Abry-backed Basefarm buys The Unbelievable Machine

As part of the deal, UM will continue to work under its brand and its management team will retain its position, while UM managing director Ravin Mehta will join Basefarm's executive management team and retain a minority holding in the business, according to a statement.

Following the deal, Basefarm aims to extend its current presence in the Norwegian and Dutch markets towards Germany and Austria and concurrently expects to generate €100m in revenues in 2017.

Previous funding
Norwegian private equity firm Reiten & Co acquired Basefarm via its Reiten & Co Capital Partners VII fund from parent company Schibsted in 2009, in a deal valuing the business at NOK 255m. The transaction saw Reiten take a 72% stake in the business.

In December 2012, Abry acquired a controlling stake in the business. The deal was the first transaction in Europe for the US-based fund manager.

Company
Founded in 2008, UM manages big data and cloud services. The business employs 120 people, is headquartered in Berlin and also has a presence in Vienna.

The company expects to generate a €25m turnover in 2017, said a source familiar with the situation.

People
The Unbelivable Machine Company – Ravin Mehta (managing director).
Basefarm – Fredrik Ohlsén (CEO).

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