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QNTM acquires SaaS company Ibexa

QNTM Group (QNTM) today announced the acquisition of the majority in Norway-based Ibexa. Including Ibexa in QNTM´s portfolio will further strengthen the group´s position in the European market for eCommerce (eCOM) and Content Management Systems (CMS).

Ibexa provides a cloud-based Digital Experience Platform (DXP) specializing in solutions for B2B digital transformation. Offering headless content management, eCommerce and personalization along with flexible development capabilities, Ibexa DXP empowers B2B companies to implement new sales strategies and improve customer experience and digital journeys. Ibexa’s DXP is delivered through a dedicated partner ecosystem across Europe and brands such as Crédit Agricole, Pierre Fabre, Aschehoug, Groupe Atlantic and Whirlpool rely on Ibexa as a cutting-edge enabler of growth. Ibexa is headquartered in Oslo, Norway and has offices in Germany, France, Spain, Poland, the UK and the USA. The company has 96 employees and annual revenue of more than MSEK100.

QNTM’s investment in Ibexa
– Becoming part of QNTM Group is a unique opportunity for Ibexa to accelerate our ongoing scaling and international expansion, in order to take a leading position in the European DXP market. This market is on a tremendous growth trajectory, accelerated by the need for enterprises to digitalize their sales channels – a need highlighted by the COVID-19 pandemic, says Morten Ingebrigtsen, Ibexa CEO.

– Ibexa´s DXP allows businesses to continuously evolve how they create and deliver value for their customers – modernizing sales and tailoring outstanding customer experiences. Becoming part of QNTM Group is fantastic news for our customers and partners. We have a common vision of enabling companies to accelerate their business transformation and fuel growth – to create the digital winners of tomorrow,  adds Bertrand Maugain, Ibexa Co-CEO.

Why QNTM invests in Ibexa
QNTM continues to expand its ecosystem with Ibexa’s strong foothold in the DXP space and their broad network of European partners.  Ibexa will be part of QNTM´s increasing focus on the eCOM/CMS vertical following the acquisition of the award-winning Danish eCOM company Hesehus in January 2021.  

– We were looking for a growth-minded SaaS company with established partner and client networks in Europe that would secure a broader offering in our eCOM/CMS verticals.  Ibexa met our stringent criteria, and along with Hesehus, Ibexa will create a huge potential to scale both companies faster and increase the value of the whole QNTM ecosystem, says Eivind Roald, QNTM CEO.

About Ibexa
Ibexa’s Digital Experience Platform (DXP) enables organizations to stay competitive, optimize their revenue streams, launch new products and services and test-drive digital strategies. With Ibexa DXP, B2B companies can transform sales strategies and build frictionless buying experiences with a cost-effective and scalable solution. 

For further information concerning the acquisition please contact
Eivind Roald 
+47 965 10 101

Morten Ingebrigtsen
CEO Ibexa
+ 47 913 14 440

QNTM acquires Raptor, Danish leading software company

QNTM Group (QNTM) today announced an agreement to acquire a majority stake in Raptor Services (Raptor), a leading software for product recommendation, personalization, and customer data platform.

– QNTM continues to build a strong eco system of consulting, software, and tech companies by adding Raptor to the Group – the Group now consists of 11 companies, complementing in niche and skills.

– Raptor is the second Danish software company that QNTM adds to the Group, after the acquisition of the Danish award winning eCom platform Hesehus earlier this year.

– Raptor will be the starting point for a new vertical within QNTM named QNTM Web Optimization Group. The ambition is to acquire several niche software companies focusing on making eCom platforms and websites more efficient through higher conversions. The group will be led by Raptor’s CEO Kenneth Boll.

QNTM’s investment in Raptor Services
Raptor is an award-winning software company from Aarhus in Denmark founded in 2013 delivering market-leading personalization solutions and Customer Data Platform for customers like Schibsted, TUI, and Bauhaus. The solution activates customer data through recommendations and offer relevant customer experiences in all channels.

