Mandatum Asset Management Growth Equity II fund invests in HappySignals, a human-centric IT Experience Management company

Press releases 22.4.2024 at 10:00 AM EEST

Mandatum plc, Press release 22 April, 2024, at 10:00 a.m. EEST

The MAM Growth Equity II fund makes its second investment by leading the financing round into HappySignals, a pioneering SaaS company within IT experience management. The investment will be used to accelerate HappySignals’ global expansion by boosting sales, marketing, and product development efforts.


MAM Growth Equity strategy has invested in HappySignals, a Finland-based human-centric IT experience management (ITXM) company. The EUR 12 million financing round includes participation from the company’s current investors Nauta Capital and Vendep Capital. HappySignals marks the second investment for the MAM Growth Equity II fund.


HappySignals, founded in 2014, helps organisations transform their IT and Services functions to become more human-centric by leveraging its employee experience data and AI capabilities. With the help of HappySignals’ innovative tools, customers analyse the IT experiences of millions of employees in 130 countries. The results help the customers understand how their employees are experiencing the IT environment, which enables data-driven improvement of employee happiness and productivity. The strong product-market fit is demonstrated by the company’s growth rate of approximately 40% over the past three years, with key customers being large global companies like PepsiCo, Fujitsu and Reckitt.


The MAM Growth Equity strategy focuses on the scale-up phase of Finnish and Nordic growth companies. It takes part in exceptional growth journeys by being an active owner and by providing expertise, networks and flexible growth capital for companies with a proven business model and ambitious management teams. The team has experience from international SaaS businesses and the ServiceNow ecosystem through its investments in for example Nosto Solutions and Sofigate.

“We are thrilled to have led the funding round in HappySignals, which will enable a further acceleration of their international growth journey. With its human-centric approach, we believe that HappySignals has found a solution to a problem that has not been solved in the market before. Indeed, their blue-chip customers are a true testimony to the quality of their approach and solution. The investment in HappySignals is an excellent addition to our second vintage growth equity fund. We are excited to partner with the founders, management and other owners to accelerate the growth of the company’s already significant international operations”, says Rami Salonen, Investment Manager, Mandatum Asset Management.


Sami Kallio, the CEO and co-founder of HappySignals, highlights the investment’s significance: ”The growth funding will be used for our global expansion in the growing IT Experience Management market. By prioritising employee happiness and productivity, organisations save money and drive increased business value. In IT language, we are talking about moving away from service level agreements (SLAs) and starting to focus on experience level agreements (XLAs). IT should continue to measure the traditional metrics, but the three pillars of IT—People, Process, and Tech—should always be considered in that order. This is where we help IT organisations gather and analyse employee experience data to make better decisions.”


The MAM Growth Equity II fund is the second vintage of MAM’s Growth Equity strategy, which held its first close in December 2022. The fund aims to actively develop its portfolio companies to enable their growth and internationalisation. The MAM Growth Equity team has been part of developing companies such as Haltian, Nosto, Cadmatic and Oddlygood.


Additional information


Alexander Antas
Head of Private Equity, Mandatum Asset Management

Tel. +358 40 533 0986

Niina Riihelä
SVP, Communications, brand and sustainability, Mandatum plc
Tel. +358 40 728 1548

Sami Kallio
CEO and Co-founder, HappySignals Oy
Tel: +358 50 566 3852


Mandatum in brief
Mandatum is a major financial services provider that combines expertise in wealth management and life insurance. Mandatum offers clients a wide array of services covering asset and wealth management, savings and investment, compensation and rewards as well as pension plans and personal risk insurance. Mandatum offers services to corporate, retail, institutional and wealth management clients. 

Mandatum’s subsidiary, Mandatum Asset Management (MAM), is a Nordic asset manager. MAM offers discretionary and consultative asset management for institutional and other professional investors and manages a variety of investment products within its core areas of credit, private equity, real estate and equity selection. MAM’s GE team focuses on the scale-up phase of Nordic growth companies with a proven business model and ambitious management teams.

About HappySignals
HappySignals is the leading SaaS company for IT Experience Management, empowering enterprises to improve employee experiences. HappySignals enables IT leaders to get a real-time understanding of the experiences they deliver to end-users across all IT services. IT leaders use experience data to make informed decisions to improve employee happiness and productivity. HappySignals discovers the experiences of millions of employees in 130 countries. Customers have been able to make employees happier and increase productivity by 26%. Find out more:

This marketing communication is related to Mandatum Asset Management Ltd's ("MAM") MAM Growth Equity II Fund (the “Fund”). This document is prepared by MAM, portfolio manager of the Fund. The Fund is managed by Mandatum AM AIFM Ltd (Bulevardi 56, 00100 Helsinki, P.O Box 1221, 00120 Helsinki, Finland). â€¯The Fund is available only to professional clients.

This marketing communication does not constitute investment advice. Please refer to official fund documents before making any final investment decision.