+49 40 39803 0


+358 9 6227 1890


+44 20 7968 2760


+46 8 545 680 80


+49 69 989 724 750

12 May 2022

MCF acted as an adviser to the owners of Formulate AB on the sale to Retail Logistics Excellence – RELEX Oy

Formulate AB (Formulate), a Swedish software company specialising in enterprise solutions for retail promotions, has been sold to Retail Logistics Excellence - RELEX Oy (Relex).

In this transaction, MCF acted as a corporate adviser to the owners of Formulate, leveraging the team's SaaS expertise and technology network. The transaction adds to MCF's strong track record of delivering lasting value and supporting entrepreneur-led companies in a quickly evolving landscape.

“We are excited for the future with Relex. This transaction combines our expertise in software solutions for complex retail operations and unlocks compelling opportunities which allow the company to continue scaling. MCF's team provided trusted advice, and their SaaS expertise was imperative in helping us find the right partner. We are delighted to have found an adviser who understands our values.”

Andreas Willgert

Co-Founder and CEO of Formulate

The Deal

Formulate, a rapidly growing company in the AI and SaaS space, offers sophisticated analytics tools to retail clients. The proprietary technology enables users to optimise every phase of the campaign process, resulting in increased promotion profits and an improved customer experience.

Formulate’s owners mandated MCF to advise on the sales process and find a partner who shared their vision for the dynamic company. As a result of this successful transaction, Relex and Formulate will now provide a sophisticated platform for end-to-end planning and optimisation of complex retail operations.

The Target

Formulate is a niche Swedish technology company providing AI and SaaS-based software solutions for retail promotions and is currently used by several global multi-billion-dollar retailers. The Stockholm-based company was founded in 2016 and employs a team of c. 23 employees. The company is led by co-founder and CEO Andreas Willgert.

About the Sellers

Formulate’s shareholders are comprised of the company’s founders and a group of investors, including Industrifonden and henQ, and private investors.

About Relex

Relex, the Finnish supply chain automation and optimisation platform, provides end-to-end retail planning solutions to help retailers and brands reduce waste, costs, and manual work. The company was founded by three supply chain scientists in 2005, and today employs more than 1,300 people. Relex recently raised EUR 500m from investors including Blackstone, TCV and Summit at a EUR 5bn valuation.