Deal Briefing: Logistics SaaS Leadership with Surikat – Bridgepoint’s Strategic Acquisition

Introduction

Welcome to this Scalex Deal Briefing.

My name is Ashley, and I represent Scalex Growth Partners, where we specialize in helping Nordic SaaS and tech companies optimize their valuation, scale operations, and attract investors. With over 30 years of experience in corporate finance, private equity, and venture capital across London and the Nordics, I’m passionate about helping SaaS companies unlock their full potential.

This briefing highlights Bridgepoint’s acquisition of a significant stake in Surikat AB, a leading Swedish SaaS provider for the logistics and supply chain sectors. Through these briefings, we aim to spotlight innovative solutions and opportunities that shape the Nordic SaaS landscape.

1. Deal Summary

• Company Name: Surikat AB
• Headquarters: Gothenburg, Sweden
• Industry: Logistics and Supply Chain SaaS
• Transaction Type: Private Equity – Secondary Share Purchase (Assumed)
• Funding Date: December 2024
• Investor: Bridgepoint Growth II - https://www.dhirubhai.net/company/bridgepoint/

2. Company Overview

• Founded: 2002
• CEO: Andreas Karlsson
• Mission: To enhance global supply chain efficiency and safety through cutting-edge SaaS solutions.
• Core Offerings:Terminal Operating System (TOS): Real-time management of port and terminal operations.Transport Management System (TMS): Optimized logistics operations with integrated automation.
• Client Reach: Over 35 countries, including Stena Line, P&O Ferries, and Kuehne+Nagel.

3. Financial Metrics

Commentary on the Rule of 40: Surikat achieved a remarkable Rule of 40 score of 60.4% in 2023, the highest in its history. This peak reflects the company's impressive revenue growth coupled with strong profitability, underscoring its appeal to private equity investors. The Rule of 40 is a critical valuation driver for SaaS companies, with higher scores often commanding premium valuations. This was great preparation for selling a signifcant stake to Bridgepoint.

4. Scalex Estimated Valuation

Using Scalex valuation techniques, Surikat’s estimated enterprise value based on the transaction is:

• Low Range: SEK 512 million
• High Range: SEK 640 million
• Midpoint: SEK 570 million

This valuation range is driven by Surikat’s impressive Rule of 40 performance, robust EBITDA margins (~39%), and a 31% revenue CAGR from 2021 to 2024.

Disclaimer: This estimated valuation is based solely on publicly available data for 2023 and high-level assumptions, including that Surikat remains on a higher growth trajectory. We have no direct contact with the company or access to internal data. As such, the actual deal value could vary significantly depending on additional factors or updated information. Critically their ability to sustain growth which would be based on their scale plan.

5. Market Opportunity

• Primary Market: Nordic region, with global outreach in maritime and land-based logistics.
• Growth Drivers:Increasing adoption of cloud-based logistics solutions.Regulatory pressures pushing for enhanced safety and compliance.Global demand for real-time supply chain transparency and efficiency.

The market for Terminal Operating Systems (TOS) and Transport Management Systems (TMS) is expected to grow at high double-digit rates annually, driven by these factors.

6. Strategic Objectives

Under Bridgepoint’s partnership, Surikat plans to:

1. Expand geographically into North America and other high-value markets.
2. Enhance its TOS and TMS platforms for broader operational efficiency.
3. Target adjacent markets such as intermodal and inland logistics.

7. Leadership Team

• Andreas Karlsson – CEO: Oversees strategic growth and operational scaling. Retains a significant ownership stake post-transaction.
• Ann Dahlman – Partner, Bridgepoint Growth: Leads Bridgepoint’s strategic involvement, leveraging global expertise to reinforce Surikat’s position in the logistics software sector.

8. Competitors

Surikat competes in a dynamic logistics software market. Key competitors include:

• Navis: Leader in terminal operating systems with a strong global footprint.
• CargoWise: Comprehensive logistics solutions provider focused on supply chain automation.
• Unifaun: Nordic-based SaaS for transport management, offering scalability across industries.

9. Scalex Insights

• Valuation Focus: With ~39% EBIT margins and a 31% revenue CAGR, Surikat’s metrics highlight the appeal of scalable and profitable SaaS companies.
• Rule of 40 Impact: Surikat’s 2023 Rule of 40 score of 60.4% signals operational excellence and profitability, key to securing premium valuations.
• Sector Trends: The logistics SaaS sector is set for rapid transformation, driven by increasing digitalization and compliance needs.
• Private Equity Impact: Bridgepoint’s involvement is expected to further accelerate Surikat’s global expansion and product innovation.

What are your next steps as a SaaS founder?

Are you a founder looking to scale up, raise funds, or plan for an exit? At Scalex Growth Partners , we specialize in helping Nordic software companies in the 10M SEK to 50M SEK range achieve their growth ambitions.

Our tailored services include:

• Valuation Services: Gain clarity on your company’s worth and key value drivers.
• M&A Advisory: Expert guidance for fundraising rounds or planning your next big exit.
• LEAN Board Methodology: A specialized framework for software companies to drive strategic focus and effective governance.
• Strategic Scale Planning: Actionable, data-driven strategies to help you scale smarter.

With deep expertise in SaaS and tech, we’re here to support your growth journey. Contact us today to discover how we can help unlock your company’s full potential.

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Thanks for reading!

Best

Ashley