Login to access your exclusive member-only content and account information.


Not a member? Join us

  • Operate to the highest level of professional standards
  • Access authoritative industry research and data
  • Navigate the complex EU regulatory environment
  • Network and engage with industry leaders
Private equity in action - Case Study


Back to results
Country Germany
Region Bayern
Investor BayBG, eCAPITAL, Hermann-Josef Lamberti, United Internet and others

Open-Xchange started out in 2005 with an idea to create a real alternative to Microsoft Exchange, the US giant’s web-based email software application. Thanks to venture capital backing from BayBG, eCAPITAL, Hermann-Josef Lamberti, United Internet and others, Open-Xchange developed a web-based package that goes beyond email to incorporate documents, diary and social media that can be used on smart phones or tablets. Fully utilising the scope of its board mandates, eCAPITAL has regularly acted as a thought leader and moderator in discussions to design product and sales strategy as well as exit road maps. The result is that today Nuremberg-based Open-Xchange reaches 200 million users and has offices across Europe, and in Japan, Australia and the US.

Rafael Laguna



The entrepreneurial approach of eCAPITAL has been evident in our close interaction. The term ‘Smart Money’ is often used but really applies in this case. Quotation Marks Graphic

million users worldwide


staff, up from 50

What did the business need?

  • Support to expand into Asian markets
  • Investment in software development
  • Accelerated international sales growth

How did venture capital backing create lasting value?

  • Helped management design a market-ready product strategy and guided implementation
  • Assisted with acquisitions of other technology companies to fast-track development
  • Expanded management board with highly skilled personnel
  • Improved software quality and reduced customer complaints
  • Gave board-level support in M&A initiatives and negotiations with strategic investor

What outcomes did venture capital investment achieve?

  • Established a market leader in email services
  • Strengthened revenues from existing customers
  • Increased revenues by 45% a year
  • Reduced customer complaints by 40%
  • Reached 200 million users worldwide
  • Acknowledged as fastest-growing IT company in Germany with “Technology Fast 50 Award”

More information




What can I do to manage cookies stored on my computer or phone?

You can accept or refuse cookies. Accepting cookies is usually the best way to make sure you get the best from a website.

Most PCs automatically accept them but you can change your browser settings to restrict, block or delete cookies if you want. Each browser is different, so check the 'Help' menu of your particular browser (or your mobile phone's handset manual) to learn how to change your cookie preferences. Many browsers have universal privacy settings for you to choose from.

Help on how to set and customise your cookie settings for your browser

How to manage cookies in Internet Explorer

Cookie settings in most versions of Internet Explorer can be found by clicking the tools option and then the privacy tab.

How to manage cookies in Firefox

Cookie settings in Firefox are managed in the Options window's Privacy panel. See Options window - Privacy Panel for information on these settings.

How to manage cookies in Chrome

Click on the spanner icon on the toolbar, select settings, click the under the bonnet tab, click on content settings in the privacy section.

How to manage cookies in Opera 

You can manage cookies in Opera if you Click on settings, then Preferences, then Advanced and finally Cookies

How to manage cookies in Safari

Choose Safari, then preferences and then click security. You should then be able to specify if and when Safari should accept cookies.

To manage cookies on your mobile phone please consult your manual or handbook.

Get more help about how cookies work with specific browsers.

What happens if I don't accept cookies?

If you decline cookies, some aspects of Invest Europe site may not work on your computer or mobile phone and you may not be able to access areas you want on the website. For this reason we recommend that you accept cookies.

What happens if I delete my cookies?

If you delete all your cookies you will have to update your preferences with us again and some aspects of our site may not work.

What happens if I change computers or mobile?

If you use a different device, computer profile or browser you will have to tell us your preferences again.

If you'd like to learn more about cookies in general and how to manage them, visit

We can't be responsible for the content of external websites.

Opt-out of cookies


Join today

This is for members only. To view in full login or join Invest Europe today.