Carnegie acted as financial adviser to the owners of Billy
Carnegie acted as financial adviser to the owners of Billy in the sale to Ageras, an Investcorp portfolio company. Subsequent to completion, Ageras will be the sole owner of Billy.
Billy was founded in 2010 based on a vision of offering user-friendly accounting software for the SME segment, thereby alleviating cumbersome spreadsheet accounting. The Denmark-based accounting and digital invoicing Software as a Service (SaaS) company offers an own-developed software platform allowing integration to over 75 essential transaction, salary and webshop specific business applications. The IT platform is built on a fully open REST API to promote scalability and integrability and was first launched in August 2011, quickly gaining traction accompanied by pronounced media coverage. In 2019, the company demonstrated the viability of licensing its accounting software though a contract with Lendio, the US provider of short-term financing for SMEs with more than 70,000 loans facilitated at a combined value of USD 1.4bn. At the time of transaction, Billy featured almost 17,000 active users and double-digit MRR growth.