Norvestor divests Aptilo


Norvestor V, L.P. and Norvestor V SBS, L.P. (together “Norvestor”), have signed an agreement to divest Aptilo Holding AB and its subsidiaries (together “Aptilo” or the “Company”) to Enea Software AB (“Enea”). Aptilo is a leading provider of policy and access control solutions for carrier Wi-Fi and Internet of Things (“IoT”).

Norvestor invested in Aptilo in 2011. During Norvestor’s ownership Aptilo established itself as a preferred provider of Wi-Fi infrastructure solutions for tier-one mobile operators in more than 75 countries. Aptilo has also expanded its offering by extending the scope of its carrier-class platform to IoT connectivity and security management, over both cellular and Wi-Fi technologies.

“The management team, together with Aptilo’s dedicated employees, has proven their ability to innovate and deliver mission critical software to operators globally. We believe Aptilo and Enea represent an excellent strategic combination with Aptilo’s products as great additions to Enea’s core network offerings. The combination creates a unique offering in the 5G and Wi-Fi 6 market”, says Christian Sontum, Partner in Norvestor Advisory and outgoing Board Member of Aptilo.

“We have had a great co-operation with Norvestor. They have been a committed and trusted partner for management, and an excellent sparring partner in defining and supporting the execution of our strategy. With that said, we are also excited to join forces with Enea and I am looking forward to continuing to grow our service offering portfolio with our combined capabilities”, says Paul Mikkelsen, CEO of Aptilo. I’m pleased to announce this acquisition, which complements Enea in an excellent way” says Jan Häglund, President and CEO of Enea. “Aptilo is a leader in Wi-Fi and IoT connectivity management. The acquisition strengthens our data management portfolio, expands our reach with existing and new customers, and creates interesting business opportunities in the fields of 5G, Internet of Things, and SaaS (Software as a Service).” The selling shareholders in Aptilo were advised by Törngren Magnell & Partners Advokatfirma. The transaction was signed and closed 1 October 2020.


For further information:

Christian Sontum, Partner Norvestor Advisory AS
Telephone: +47 99 15 36 98
Paul Mikkelsen, CEO Aptilo
Telephone: +46 8 50898911
Aptilo provides a carrier-class system for management of data services, and with advanced functions for policy and access control to more than 100 operators in 75 countries. Aptilo’s SMP is used in large-scale deployments of carrier Wi-Fi, while Aptilo SMP IoT is a solution for connectivity and security management over both cellular and Wi-Fi technologies. Read more at

Norvestor is a leading private equity firm focusing on mid-market buyouts in the Nordic region with offices in Oslo, Stockholm, Helsinki, and Luxembourg. The team has worked together since 1991 making it one of the most experienced private equity teams in the Nordics, having executed 73 investments with more than 270 follow-on M&A transactions, in addition to executing 51 exits including 15 IPOs. The Norvestor funds seek to invest in growth companies in the Nordic mid-market that have potential to achieve a leading Nordic or international position, typically through organic growth, acquisitions across fragmented industries and by geographic expansion. Read more at Enea is one of the world’s leading suppliers of innovative software for telecommunication and cybersecurity. Focus areas are cloud-native, 5G-ready products for data management, mobile video traffic optimization, edge virtualization, and traffic intelligence. More than 3 billion people rely on Enea technologies in their daily lives. Enea is headquartered in Stockholm, Sweden, and is listed on Nasdaq Stockholm. Read more at