Why did Raptor choose QNTM?
– We were looking for a partner who could support us in scaling and growing our services outside Denmark, with the same vision and passion as we have. In QNTM we found something different than just a Private Equity-fund, we found an ecosystem with other companies within our industry that we look forward to collaborating with, and with a management in QNTM who focus on true partnership and high ambitions. We will expand our market share internationally to become a European market leader within the next couple of years, says Kenneth Boll, CEO of Raptor.

– This partnership means we can keep on innovating the product and create valuable solutions for e-commerce businesses everywhere. Our customers have always been a central element in the development of our solutions and adding new markets will only open for even more innovative projects, says Jan Skov, COO, and Co-founder of Raptor.

Why Raptor is important for QNTM
– QNTM has started an exciting journey, creating a leading European eco-system of companies of digital consulting, software, and MarTech companies. Raptor is a leading technology in supporting websites and eCom platforms in personalized recommendations of products or content and the Customer Data Platform. The company will be a cornerstone in building QNTM’s new vertical of Web Optimization tools, says Eivind Roald, CEO in QNTM.

Who is Raptor?
Raptor Services is a Danish company founded in February 2013. Raptor Services provides a market-leading personalization and Customer Data Platform that activates data to create relevant customer experiences. Raptor Services serves enterprise businesses all over the world with more than +300 customers.

Visit their website:

For further information concerning the acquisition please contact:
Eivind Roald
+47 965 10 101

Kenneth Boll
CEO Raptor Services
+45 2026 6594

Elephant in the room

Are you on the board or a top manager for a company that has little to no top line growth? Have you ever pondered how little your company is actually able to stand out in comparison to your competitors? How often do you discuss these issues, or is the lack of top-line growth the famous “elephant in the room”?

When I joined SAS in 2012 as the Executive Vice President for Commercial Services, I was asked: «How do you manage to charge 20-30% more than Norwegian Air when you only sell one seat? An airplane seat is just an airplane seat, right? It was a relevant question, as relevant as saying that a car is a car, a bag is a bag, a PC is a PC and an accountant is an accountant. For SAS, with investments in the award-winning SAS app and the development of the EuroBonus program the “We Are Travelers’ concept became one of many tools that acted as differentiators. SAS went from being the worst in its class, to becoming the most attractive airline from 2013 until the pandemic hit, changing all the conditions.

Cupole, a company in the QNTM ecosystem, has analyzed 1,400 Nordic companies’ top-line growth over the past 3 years. The results should be a wake up call for all boards and top level managers. Nordic companies have an alarmingly low top-line growth (3-4% organic growth). The survey indicates a connection between a lack of digital competence in boards and management groups, and a lack of top-line growth. Companies with digital expertise invest significantly more in digital solutions and have an average top-line growth of 12% vs 3% for companies that invest a little in digital solutions. The fastest growing companies are investing primarily in digital solutions in order to differentiate their products / services from their competitors.

Eivind Roald - Elephant in the room

By 2021, consumers and decision makers are “born digital”. The fact that the boards have not ensured that top managers and top management have better digital competence shows a lack of understanding of the connections. Our survey further shows a connection between lack of digital competence in management and boards and low investment in digital solutions, which in turn results in flat or no top-line growth. Here, as elsewhere, it all starts at the top.

In the COVID year of 2020, a number of companies realized that they were not prepared to digitally meet their customers. This has led to an explosion of home-made solutions that do little to effectively differentiate companies. Today’s consumers expect you to meet them digitally with premier solutions, not with a web or mobile site that appears to have been built in the early 2000s. Matas, which is a listed Danish group that sells products within make-up, hair and care. In addition to their more than 200 physical stores, they have accelerated investments in digital solutions, which has gone from 4% of sales to almost 30% of sales in just 3 years. The award-winning company Hesehus, which is a part of the QNTM Group, has been developing and delivering the eCommerce platform to Matas for more than 10 years. In 2020, Matas digital sales increased by more than 200%, making them now the second largest eCom website in Denmark, despite the fact that they sell the same products as their competitors. Shareholders have seen their shares value ​​increase by more than 80% in the last year – which, some of the shareholders have actually understood.

The companies that win in competitive situations have secured heavy digital expertise in their board and top management. Their digital investments are not only focused on reducing costs internally, but they have also developed sophisticated ways to digitally communicate with customers,  gain deep insight into which digital marketing works, and implemented leading solutions so that customers can easily gain knowledge digitally regarding products, as well as the ability to purchase products digitally.

