and further afield.”
Hartmut Clausen, CEO, myneva Group, commented: “Summa Equity is the ideal partner for myneva, due to our shared belief in the power of technology to drive real social change, and our commitment to solving some of the biggest challenges facing society. We have utmost confidence that Summa will help us to make an even greater impact in the years to come, through its industry expertise, and experience of working with sustainable and socially conscious businesses.”
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Founded in 2017 in Hamburg - initially under the name omneva - myneva has gathered more than 50 years’ experience and expertise in social sector software. For all parts of the social sector a vision was pursued very consistently from the start: Demographic change is taking place in all areas of the social economy and can only be managed in a socially acceptable way through digitization. With increasing complexity comes a market concentration that does not stop at national borders. As a learning society, it is important to learn from neighbors and to inspire each other. myneva is therefore already active in six European countries, serving more than 2,000 customers in DACH and Benelux, and generates revenues of €30 million, with about 220 employees. www.myneva.eu
About Summa Equity
Summa Equity invests in companies that are solving global challenges and creating positive Environmental, Social, and Governance (ESG) outcomes for society.Summa’s purpose is to co-create win-win for investors, portfolio companies, and society through aligning its vision and outcomes to the Sustainable Development Goals, ensuring a net-positive impact against ESG challenges, and the potential for long-term, sustainable outperformance.
Investments are focused on industries and companies within three sustainability megatrends: Resource Efficiency, Changing Demographics, and Tech-Enabled Businesses. Across these themes, Summa’s portfolio companies are supporting a world in transition and showing that business can be part of the solution. Summa Equity has more than €1.4bn of assets under management. www.summaequity.com