Mandatum Asset Management Growth Equity II fund invests in Integrata, an HR and payroll technology company

Mandatum Asset Management’s growth investment strategy has invested in Integrata, a Finnish growth company. The investment boosts Integrata’s international growth and the development of its technology solutions. This is the third investment made by the MAM Growth Equity II fund.

The MAM Growth Equity strategy focuses on the scale-up phase of Finnish and Nordic growth companies. It takes part in exceptional growth stories by being an active owner and providing expertise, networks and flexible growth capital for companies with a proven business model and ambitious management teams.

Integrata’s vision is to build an intelligent future at the top of HR and payroll administration. It is an HR and payroll smart house founded in 2008 that integrates humane HR technologies with its customers’ daily work. The company frees customers to focus on their core business with the help of experts, automation and analytics. Integrata has achieved an average profitable revenue growth of more than 25 per cent in 2020–2023. The company’s revenue was EUR 18.4 million in 2023, and Integrata employs approximately 200 people.

“As a modern technology-driven operator leveraging AI and automation in HR and payroll, Integrata is an ideal addition to our portfolio. The company’s growth journey has been impressive – Integrata has been able to take market share from bigger players and achieve strong growth in a market that is only growing slightly. Integrata also boasts excellent customer and personnel satisfaction and has strong Finnish customer references. The challenges in which the company supports its Finnish customers are similar in the other Nordic countries as well. That is why Integrata is now in an ideal place for its next growth leap and expansion into the Nordic and European markets,” says Rami Salonen, Investment Manager at Mandatum Asset Management.

Riku Heinonen, CEO and Founder of Integrata, emphasises the importance of the investment in the company’s growth story: “So far, Integrata has been operating on cash flow financing under the management of its three founders. With our new strategy, we are now ready for our next transition by focusing on future technologies and international growth. Mandatum’s team brought a collective ambition to the table and shares our values, and they have a convincing track record of similar investments. We believe that an investor with a similar corporate culture to ours will help us achieve our strategic goals,” Heinonen says.

MAM Growth Equity II Fund is the second vintage of MAM’s growth investment strategy, which held its first close in December 2022. The fund aims to actively develop its portfolio companies to enable their growth and internationalisation. The Mandatum Growth Equity team has been part of developing companies such as Haltian, Nosto, Cadmatic and Oddlygood. Before Integrata, its most recent investment was in the Finnish company HappySignals.

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Additional information:

Mandatum:

Alexander Antas
Head of Private Equity, Mandatum Asset Management
Tel. +358 40 533 0986
alexander.antas[a]mandatumam.com

Integrata:

Riku Heinonen
CEO, Integrata
Tel. +358 40 593 0609
riku.heinonen(a)integrata.fi