ICON Corporate Finance advises data automation pioneer TimeXtender on major Monterro investment

Tech-focussed investment bank ICON Corporate Finance has acted as corporate development adviser to global software company TimeXtender in its investment from leading Nordic growth equity investor, Monterro.

Monterro has acquired a majority stake of TimeXtender, which provides data integration, advanced analytics, and AI software to businesses internationally, including Komatsu, ATEA, Colliers Internataional, Visma, and Direct Relief. Monterro’s investment delivers expansion capital that will be used to acceler

TimeXtender‘s data estate builder helps companies build their modern data estate 10x faster with a low-code, drag-and-drop solution for data ingestion and preparation. It automatically generates all code and documentation, which reduces build costs by 70%, frees data teams from manual, repetitive tasks, and empowers BI and analytics experts to easily create their own data products.

San Francisco-based Ben Kolada, Head of US Tech Investment Banking at ICON Corporate Finance, who advised on the deal, commented: “This is a first-rate example of how Silicon Valley-style and strategy can be applied to companies far beyond the tech mecca, to set up a successful transaction. TimeXtender is a global company with a simple, yet sophisticated, data management automation platform. Its innovative culture and partner-driven go-to-market strategy are proving a resounding success.The investment marks an exciting new chapter in TimeXtender’s story.”

Monterro’s investment highlights the strong Nordic appetite and the ongoing rise of European private equity firms in AI and DataTech transactions.

Heine Krog Iversen, West Coast-based Founder and CEO of TimeXtender, said: “Monterro is a bunch of super cool people with strong backgrounds in software and partner-driven business models. We share the same vision and ambitions for TimeXtender and are exceedingly enthusiastic about taking the next step on our journey with them.”

Martin Henricson, Managing Director at Monterro and future Chairman of the Board at TimeXtender, added: “We’re impressed by the team at TimeXtender and its innovative solution. What’s even more exciting, is that there’s still a lot of potential to scale and develop the business further. Our background in running and developing software companies for years makes our partnership a perfect fit. We really look forward to supporting them on their growth journey.”

TimeXtender has an extensive global partner network that sells and implements its solution to mid-sized enterprises from various industries such as consumer goods, health providers, banking, and finance, across the globe. As the market for managing data continues to grow, ICON anticipates that appetites for deals in the sector will increase.

With offices in London and San Francisco, ICON’s role in the transaction showcases its expertise in the AI & Data Technologies market: it recently advised on the acquisition of ForePaas by OVHCloud. Within the past year, ICON has advised on the acquisition of data quality provider 360science by Syniti, and flood risk analytics start-up Fathom Global’s strategic investment from Moody’s.