September 26, 2021

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Merger of a “green” and “black” IT company – E24

Technology companies Cegal and Sysco are merging and will have total sales of about NOK 1.4 billion. The combined company plans to employ 100 people over the next two years.

Today, Sysco’s Senior Director, Dagfinn Ringås, will lead the new company. Cegal CEO Svein Torgersen will be Cegal’s serving chairman.

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– This merger happens because we want to grow, and because we realize that the energy industry is merging and becoming one, says Dagfinn Ringås. He is the CEO of Sysco, and will also be the first director of the new company.

While Cegal had the oil and gas industry among its customers, Sysco got most of its revenue from hydroelectric power producers and network companies. Cegal is headquartered in Stavanger, and Sysco is in Haugesund.

A lot is happening in the energy industry now, particularly in renewables, and our owners realize that both companies and customers will benefit from the merger, Rengas says.

Both companies provide IT services, whether software, advisory services, or operation/monitoring. There has been a strong demand for such services in recent years, and both companies are enjoying stable revenue and satisfactory cash flow.

a company employees Revenue 2020 (2019) Profit Before Tax 2020 (2019) the financial value
Seagal S 500 690.8 Mill (727.5) 68.1 Mill (48.1) 14 mill.
Sysco AS 250 490 Mill (384) 39 mill (18 ml) 78 mill.

new name

For now, the new company will be called Cegal Sysco, but it will eventually get a new name.

– We need some time for this by name. Both companies today have strong brands. Through the integration project, we will determine the best name.

The parties do not want to say anything about the amount of money involved in the merger. But he is the current principal owner of Seagal Norvistor who will also be the future principal owner, with approximately 80 percent of the shares.

Top Segal will be Sven Torgersen as Chairman of the Board.

Norway owners

We are very pleased that there will still be Norwegian owners, and that all of Sysco’s shareholders will also continue in the new company.

Johan H. Andresen in the Ferd and Credo group is Sysco’s largest owner.

The main office will be in Stavanger, but offices in Haugesund and Oslo will remain.

All employees will continue in both companies, and we expect to hire 100 new employees within two years. “We’re planning to have strong growth,” says Rengas.

Headquartered in Stavanger, the new company employs more than 700 employees of more than 30 nationalities in eight countries, and will turnover around NOK 1.4 billion in 2021.

The current CEO of Cegal AS, Svein Torgersen, will be the operating president of the combined company.

Read on E24 +

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