ITU spin-out company sold for three-digit million sum
Configit has achieved enormous success since its establishment as a spin-out from the IT University of Copenhagen. The founders have sold the majority of its shares to the private equity firm Polaris and now want to become leading in the global market.
The software company Configit was established in 2000 as a spin-out company from the IT University of Copenhagen, where founders Henrik Reif Andersen and Henrik Hulgaard were researchers. The company has since risen to massive success by delivering software solutions for industrial production in the automobile industry, among others. The private equity firm Polaris has just acquired 65 percent of the company shares for a three-digit million kroner amount, reports the Danish business daily Børsen.
The demand for Configit’s configuration technology is so high that the company is now striving to become a leader in the global market, expecting to reach 1,000 employees by 2020, said CEO Henrik Reif Andersen.
CTO Henrik Hulgaard believes the company’s origin in the university environment has been vital to its success.
- There is no doubt that ITU's support for Configit in the early years was crucial in allowing us to develop the software to a level where it could be commercialized, he says.
Read Børsen’s article about Configit here.