Copenhagen's project management and collaboration platform Squidhub has been acquired by Hive. With the acquisition, Hive is now positioned to better support European customers as well as expand its market footprint. The financial details of the transaction were not disclosed.
Squidhub was founded in 2016 by Asger Stjernholm and Andreas Overbeck and is in use by The Capital Region of Denmark, Deloitte, and Volvo as well as over 100,000 small teams and freelancers. Since its founding, Squidhub has only one record of funding, a seed round in 2016 of $400,000.
Hive reports that more than a quarter of its customers are based in Europe, and the Squidhub acquisition is a logical progression of support. In a release, the company also states, "expand its European user support, customer success, and sales teams locally as their customers’ needs grow," which, could signal that Hive is planning on using Squidhub as a springboard into further European aspirations. But I could be wrong. It's happened before.
“We’re very excited to share that Squidhub is now a part of Hive. Our mission at Hive has always been to help customers move faster and by expanding our local presence in Europe, we will be able to support them better and address their needs even quicker,” said Hive co-founder and CEO John Furneaux.