Fortnox International AB announced a private placement of 12,410,324 common shares at SEK 0.40 per share for gross proceeds of SEK 4,964,129.60 on April 20, 2011. The company has received approval from board and shareholders' approval in annual general meeting. The shares will represent 14% stake in the company. The transaction will see participation from a Swedish investor. On February 20, 2012, Fortnox International AB closed the transaction.