Acquisition of Northstar portfolio company, Clixifix, by important Scandinavian market player

Acquisition of Northstar portfolio company, Clixifix, by important Scandinavian market player

Deborah Nixon Carr

May 24 2024

Clixifix embarks on new chapter with acquisition by SmartCraft

Sunderland based Northstar portfolio company Clixifix has been acquired by Smartcraft ASA, a leading European provider of SaaS based solutions for the construction industry.

Clixifix is a market leading operator in the construction aftercare process and offers a scalable end-to-end solution for managing defects, complaints and repairs for construction companies and property owners. The business has over 20,000 users, across 250 corporate customers and has grown rapidly, with revenues of £2.45m in 2023.

Northstar initially invested in the business in 2016 from the North East Accelerator Fund and followed on with further investment from the North East Innovation Fund, supported by the European Regional Development Fund, in 2020 to support Clixifix’s expansion. Northstar has worked closely with the Clixifix management team during this period.

The acquisition marks the first step for Smartcraft outside of its core Nordic market and Clixifix will act as a catalyst for their continued growth in the UK and Europe. It will also enable Clixifix to further develop their products and provide more leading-edge, scalable solutions to clients.

The transaction evidences the opportunities available for investors in the vibrant early-stage North East technology market, which boasts a wealth of high-potential businesses with highly skilled staff.

James Farrell, CEO of Clixifix, said “We are extremely grateful for the investment and support we received from the team at Northstar Ventures. Their investments at an early stage in the business were crucial in enabling us to scale our services and platform capabilities. Northstar were also a constant source of practical advice and fantastic introductions to people in their network.

We are really looking forward to becoming part of SmartCraft. With its strong track record of building great software companies and a broad portfolio of best-of-breed SaaS solutions for the construction industry, we truly think it’s a great home for Clixifix”

Tom O’Neill, Investment Manager at Northstar Ventures, said “We are delighted with Smartcraft’s acquisition of Clixifix, which represents a great opportunity for the business to continue to build on its market leading offering and integrate with a leading European operator in Smartcraft. It has been 8 years since we initially invested in Clixifix and the business has scaled significantly since then and continued to develop its impressive product offering. Congratulations to all involved.”

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