Advania AB, which is headquartered in Stockholm, announced today that the company will buy Norwegian Visolit from IK Fund VII and other shareholders. The combined company will be among the largest IT service providers in the Nordic region with 2,550 employees and a turnover of over SEK nine billion.
– We are so happy that we can now integrate Advania and Visolit. Together, we take a huge step towards becoming the most attractive IT services company in the Nordic region. The acquisition of Visolit means we will be getting closer to our customers with a stronger geographic presence and a broader and more competitive offering,” Advania CEO Mikael Noaksson says in a press release.
It gets a large percentage in both Norway and Sweden
According to Advania, the funds are managed by Goldman Sachs Asset Management, along with other existing Advania shareholders, are increasing their investment in the company. In addition, the IK Fund IX will enter as a new minority shareholder after the termination of the agreement.
– We are proud of what we have built with Visolit since 1997. We have a leading position in Norway, and a competitor in the Swedish market. Collaborating with Advania, a leading company in Sweden, means we can provide the best IT services in the Visolit platform to each of our customer bases, says Terje Mjøs, CEO of Visolit, in the press release.
Visolit was called Telecomputing until 2019.
The roots go back to 1939
Goldmach Sachs Managed Funds bought a majority stake in Advania in February of this year. The press release states that the history of Advania began in Iceland in 1939, Then a workshop for repairing office equipment It was founded in Reykjavik under the name EJS. The company later became part of the IT company Skýrr, which in 2012 merged with several other companies under the name Advania.
In February, Advania had 27 offices in five countries, Sweden, Iceland, Norway, Denmark and Finland.
The acquisition of Visolit is expected to be completed in the current half of the year. According to Advania, it is subject to evaluation by the relevant competition authorities.
One of the combined company’s goals is to create the most attractive IT service provider in the Nordic region with decentralized environments close to the customer.
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