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Business Intelligence Software Leader TARGIT A/S Sold to GRO CapitalTARGIT, the company behind market-leading business intelligence (BI) and analytics platform TARGIT Decision Suite, today signed an agreement with GRO Capital, acquiring all shares in the company. As part of the sale, founder and now former CEO Morten Sandlykke resigns effective immediately. Ulrik Pedersen, CTO and COO of TARGIT, will now assume the role of CEO. Pedersen, an experienced executive and business developer, will work in close cooperation with GRO Capital to continue to develop TARGIT. Both the new CEO and the continuing CFO Jesper Berntson will continue as shareholders. TARGIT completed 2016 with solid growth and earnings compared to the previous year. GRO Capital takes over a company experiencing rapid growth and aims to further accelerate the growth through an increased focus on sales and marketing activities and to invest into an already strong product roadmap. With additional financial resources, GRO Capital will work toward creating one of the leading companies in business intelligence software solutions for SME's. "We have followed TARGIT for years and we are very excited to partner with TARGIT and support its competent management team in fulfilling their ambition of creating a strong market leader in business intelligence by providing our capital and knowledge," says Lars Dybkjær, managing partner at GRO Capital. "Today I entrust TARGIT to a strong, visionary and knowledge-intensive capital partner. The timing of the transaction is right for both me and the company, and I hope in the future to make use of my skills and my experience in other promising IT and technlogy companies," said Sandlykke. "It has been very important for me to sell the company to an investor that would ensure TARGIT's continued growth and development." "Customer demand for digitalization and the ability to make data-driven decisions has never been higher. Together with our customers, we are pushing the boundaries for the use of data and I am excited for what the future holds," said Pedersen. "The new ownership and financial resources will enable us to accelerate our innovation and strengthen our go-to-market strategy to help even more companies extract commercial value out of their data." All former shareholders of TARGIT have agreed to sell the shares. The parties will not disclose the exact amount.
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