Hg Capital revealed on Monday its purchase of e-conomic, a large-scale European leading SaaS (Software as a Service) accounting unit for small and medium enterprises (SMEs). E-conomic boasts of 100,000 customers for its offered expenses product Debitoor (debitoor.com) and its Freemium invoicing software. Its flagship product has received a total of 60, 000 customers.

The company caters mostly to Danish markets and in eight more European countries including Spain and Germany, UK, and the Nordics. The company mainly allows for its customers to do their accounting flexibly and efficiently online.

The investment is in HgCapital's vision of a sector-focused approach in leading growth in burgeoning European markets in the SME software sector. The SME SaaS sector is said to grow more prominently to date. HgCapital is set bolster e-conomic's management to bank on such opportunity.

Nic Humphries, managing partner at HgCapital had said, "e-conomic is a leader in the fast-growing sector providing cloud-based accounting services to SMEs. We believe it has the potential to be a true champion in this sector globally and will work closely with CEO, Torben Rasmussen, and his colleagues to deliver this potential.   We intend to create a significant number of new jobs at e-conomic, both in Denmark and several other European countries, as the business grows."