Questionmark’s annual revenue growth increased from 5% at the point of investment to approaching 30% at exit, and EBITDA margins improved from breakeven to 27%. We exited Questionmark in 2021 to a strategic acquirer, generating a 3.5x return.
At the point of our investment, Questionmark’s assessment functionality was highly sophisticated, but the business had flatlined. We invested growth capital in 2016, becoming a minority shareholder, to facilitate product improvements, founder transition, and go-to-market expansion.
We supported Questionmark over the course of our investment period by:
Introducing a new CEO - Lars Pedersen – as part of a transition process. Lars is an experienced SaaS CEO and had worked with FPE at a prior successful investment, Creditcall.
Signing off significant investment in product UI/UX and SaaS deployment, and a corresponding business plan, to migrate legacy on-premise customers to the company’s SaaS offering.
Investing behind a strong partnership with SAP that drove revenue growth throughout the investment.
Focusing on the implementation of process and best-in-class systems, including ERP, CRM and marketing automation platforms.
Supporting a highly successful move from a legacy offline marketing approach to a digital marketing focus, with a consistent 100% YoY improvement in online lead generation.
Lars Pedersen (CEO) With the active support of FPE since its investment in 2016, Questionmark has been transformed into a leading global player in the assessment technology market.