Our research indicates that very few management teams know how to create top-line growth – which should cause most shareholders to stay awake at night, leading to the creation of a shareholder revolt and higher demands for new expertise and more digital investments. As for some, a car is not just a car, and an airplane seat is not just an airplane seat.

Click here to read more about how digital maturity, expertise in top line management, and digitalization all play an important part in a company’s top-line growth.

Contact Eivind Roald
Phone: +47 965 10 101

Eivind Roald guest stars in All In med Oslo Business Forum

On the 14th of July, Eivind Roald joined the podcast All In med Oslo Business Forum where he brought forward the digital elephant in the boardroom and discussed how critical it is that both top management teams and boards have digital competence.

During the podcast Eivind talks about his year in SAS, and provides some intriguing insight how he played a key role in helping with the turnaround of the operations encircling the SAS brand.

Additionally, Eivind also discusses the goals that QNTM group has set regarding digital competence in management. Since a recent study around 1,400 Nordic companies found that if you have digital competence, larger investments are made within the digital area, thus providing you with a better effect from it. As well as the management teams defined a specific function in the management team to be responsible for digital investments, were able to a much greater extent adopt all possible technologies out there and make investments related to that area.

In this podcast you will be able to find answers to questions such as:

Is there a minimum level of digital competence for a leader or a board member, if so what is it?

Is it the big companies with their platform solutions or the small, incremental innovation, fast-growing gazelles we should follow and learn from?

Who or what sets the agenda for top-line growth?

You can listen to this podcast episode anywhere you listen to podcasts, on Spotify, iTunes or directly via Oslo Business Forum

QNTM invests in SeenThis to build a global technology company

QNTM Group (QNTM), today announced an agreement to invest in SeenThis, a fast growing Swedish Tech company that offers a unique adaptive streaming technology with potential to transform the distribution of advertisements and websites globally.

– With this, QNTM continues its high growth pace of investing in companies that will increase top-line growth for clients, building a unique ecosystem of digital companies.

– The investment in SeenThis is the second investment in Nordic companies within a month from QNTM.

– SeenThis’ technology addresses a major issue for advertisers and fits very well with QNTM’s vision to create digital winners and be the leader within the digital sales & marketing value chain.

QNTM’s investment in SeenThis
SeenThis, is a Tech company, operating within the martech space, offering solutions for increasing efficiency of display advertising to the global digital advertising industry. Through adaptive streaming SeenThis has developed a superior solution that lowers loading times significantly, with substantial improvements on both cost and conversion rates. SeenThis technology is trusted by premium brands and agencies, e.g. Klarna, Porsche, Siemens, The Wall Street Journal and SEB and addresses an estimated global market opportunity of above 20bSEK.

“SeenThis started with the ambitions to create a global company that speeds up the internet, today the technology is utilized in 30+ countries and for 800+ brands, and we are ready to scale. We are therefore pleased to have QNTM as a new strategic owner to help fuel our growth globally,” says Jesper Benon, Chairman of the Board and Co-founder of SeenThis.

Why QNTM invests in SeenThis
“QNTM will invest in a unique set of companies working with digital strategy and sales & marketing, through both services and software. We will partner with the founders to support them in creating leading global companies” says Eivind Roald, CEO of QNTM.

“In SeenThis we found a unique scalable technology that supports brands, media agencies and publishers in increasing quality and reducing marketing cost when displaying high definition video and image advertisements. Supporting commercial executives in increasing top-line growth through digital strategies and give access to unique technologies is the core of our idea, and when we found SeenThis it was a perfect match” Eivind Roald continues.

“With our investment in SeenThis we can see strong synergies with the other companies in the QNTM Group, and with SeenThis as part of the ecosystem each company in the Group will strengthen their offering towards their clients” says Roald.

“We look forward to work with the management and the other management and earlier investors, Celox and 183 invest, to make SeenThis a leading global Tech company within the martech space,” says Roald.

