NetNordic Group has acquired Bolero AB
Bolero is an established Swedish provider of services related to cloud, cyber security, analytics, network and data centre and a number of areas within system development. Through the acquisition, NetNordic will strengthen its capacity to deliver value-added solutions and services in the Nordic system integrator market.
NetNordic, majority owned by Norvestor VII L.P., continues its highly successful acquisitive growth strategy. NetNordic has the ambition to expand its solution and service portfolio, and through the acquisition of Bolero it will add competence and capacity in Sweden. Both companies work primarily with large and medium-sized customers in both the public and private sectors.
“Together with Bolero, we will increase our competence and capacity in the Swedish integrator market. This allows us to add even more value to the services we offer to customers. Bolero focuses on competence and culture, and over time we have found a common foundation that has created a good rationale for joining forces. Our ambition to be the leading Nordic system integrator continues”, says Jarl Øverby, CEO of NetNordic Group.
“Through a thorough process, we have become confident that NetNordic's role as a system integrator will give Bolero's employees and customers extra dimensions in the future. At the same time, we see that we can add value to NetNordic and with this we get a more balanced future development with continued growth. We will continue to focus on our expertise and customer proximity and look forward to becoming a central part of NetNordic. We are impressed with NetNordic's ability to grow, in addition to the way they have integrated the companies they have acquired, at the same time as developing and nurtured a culture with high employee satisfaction”, says Erland Fristedt, CEO and main owner of Bolero.
“This is NetNordic’s 10th acquisition since 2017. With this acquisition, NetNordic continues to strengthen its capabilities and value-added services to its customers”, says Christian Sontum, partner in Norvestor and Chair of NetNordic.
Bolero has 80 employees and a significant number of sub-consultants servicing the company's customer base. The headquarter is located in Stockholm, with offices in Gothenburg and Linkjöping, Sweden. Last financial year revenues were SEK 270 million. Management shareholders in Bolero are reinvesting in NetNordic and will continue to focus on developing the business in Sweden and the Nordics.
For further information:
Christian Sontum, Partner, Norvestor Tel.: +47 991 53 698 christian.sontum@norvestor.com
Jarl Øverby, CEO, NetNordic Group Tel.: +47 982 17 009 jarl.overby@netnordic.com
NetNordic is a Nordic system integrator, specialized in the area of network, security, data centre and business communication. NetNordic deliver customer specialized solutions and services. We always strive to be our customers’ “Best Companion”, we want to help our customers with their digital enablement through design, delivery and management of next generation services and solutions. NetNordic is headquartered in Oslo. NetNordic had approximately 1.8 billion NOK revenue (pro forma) in 2019. After the acquisition, the company has approximately 460 employees, and our solutions are distributed through subsidiaries in Norway, Sweden, Denmark and Finland. Majority shareholder in NetNordic is Norvestor. Read more at www.netnordic.com.
Norvestor is a leading private equity company focusing on lower mid-market buyouts in the Nordic region. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 72 investments with over 250 add-on acquisitions, in addition to executing 51 exits, including 15 IPOs. Norvestor seeks to invest in growth companies in the Nordic mid-market that have the potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries or by geographic expansion. Read more at www.norvestor.com