ABAX is a SaaS company providing solutions for mobile workers. When we invested in 2012, the company's offering was a digital solution for monitoring and documentation of vehicles’ trips and locations.
ABAX had demonstrated the potential of their technology and their sales methodology when we met the team – the company had a loyal customer base and was generating recurring revenues from 36-month, automatically renewing contracts. The management team saw several opportunities for growth, but they wanted a growth partner that could help them with a a more focused strategy and financial support to act upon the opportunities.
Norvestor worked closely with ABAX during its holding period, focusing the strategy, fortifying its management team, improving its governance structure and enhancing its internal processes. We supported ABAX in implementing a new growth strategy, product and service expansion and in entering new markets. Norvestor also supported ABAX to develop an M&A strategy and to complete seven acquisitions. Under Norvestor’s ownership, ABAX consolidated its position as a leading Nordic player while entering Finland, UK, the Netherlands, Poland and China.
"Norvestor helped us transition to a more KPI driven company, and increased focus on actions needed to become a major European player"Bjørn Erik Helgeland, COO of ABAX
What did we contribute to?
- A revised business plan and prioritised opportunities
- Focused the business around its electronic trip-log offering
- Supported focus on becoming a more customer centric organization
- Supported evaluation and execution of seven add-on acquisitions
- Streamlined its governance structure to become a KPI driven company
How did the business grow with Norvestor as owners?
- Operations increased from two to seven countries
- Services were enhanced to include fleet control, equipment control and mobile workforce scheduling
- ABAX became the fourth-largest European company in the sector
- Installed base grew by 550%