Qics expands into the Scandinavian market with the acquisition of the Danish company Projectflow
20-02-2024
The Hague, February 20, 2024 - Qics, a leading Dutch provider of automation for professional services (PSA), announces the acquisition of ProjectFlow, a Danish software provider specializing in Project and Portfolio Management (PPM). The combination of the two companies in adjacent vertical markets will result in a market-leading offering in Northwest Europe, providing a solid foundation for further internationalization. This acquisition marks Qics' first add-on acquisition since entering into a strategic partnership with Main Capital Partners ("Main") two years ago.
Founded in 1999 and based in Odense, Denmark, ProjectFlow develops and delivers a project and portfolio management tool called ProjectFlow 365 to customers in Denmark and Norway. ProjectFlow serves over 80 clients, with approximately two-thirds operating within the public sector and the remaining clients in various sectors. Its client base includes entities such as the Municipality of Copenhagen, BITZER Electronics A/S, GLS, and the Danish Tax Authority. The company currently employs 16 FTE.
Qics, a Dutch software company headquartered in Katwijk, the Netherlands, with a development office in Slovakia, is a leading provider of Professional Services Automation (PSA) software. With over 350 clients, including ICT and SaaS companies like xxllnc and BCS, accounting clients like Joanknecht and Londen & Van Holland, and healthcare companies like Proteion and Vierstroom Hulp Thuis, Qics enables business service providers and healthcare organizations to realize their digital transformation through intelligent SaaS solutions encompassing planning, time registration, invoicing, and business intelligence. Qics employs over 30 full-time employees, leads the PSA market, and promotes efficiency and innovation for its diverse client base.
Mutually Compatible Product Suites
Qics and ProjectFlow have entered into a strategic collaboration, combining their complementary PSA and PPM product suites into one Project Management suite. This collaboration integrates ProjectFlow's scalable software, known for its flexibility with modules such as document management and its integration with Jira, closely intertwined with Microsoft Office. This is combined with Qics' scalable best-of-breed solutions in time registration, planning, invoicing, and business intelligence. The acquisition of ProjectFlow not only offers significant cross-sell opportunities as Qics' modules such as invoicing and business intelligence will be directly available to ProjectFlow's client base and vice versa, but also strengthens the overall solution suite, covering both internal and external project management needs within the Project Portfolio Management sector. This strategic move positions Qics for significant growth and innovation amidst the competitive ICT and SaaS landscape.
Market-Leading Player in Northwest Europe
By combining ProjectFlow's strong position in the Danish market for Project Portfolio Management Software with Qics' established position in the Netherlands, the combined company is poised to become a key player in Project Management in the Benelux and Scandinavia. Qics' geographical presence offers ProjectFlow the opportunity to expand its presence in the Benelux and leverage the high adoption rate of Microsoft. Furthermore, the combined group can benefit from Main's expertise in internationalization and scalable sales within an extensive international framework.
Karsten Ley Poulsen, CEO of ProjectFlow, says: "The strategic collaboration with Qics marks an exciting chapter for ProjectFlow. We look forward to integrating our scalable project and portfolio management tool with Qics' best-of-breed solutions, creating a powerful offering for our clients. This collaboration not only expands our market reach but also enhances our ability to provide innovative solutions in the project management sector."
Eddy Plasier, CEO of Qics, adds: "The acquisition of ProjectFlow strengthens Qics' current offering and positions us well for further growth in ICT, SaaS, and other specialized markets in both the Netherlands and Scandinavia. We look forward to working with their enthusiastic team on modern project management solutions in the broadest sense of the word and are confident that our joint client base will benefit from this collaboration."
Ivo van Deudekom, Investment Director at Main, concludes: "The strategic step marks a natural progression for Qics, expanding its project management capabilities to include Project Portfolio Management (PPM) and entering the Scandinavian countries. The synergies between Qics and ProjectFlow are clearly visible in their highly complementary functionalities, client bases, and geographical focus. This acquisition creates a powerful combination, poised to deliver innovative solutions and strengthen our presence in the Project Management landscape. Finally, Qics utilizes ProjectFlow's software for the integration of both organizations, which we consider a blueprint for other companies with buy-and-build strategies. We are excited about the opportunities this collaboration brings and look forward to the growth and success it will yield."
