The software company from Kungsbacka which transformed into a European service provider

In 2014, Ceder Capital invested in eGain Group AB (”eGain”) which at the time had a turnover of SEK 40 million with an EBITDA of SEK 10 million. During Ceder Capital’s partnership both the turnover and earnings were doubled.

The company grew by taking market shares in Sweden and Finland as well as establishing presence in Poland, Germany, Switzerland and Denmark. The German expansion was implemented through an acquisition. eGain has  performed energy optimization in more than 250,000 apartments in 11 countries all around Europe, which has contributed to a significant decrease in CO2 emissions.


eGain's journey started when the entrepreneur and innovator Thorbjörn Geiser discovered how important the deficiencies in the climate control of buildings were. He realized that energy usage in residential buildings was much higher than necessary. The available systems only based their data on the outdoor temperature to regulate the indoor climate. They therefore failed to utilize the building’s own ability to store heat and take into account other parameters that also affect the climate inside of a property. In addition, they could not adjust the heating for future weather conditions.

Thorbjörn Geiser decided to change this and started eGain, with the self-developed software as base for the service delivery. eGain’s services resulted in energy savings of around 10% and was soon positively received on the Swedish and Finnish markets.

Thorbjörn chose the partnership with Ceder Capital in order to increase the resources both financially as well as operationally. He could realise a part of the value in eGain and at the same keep an ownership of 20%. During our partnership we focused on sale and product innovation and developed eGain to an international company with doubled earnings.

Implemented initiatives and changes

The objective was to develop eGain into a European service supplier within the real estate sector, based on its own products. Through hard work together with the management this was implemented with the following main strategical initiatives:

  • Full focus to create recurring income. According to our experience, this business model and philosophy always drives shareholder value and is a keystone in Ceder Capital’s increase in value
  • Product development. New products within measuring of temperature and humidity in order to improve our offer to the property owner
  • Focusing the sale work to customer value as well as increased efficiency in the work of the sellers
  • Internationally eGain expanded in Switzerland, Austria, Denmark, Germany and Poland. In Germany, the business was started by acquisition while in the other countries the expansion was made through recruitment of the right co-workers
  • During our holding period it was agreed that Thorbjörn should retire from the operational responsibilities and after about two years we mutually appointed a new CEO. A successfully disengaging of the original entrepreneur’s operational function may be difficult to realize but it creates an increase of company value and Ceder Capital assist to this process


In 2016 PwC Corporate Finance was engaged to perform a sale process. The interest was high considering eGain’s large growth and recurring revenue, but we chose to sell the majority to Summa Equity as their ESG profile was the right owner to continue the growth of eGain. Ceder Capital and the management chose to remain as minority investors in eGain.


Holm Ovrén




Frederic <br> Thunell