Overview

Founded in 2003 by Mikael Boyum, BoyumIT began as a Danish SAP B1 value-added reseller, evolving into the world’s largest SAP B1 software solution provider through innovation and a partner-first mindset. GRO invested in BoyumIT in 2016 via GRO Fund I, investing alongside founder Mikael Boyum with the thematic focus on Industry 4.0 software, aiming to accelerate international expansion and strengthen the organizational platform in alignment with GRO’s focus on Northern European B2B software investments.

Renewing the Foundation

BoyumIT’s growth journey was anchored in its clear mission to enhance the SAP B1 ecosystem through mission-critical add-ons, enabling SMEs to run lean and efficient operations. Founder Mikael Boyum’s leadership and the company’s "Eliminate, Automate, Delegate" culture ensured continuous product-led innovation while retaining customer and partner proximity. GRO recognized BoyumIT’s strong founder-led culture as a strength and aimed to preserve this while scaling globally, supporting BoyumIT with international scaling, professionalization of the sales organization, and preparation for the transition to cloud while enhancing organizational scalability.

Scaling Globally and Expanding Vertically

With GRO’s backing, BoyumIT expanded its footprint to 112 countries through a partner-led distribution model. The company advanced from offering horizontal usability enhancements (Boyum) to vertical solutions for manufacturing (Beas) and logistics (Produmex), addressing complex industry needs and increasing share of wallet within the SAP B1 ecosystem. The acquisition of Beas at entry and Produmex in 2018 enabled BoyumIT to become the dominant SAP B1 Software Solutions Provider (SSP) globally, with a comprehensive product suite addressing critical SME workflows and reinforcing its leading position within the SAP B1 SSP market globally.

Transitioning to Hybrid Cloud

Anticipating customer needs and SAP ecosystem trends, BoyumIT began transitioning towards SaaS and hybrid cloud with the launch of Boyum Cloud, during the GRO ownership period. This ensured BoyumIT could support customers with modern, scalable ERP enhancements while preserving deep functionality critical to complex SMEs, advancing its strategy to remain relevant in a changing market while maintaining high customer retention.

Outcomes

During GRO’s ownership, BoyumIT more than doubled its revenue while maintaining high profitability, demonstrating strong capital efficiency and operational discipline. The company expanded from being present in approximately 70 countries in 2016 to 112 countries with over 8,750 installations and built a partner ecosystem of more than 650 active partners, enabling scalable, global reach. BoyumIT increased its recurring revenue share to approximately 50% while maintaining EBITDA margins of around 35% and delivering an average revenue CAGR of around 20% throughout the ownership period. This journey was furthermore marked by high partner satisfaction and a scalable business model that solidified BoyumIT’s position as the world’s leading SAP B1 software solution provider.

The Next Chapter

In November 2020, GRO exited its investment in BoyumIT to Volpi Capital, confident in the company’s ability to continue its global growth journey under new ownership. With a strong market position in the SAP B1 ecosystem, readiness for cloud transformation, and a robust organizational platform, BoyumIT remains well-positioned to empower SMEs globally in the next chapter of its growth.

Milestones in the partnership with GRO

• Acquired Swiss manufacturing solution provider Beas (2016) and Belgian logistics software provider Produmex (2018)
• Transitioned from a local VAR to the world’s largest SAP B1 SSP
• Scaled to over 8,750 installations across 112 countries
• Launched Boyum Cloud to drive SaaS and hybrid cloud readiness

More than doubled revenue during GRO’s ownership while maintaining high profitability