Jesper Benon, Co-founder of SeenThis. Mobile +46 707 553 366. Email
Marcus Myrberg, CEO of SeenThis. Mobile +46 705 758 040. Email
Eivind Roald, CEO, QNTM Group: Mobile +47 965 10 101. Email

About SeenThis
SeenThis is a Swedish tech company offering technical solutions to enable faster delivery of digital advertising with better performance as a result. They operate all over Europe, the United States and Asia, with customers worldwide. Since inception, they have served billions of streams for more than 800+ brands, in 40+ countries.

QNTM launches Nordic partnership with Antler and Restarts the Future to help build 1000 start-ups

QNTM Group (QNTM) and Antler partner up to support and build new start-ups through Antler’s initiative Restart the Future aiming to create 1000 new companies in order to contribute to new jobs and a more robust economy.

– We are proud to become one of Antler’s partners. Antler’s idea of supporting new companies goes hand in hand with our vision of building an ecosystem of digital companies, says Eivind Roald, QNTM CEO. 

Build 1000 new start-ups in Sweden 
Restart the Future is a powerful one year initiative, founded by Antler, and backed by QNTM and 13 other Nordic companies. It consists of a start-up school for the next generation of entrepreneurs, an idea competition and coaching for startups. Submissions for idea pitching starts Monday January 25th and the finalists will win strategic one-on-one coaching with some of the Nordics’ most prominent founders and investors as well as fast-tracked applications to build their startup through Antler’s platform. The idea is that by the end of 2022, Restart the Future will have supported the creation of 1000 new start-ups, building new jobs, strengthening the economy and speed up digitalization. 

A need of a framework for new companies 
– I believe we do not have a particularly good framework for entrepreneurs in the Nordic countries. This makes it much more difficult for new companies to get up and running, says Eivind Roald. 

– Together with Antler, we want to make a difference for new companies with their initiative, Restart the Future. We want to make sure that their framework is set in such a way that it makes it easier to start up and start a new business. It is the new companies that will help us grow and establish new services that will ensure growth and jobs. 

– With Antler, these new companies get a greater chance to grow and establish themselves in the markets. They will receive a safe framework, help and support from Antler and also our network of digital companies. 

Boost new start-ups during Covid-19 
In late 2020, ARC company, Cupole, conducted an analysis of digital companies in the Nordic upon QNTM’s request. The study found that those companies that invested in digitalization despite being in the middle of covid-19 times, increased their top-line growth with 62 percent compared to those that did not invest. 

– With our collaboration with Antler and Restart the Future, we want to help and support start-ups during also now that we have covid-19 surrounding us, says Eivind Roald. 

– We’re thrilled to launch our Idea Competition today, as part of Restart the Future. Our ambition is to inspire anyone with an idea – whether early stage or more developed – to dream big and get involved in building the future they want to see. This initiative is fully aligned with Antler’s mission of enabling and investing in the world’s most exceptional people in building the defining businesses of tomorrow, says Livia Moore, Associate Partner, Marketing at Antler. 

QNTM is particularly interested in working with companies that want to increase this top-line growth through digitization. The desire is to find companies that create great digital solutions that in turn can help companies in how they can differentiate their products and at the same time become global. 

Contact details 
Eivind Roald, CEO, QNTM Group 
Tel: +47 965 10 101 

Livia Moore, Associate Partner, Marketing, Antler 
Tel: +46 709 370 730 

About QNTM Group 
QNTM Group, a fully owned company by Altor Equity Partners, was founded in January 2021 with the objectives to develop a European group of companies working with digital strategy, marketing, software and technology. QNTM gives the companies in the ecosystem access to a network full of leading companies. QNTM currently consists of seven companies, including the Danish e-commerce company Hesehus, and ARC (Conversionista, Curamando, Kurppa Hosk, Animal, Keybroker and Cupole). QNTM has offices in Oslo and Stockholm. 

About Antler 
Antler, founded by Magnus Grimeland in Singapore 2017, has offices in 14 cities worldwide, including in Oslo, Stockholm, New York, London, Sydney to name a few – and soon in Copenhagen. Antler is a global early-stage venture capital firm that builds and invests in the defining technology companies of tomorrow. 

