Miss Group, a fast-growing worldwide web hosting company, has acquired Cloudnet, a Swedish web hosting company.
Cloudnet, headquartered in Stockholm, was founded in 2010 and has since grown to become Sweden’s largest managed hosting firm, specializing in the Linux operating system. Cloudnet now serves over 500 SME clients, the majority of whom are based in Sweden. Cloudnet recorded revenues of SEK25 million for the fiscal year ended December 2021.
The company will join Miss Group’s expanding staff of over 300 individuals, contributing to the company’s worldwide client base of over 700,000 enterprises in the Nordic and DACH regions, Europe, and North America.
Fredrik Bjorklund, who serves the role of Co-Founder and CEO at Miss Group, had the following to say:
Cloudnet has established a fantastic reputation in the Swedish market, not only for its knowledge base and expertise but also for its customer service-led approach to supporting SME customers as their businesses grow. This is an approach that resonates with Miss Group’s own customer service-oriented model and where Cloudnet’s expertise will complement our offering. As part of Miss Group, Cloudnet will have unrivaled access to our international network of technical expertise, as well as a leading range of products and services to offer its customers. We have established a healthy acquisition pipeline for 2022 that will continue to accelerate our international growth, as well as add new products and services to our portfolio that will further strengthen our offer of providing best-in-class web services and support to help SME businesses expand their global reach.
Magnus and Anders, Cloudnet’s co-founders, will both depart the company following the purchase, with day-to-day management passing to Miss Group’s established management team in Sweden.
Magnus and Anders, who serve the roles of Co-Founders at Cloudnet, had the following to say:
This is a great opportunity to strengthen Cloudnet’s offering, both in terms of customer service and the types of products Cloudnet can deliver. We are happy to see how similar both companies’ passion for providing great customer support is, and we’re sure this will further improve the experience for our existing and future customers.
— Real Deals (@RealDealsEU) May 16, 2022
Miss Group’s aggressive development trajectory resulted in proforma revenues of €66 million with a 43 percent EBITDA margin for the fiscal year ended December 2021. The Group expects to reach €100 million in revenue and a 45 percent EBITDA margin over the next 12 months, thanks to strong organic development and prospective acquisitions.
Perwyn, a family-owned private equity firm, bought a controlling stake in Miss Group in February 2020 to support the company’s development aspirations through worldwide expansion and continued M&A. CloudNet brings the overall number of acquisitions made by Perwyn to 10, and Miss Group’s total number of acquisitions completed since 2018 to 19.