Preben Damgaard has joined Configit as an investor and member of its Board of Directors. Damgaard’s firm, Damgaard Company, is investing both capital and management resources to help Configit continue to achieve fast paced growth. This announcement comes off the heels of the Polaris acquisition in February 2016, where Polaris Private Equity acquired 65 percent of Configit shares with the knowledge that Configit had tripled its revenue in the recent three-year period.
Preben Damgaard is a Danish business leader and founder of Damgaard Company. The company acts as a business advocate, actively investing in selected companies that have a proven business model, leading-edge technology, and are ready to scale the business and expand geographically or to new business areas.
“Configit has been on the lookout for an investor with international experience and a proven track record within IT software. It does not get any better than Preben Damgaard, and we are thrilled to get him onboard” said Henrik Reif Andersen, founder and CEO of Configit.
Damgaard founded one of the most successful Danish IT software companies to date, Navision, which in 2002 was acquired by Microsoft for 11 billion DKK. Since then, Damgaard has been approached by many businesses, but has invested in only a few select companies in Denmark and helped them grow and become leaders in their field.
“Configit is an IT software company that meets our values and investment principles, which include a proven, robust and scalable business model,” said Preben Damgaard, CEO of Damgaard Company. “The company is experiencing exponential growth and it’s been impressive to watch their progression over the last several years. I’m very much looking forward to working with the company to help them reach their full potential and continue filling the software needs of companies across the globe.”
Configit’s software products address configuration challenges in the full lifecycle of complex products. Typical industry segments include industrial machinery and components, life sciences, high-tech, automotive, oil and gas equipment, communications (equipment and services), business services and aerospace, defense and security. From engineering to sales, production, commissioning and maintenance, Configit technology provides user guidance, eliminates errors and increases control; making mass customization profitable.
“As we continue to grow not only our product offering but also our customer base, Damgaard is investing in our company and joining our board during an exciting time at Configit,” said Lars Hoegsted, EVP Configit. “The investment in the company will allow us to continue advancing Configuration Lifecycle Management, which is helping companies overcome mass customization challenges by addressing an ever-growing trend of how customers want products their own way with customized features.”
Configit’s client list includes Jaguar Land Rover, MAN Truck & Bus, Fiat, Case New Holland and John Deere. Additionally, other organizations involved in complex industrial equipment, for instance ABB, Siemens, Phillips and Vestas, use Configit’s configuration software from design, manufacturing and sales to maintenance of products.