Antler is on a mission to fundamentally improve the world by enabling and investing in the world’s most exceptional people, by building complementary co-founder teams, supporting the teams with deep business model validation and providing a global platform for scaling. 

Since 2017 Antler has helped build and invested in over 250 companies across the globe, with nearly 60 of them in the Nordics.Of these companies, 40% have at least one female co-founder, and the founders represent 70 nationalities. 

Antler helps exceptional entrepreneurs to match with the right co-founder, validate their business idea and launch and scale through providing coaching early-stage funding to the most promising companies. The entrepreneurs that get selected to work with Antler have 10-12 years’ experience. 

Further reading

Altor forms QNTM, to build a European multi-billion group of digital companies. Invests in Hesehus – a leading danish e-com platform

QNTM Group (QNTM) today announced an agreement to acquire a majority stake in Hesehus A/S (Hesehus), an award-winning Danish e-com platform and solutions provider.

  • QNTM will develop an ecosystem for companies working with digital strategy, marketing, software and technology.
  • ARC (consisting of six digital companies, previously invested in by Altor) will be part of QNTM.
  • QNTM will be led by the former Executive Vice President of SAS and former Managing Director of Hewlett-Packard Norway, Eivind Roald.

QNTM’s investment in Hesehus
Hesehus is a leading Danish e-Com platform and solutions provider founded in 2002, in Odense Denmark. The company’s 2020 revenue is above SEK 100m. Hesehus works with a large number of clients across industries, e.g. Matas; Denmark’s leading e-commerce beauty retailer.

“We are pleased to have QNTM as a new strategic owner in Hesehus. We have looked for a partner that understands our industry, who shares our view on having a bold growth plan and who will support us in achieving it”, says Lars Hedal, CEO and Co-founder of Hesehus.

Why Altor established QNTM:
“By establishing QNTM we have kick-started our work in forming one of Europe’s strongest platforms for digital companies” says Mattias Holmström, Principal at Altor.  “As the owner of QNTM we will back CEO Eivind Roald and his team with capital, global expertise and experience from acquisitions and value creation created within the Altor family over the past 17 years”. 

What is the focus of QNTM:
“QNTM will invest in a unique set of companies working with digital strategy and sales & marketing, through both services and software. We will partner with the founders to support them in creating leading global companies” says Eivind Roald, CEO of the newly established QNTM.

“The companies in the Group will support and develop digital solutions for private and public organizations to improve efficiencies and to increase top line growth” Eivind Roald continues.

“With Altor as our owner, we will have access to capital and expertise to create and develop QNTM to become one of the leading European digital platform and ecosystem with multi-billion SEK in revenues” says Eivind Roald, CEO of QNTM.  

Lars Hedal, CEO, Hesehus: Mobil +45 40 25 50 83. Email
Eivind Roald, CEO, QNTM Group: Mobil +47 965 10 101. Email
Tor Krusell, Head of Communications, Altor: Mobil +46 70 543 87 47. Email

Altor and Curamando to build a digital transformation powerhouse with creative spearheads

Altor Fund V (Altor) has signed an agreement to partner with and invest in a newly formed digital transformation and creatives Group led by Curamando AB (Curamando). The Group will simultaneously be extended by the addition of Kurppa Hosk, Animal and Keybroker.

Curamando has from the start differentiated itself by focusing solely on helping companies transform their operations and grow revenues, in a new digital reality – from strategy to execution. With an organic annual growth rate exceeding 50% in the past three years, Curamando has not had the capacity to build up certain adjacent services requested by their clients. The strategy Curamando has chosen is to join forces with leading companies neighboring their offer to become a one-stop shop for its clients’ digital competitiveness. In 2017, Curamando acquired Conversionista, a leading expert in digital conversion, that since has doubled their revenue. Now, three companies within branding, creative and performance marketing will join the new Group; Kurppa Hosk, Animal and Keybroker. The aggregated revenue for the five companies is currently just south of 400 MSEK.

“We are enthusiastic about the partnership with Altor and I am equally excited to announce a dynamic trio of companies joining our family, making us able to offer the services our clients have requested for their digital growth agenda. The three companies will continue to operate freely and will not disappear, which many times has happened to agencies when they have been acquired by our global peers” says Mattias Olofsson, CEO and founder of Curamando.

