Go to deals
TMT

ITverket’s majority share has been acquired by Bertel O. Steen Kapital

The private shareholders of ITverket AS have sold a majority stake in the company to Bertel O. Steen Kapital AS and to well-known business executives, Jo Lunder and Tom Scharning.

ITverket is an IT consulting firm with around 100 employees and offices in central Oslo, Norway. The company offers services in system development and integration, project management, architecture and digital customer experiences. Developing and providing non-standardized mission-critical software and solutions to its clients, ITverket assists some of the largest players in Norway in several industries such as banking, finance, insurance and telecom, among others. In addition to the technical aspects, the IT agency has developed a very strong corporate culture over the years, which attracts solid professional expertise and some of the best minds in the market.

Tom Henrik N. Rogstad, CEO at ITverket, said: “Bertel O. Steen Kapital is the perfect partner for us. They are known for their long-term perspective, and at the same time they will provide the required expertise and capital for us to be able to take the next steps. The team has really seen the value in the good and strong culture we have built at ITverket over the years. We look forward to developing the company together with them.”

Bertel O. Steen Kapital is the investment company of the family-owned Bertel O. Steen Group, with roots dating back to 1901. The group had revenues of approximately US$2 billion in 2019 and 2,550 FTEs. Bertel O. Steen Kapital’s investment strategy is to invest in medium-sized growth companies with great potential.

“Norway is experiencing a comprehensive digitalization of both the private and public sector, where Norwegian IT consultants play a major role. In a strong digitalization market, ITverket has grown steadily in recent years and is one of the most attractive medium-sized players in this sector in Norway. Together with the team at ITverket, we have great ambitions to develop the company further,” said Haakon H. Jensen, Managing Partner at Bertel O. Steen Kapital.

The founders and employees of ITverket have reinvested and will keep 49% ownership share in the new holding company, while the new investors have 51%.

Oaklins’ team in Norway served as the lead advisor to the shareholders and management of ITverket in this transaction.

Service
M&A sell-side
Parties
“Oaklins made an important contribution to the execution of this transaction through their industry knowledge and insight into the investor universe.”

Richard Støen

Co-founder and Chairman, ITverket AS

Talk to the deal team

 Erik  Faureng

Erik Faureng

Partner

Oslo, Norway
Oaklins Norway
 Dan  Petterøe

Dan Petterøe

Partner

Oslo, Norway
Oaklins Norway
 Einar W. Solheim

Einar W. Solheim

Analyst

Oslo, Norway
Oaklins Norway

Related deals

Vabi Holding B.V. has been acquired by Vitec Software Group AB
TMT

Vabi Holding B.V. has been acquired by Vitec Software Group AB

Vabi Holding B.V., the Dutch market leader in building simulation, energy certification and energy advisory software, has been acquired by Vitec Software Group AB. By joining forces, Vabi and Vitec will be able to further expand on the company’s strategy and vision towards the sustainable green building revolution.

Learn more
Syslore Oy has been acquired by private equity-backed Escher Group
TMT

Syslore Oy has been acquired by private equity-backed Escher Group

The shareholders of Syslore Oy have sold the company to Escher Group Holdings plc, a portfolio company of Hanover Investors Management LLP.

Learn more
Ferocia has been acquired by Bendigo and Adelaide Bank (ASX:BEN)
Financial Services | TMT

Ferocia has been acquired by Bendigo and Adelaide Bank (ASX:BEN)

Bendigo and Adelaide Bank (BEN) has entered into a share sale agreement to acquire 100% of the shares of Ferocia Pty Ltd for a consideration of up to US$86.3 million. BEN has partnered with Ferocia for more than nine years to deliver BEN’s e-banking app and internet banking platform and in 2018, the collaboration led to the launch of Up – Australia’s highest rating banking app.

Learn more