ITR Group acquires Progressive and strengthens market position within outsourcing and cloud services
04/05/2021
Progressive continues the positive development under its own name as part of the ITR Group with a very strong market position within outsourcing and cloud services to private and public customers.
Progressive was founded in 2000 and is today a leading Danish provider of IT outsourcing, consultancy services as well as hardware and software with almost 100 employees at offices in Aarhus and Herlev. The company provides services under several SKI (public sector) procurement contracts and has a stable and versatile customer base with more than 250 customers as well as a strong market position among public customers and municipalities. After the founders’ acquisition of Progressive in 2018, the company has completed a successful turnaround and generated growth of around 50% over the last 12 months, meaning that Progressive is expected to report revenue of DKK 139 million and an operating profit (EBITDA) of DKK 32 million in the financial year ended on 30 April 2021. The strong growth in recent years has been driven in particular by Progressive’s targeted efforts and ability to win complex sales and tender processes.
”We are strengthening our position within outsourcing to public and private customers by welcoming Progressive in the ITR Group, and we look forward to continuing the progress together and becoming even stronger in sales and tender processes based on Progressive’s great experience and big muscles within this area of expertise. Progressive’s skilled management and employees have generated strong results by delivering razor-sharp customer service and maintaining a lean and efficient organization, and we will invest in acceleration of the good development in the coming period,” says Henrik Kastbjerg, CEO of ITR Group.
After the acquisition of Progressive, ITR Group has 850 employees at 14 locations in Denmark, Sweden and the Philippines with activities in the companies, IT Relation, Mentor IT, Sotea, Improsec, Miracle42, Emineo, Copenhagen Software and Progressive. The Group has a leading market position in Denmark with the four business areas Cloud Services, Digital Solutions, Professional Services and Cyber Security Services.
“Progressive is growing and developing at a rapid pace these years, and we look forward to further developing the business in close cooperation with ITR Group, which will provide access to strong competencies, top-tuned systems and process as well as economies of scale that will benefit our customers. We have seen a lot of interest in Progressive and chose to become part of ITR Group because this gives us the muscles to really develop the business, and as we share values and the same high level of ambition,” says Troels Gammelgaard, co-owner and chairman of the board of Progressive.
“We are pleased with this agreement because we will be able to offer our customers even better service in both Progressive and ITR Group. We have reached a new level over the last couple of years, and we now have the opportunity to turbo-charge our business development and strengthen the width and depth of our offering to customers, allowing us to really go head-to-head with the largest players in Denmark. At the same time, we are providing our employees with better career opportunities in a large and powerful group with a sharp focus on customer service and a culture that fits perfectly with us in Progressive,” says Jesper Larsen, co-owner and CEO, Progressive.
The acquisition entails no changes for customers and employees in Progressive, and the company’s current owners will invest in ITR Group. The parties have agreed not to disclose the purchase price.
ITR Group
CEO Henrik Kastbjerg, tel. + 45 2069 6700
Progressive
Co-owner and chairman Troels Gammelgaard, tel. + 45 5385 3148
Co-owner and CEO Jesper Larsen, tel. + 45 2544 6378
About Progressive:
Progressive was founded in 2000 and is today a leading Danish provider of IT outsourcing, consultancy services as well as hardware and software with almost 100 employees at offices in Aarhus and Herlev. The company provides services under several SKI (public sector) procurement contracts and has a stable and versatile customer base with more than 250 customers as well as a strong market position among public customers and municipalities. Progressive provides customers with optimum IT infrastructure within operations, security and integration. The company’s employees complete more than 75,000 support calls annually, ensure operations of more than 3,000 servers and serve more than 7,500 cloud users.
About ITR Group:
ITR Group is the leading Danish provider of IT outsourcing services to the private and public sector. ITR Group is today represented in 14 locations in Denmark, Sweden and the Philippines. The Group has as leading market position in Denmark and four business areas; Cloud Services, Digital Solutions, Professional Services and Cyber Security Services. ITR Group currently has around 850 employees with activities in the companies IT Relation, Mentor IT, Sotea, Improsec, Miracle42, Emineo, Copenhagen Software and Progressive.