“Currently, there is almost a limitless need to support companies in adapting to a new digital reality. At Altor we have seen how ‘digital first’ consultancies outgrow their incumbents by almost 5 times – in Curamando we believe we have found a “McKinsey” of digital growth,” says Stefan Linder, Partner at Altor.

“Next to Kurppa Hosk’s brand and design expertise, our clients will now benefit from a full set of services, including change management, communications and performance marketing. We are excited to have an even larger canvas on which to craft innovative brand experiences,” says Måns Jacobsson Hosk CEO and co-founder of Kurppa Hosk.

“Together we can offer our clients cutting edge services covering all aspects of the digital growth journey. I see an opportunity to offer services that will challenge the norms of our industry,” says Ida Hällkvist, CEO at Keybroker.

”With the complementary service offering, Animal can add a creative boost that will help our clients reach their full market potential. Equally important, with this new multi-faceted group of competences, our employees will have an ocean of career opportunities” says Henrik Palm Johansson, CEO and co-founder of Animal.

“Each of the companies in the Group has been a pioneer in their respective niche, supporting their customers adapting to a new and digital reality. They share a culture and mindset, something that is essential to make a group like this work well together. We really look forward to an amazing journey together with these great entrepreneurs,” says Mattias Holmström, Director at Altor.

All founders will continue working at their respective companies, except Keybroker’s co-founder Fredrik Holmén that will take on a a new role at Curamando with focus on strengthening and developing Curamando’s value offer within MarTech and data activation.

For more information, please contact:
Tor Krusell, Head of Communications at Altor, Tel: +46 70 543 87 47

About Altor
Since inception, the family of Altor funds has raised some EUR 8.3 billion in total commitments. The funds have invested in excess of EUR 4.2 billion in more than 60 companies. The investments have been made in medium sized predominantly Nordic companies with the aim to create value through growth initiatives and operational improvements. Among current and past investments are Meltwater, Rossignol, Helly Hansen, SATS and RevolutionRace. For more information visit and

About Curamando
Curamando is a marketing management consultancy, which supports companies’ online revenue growth by optimizing marketing and sales operations. Curamando was founded in 2012 with the insight that there was a shift underway in the marketing ecosystem, which placed high demands on companies’ ability to change fast. Curamando is built on the belief that management consultants and digital experts working together is what it takes to meet that shift and achieve growth, operational excellence and increased efficiency.

Curamando has 240 employees with offices in Stockholm, Gothenburg and Oslo. In 2017, the company acquired Conversionista, Europe’s leading experts in conversion rate optimisation. For more information visit

About Animal
Animal is a house of creativity who operate in and around product and communication. Founded in 2007, in the digital age, they build products together with the brands that are shaping the future. Inspired by big challenges, they offer full-service solutions fueled by creativity and collaboration. Animal has a team of 45 people covering business areas that range from design, digital, strategy and PR. Some of Animal’s work within Sweden, the Nordics, and Globally include Spotify, Volvo Cars, COOP, Hertz, HP and Carlsberg.

About Kurppa Hosk
Kurppa Hosk is an internationally acclaimed design agency founded in 2009 and with offices in Stockholm and New York. They help world leading brands and organizations to define and design outstanding brand experiences through Business Artistry – the combination of strategic insights and creative magic. Today, Kurppa Hosk’s team is comprised of 45 talented individuals who work with companies across the globe. Clients include Tele2, Estee Lauder, HM, Nike, Pinterest, Sandvik, Scania and SEB.

About Keybroker
Keybroker is a pioneer within digital marketing and was founded in 2006. Through automated processes and digital strategies, Keybroker optimizes and manages all digital marketing channels to drive customers’ growth. The company serves the Nordic market through a team of 24 employees from their office in Stockholm. Clients include Best Western, Obos, Lexington, Dahl and Kronans Apotek among others. For more information visit

About Conversionista
Conversionista is run out of three offices in Sweden & Norway, creating the leading conversion team in the Nordics. By using scientific methods, they have increased the growth of their clients’ business. To date, they have run more than 600 conversion projects. For more information visit