NCM Client Oxx Invests In Stockholm-Based IT Company Apica

N News

September 26, 2018

NCM client Oxx, the growth capital investment firm focused on B2B software companies, is pleased to announce that it is leading a $12m USD funding round in Stockholm-based Apica, a leading software company providing products to test and monitor the performance of software applications. Existing investors including Nordic VC Industrifonden, the venture capital arm of the leading Nordic bank, SEB Venture Capital and Swedish early-stage investor KTH Chalmers Capital also participated in the round.

 

Mikael Johnsson, Oxx General Partner, said, "Apica is an exciting business with a fantastic team and product offer. The market for performance testing and monitoring software is worth billions of dollars, is well established and going through major disruption. Apica's products, team and structure put it in an excellent position for growth, particularly given its ambitions in the U.S., where we see the biggest potential. This transaction therefore fits perfectly into our sweet spot and is exactly the sort of deal we intended to execute when we founded Oxx."

 

The investment will help Apica expand its market presence in the U.S. and Europe outside of the Nordics. The team has over 30 people in place in the United States - and growing - with 50% of its bookings already coming from this market. This strong traction in the United States, which is the largest and most demanding market, is a fantastic benchmark and one of the drivers of the Oxx investment.

 

Carmen Carey, Apica CEO, said, "We are so pleased that Oxx has recognised our growth potential and invested in us at this stage. To have someone with Mikael's expertise and experience join our team and advise us on the next stage of our growth is invaluable. We're confident not only of achieving our immediate goals thanks to this recent transaction but also exceeding our long-term ambitions."