Who Owns Fortnox Company?

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Who Owns Fortnox?

Understanding Fortnox's ownership is key to grasping its market strategy and accountability. A significant shift occurred with a public offer from EQT X and Olof Hallrup's First Kraft.

Founded in 2001, Fortnox offers cloud-based business administration software, including accounting and invoicing, serving SMEs. As of July 2025, its market capitalization reached C$7.87 billion, highlighting its substantial market presence and the impact of its Fortnox BCG Matrix.

The foundation of Fortnox was laid in 2001 by Jan Älmeby, a visionary entrepreneur who previously founded and led SPCS. Following SPCS's acquisition by Visma, Älmeby initiated Fortnox with a clear objective: to deliver web-based business administration software. His strategy centered on providing accessible online solutions at competitive prices, leveraging high-volume sales and a streamlined organizational structure.

Founding Vision

Jan Älmeby established Fortnox with a goal to offer affordable, web-based business administration software.

Early Strategy

The initial plan involved sourcing software externally rather than developing it in-house.

Key Team Members

Jens Collskog, former Sales Manager at SPCS, joined Älmeby, and Alexander Winkler was the first developer.

Software Development

Alexander Winkler was instrumental in developing much of the company's initial software applications.

Initial Focus

The early emphasis was on creating a comprehensive software suite tailored for small and medium-sized enterprises (SMEs).

Ownership Details

Specific equity distributions among the founders at the company's inception are not publicly disclosed.

The early days of Fortnox saw the company's strategy evolve, with an initial inclination to outsource software development. However, this approach shifted as Alexander Winkler, the company's fourth employee and its first developer, played a pivotal role in creating the core applications. Winkler eventually sold the ownership of his developed software to Fortnox, becoming a key contributor to the company's technological foundation. This period was crucial for establishing the company's product offering, which aimed to serve the Target Market of Fortnox, focusing on providing accessible and affordable solutions for businesses.

Founders and Early Contributors

The establishment of Fortnox in 2001 was driven by Jan Älmeby, with significant early contributions from Jens Collskog and Alexander Winkler.

• Jan Älmeby, former founder and CEO of SPCS, initiated Fortnox.
• Jens Collskog, previously Sales Manager at SPCS, joined the venture.
• Alexander Winkler, the first developer, was crucial in building initial applications.
• Winkler sold his software ownership to Fortnox, solidifying its tech base.

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The ownership landscape of Fortnox AB underwent a significant transformation in 2025, culminating in a shift towards private ownership. This evolution was driven by a public offer that reshaped its shareholder base and trading status.

Prior to the significant acquisition in 2025, Fortnox AB had a broad shareholder base, reflecting its status as a publicly traded entity. As of the end of 2024, the company reported 54,778 shareholders. Major institutional investors at that time included The Vanguard Group, Inc., BlackRock, Inc., Premier Fund Managers Ltd., and Montanaro Asset Management Ltd. First Kraft AB, notably associated with Olof Hallrup, the Chairman of the Board, held a substantial stake of approximately 18.9% of the outstanding shares and votes as of March 31, 2025. This pre-acquisition structure highlights a mix of institutional and founder-linked ownership.

Fortnox Ownership Evolution

The ownership of Fortnox has transitioned from a public listing to private control. This shift was driven by a strategic acquisition offer.

• Initial listing on NGM Nordic SME in 2007.
• Uplisting to Nasdaq Stockholm's main market in April 2022.
• Public offer by EQT X and First Kraft AB in March 2025.
• Acquisition leading to delisting from Nasdaq Stockholm.
• The company's market capitalization was approximately $5.64 billion with 610 million shares outstanding as of July 2025.

The public offer, announced on March 31, 2025, by a consortium including EQT X and First Kraft AB, acting through Omega II AB, marked a pivotal moment. The offer was SEK 90 per share, adjusted to SEK 89.75 if a dividend of SEK 0.25 per share was approved. By July 3, 2025, Omega II and its closely related parties had secured approximately 89.2% of Fortnox's share capital and votes. This substantial control was further consolidated by July 9, 2025, when Omega II controlled approximately 97.3% of the shares, initiating compulsory redemption proceedings for the remaining shares. This move led to an application for delisting from Nasdaq Stockholm, with the last day of trading anticipated on July 24, 2025. This transition signifies a major change in who controls Fortnox company, moving it under private equity and strategic ownership. Understanding these Brief History of Fortnox details is key to grasping the company's current structure.

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As of April 10, 2025, the Board of Directors for Fortnox included Anna Frick, Cecilia Ardström, Lena Glader, Magnus Gudéhn, Olof Hallrup, and Per Bertland. Olof Hallrup was re-elected as Chairman, and KPMG AB continued its role as the auditor.

A significant shift in Fortnox's governance occurred following the public offer by EQT X and First Kraft AB. An extraordinary general meeting on July 9, 2025, saw the election of a new board, with Harry Klagsbrun appointed as chairman. This meeting was initiated at the request of EQT X and First Kraft AB, who by then held over 90% of Fortnox shares. This concentration of ownership by the consortium fundamentally altered the company's control structure. The standard voting mechanism for Fortnox operates on a one-share-one-vote principle, allowing shareholders to vote by mail. The Nomination Committee for the 2026 Annual General Meeting will be formed by representatives from the three largest shareholders based on voting power as of the last banking day in August 2025. This change reflects a new era for Fortnox ownership and strategic direction, aligning with the Growth Strategy of Fortnox.

Board Composition and Voting Power Dynamics

The composition of the board and the distribution of voting power within Fortnox experienced a substantial transformation. This change was directly influenced by the acquisition activities of EQT X and First Kraft AB.

• New board elected on July 9, 2025, with Harry Klagsbrun as chairman.
• EQT X and First Kraft AB controlled over 90% of shares prior to the July meeting.
• Standard voting structure: one-share-one-vote.
• Postal voting is authorized for shareholders.
• Nomination Committee for 2026 AGM to be based on the three largest shareholders by vote as of August 2025.

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Over the past few years, Fortnox has seen significant shifts in its ownership. A notable event was the public offer in 2025 by a consortium including EQT X and First Kraft AB, which has reshaped its shareholder base.

This acquisition by a major private equity firm aligns with industry trends of increased institutional ownership and market consolidation. The move signifies a substantial transition for Fortnox, moving from its status as a publicly traded entity to one under private control.

Leadership Changes

Tommy Eklund was re-appointed as CEO on July 14, 2025. He previously held the CEO position from 2020 to 2024. Roger Hartelius returned to his role as CFO.

Financial Performance

In Q1 2025, Fortnox reported a growth of 21%. The company achieved an operating margin of 44% during this period.

Annual Recurring Revenue

As of Q3 2024, Fortnox's annual recurring revenue (ARR) from subscriptions reached SEK 1,438 million. This highlights the company's subscription-based revenue model.

Company Vision and Market Context

Fortnox continues to focus on its vision of fostering a prosperous society through thriving businesses. This strategic direction is supported by its financial performance and market positioning, which can be further understood by examining the Competitors Landscape of Fortnox.

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