Norvestor invests in Cegal

Norvestor invested through its €236m Norvestor V fund and is now the largest Cegal shareholder. CEO Svein Torgersen and the management team will continue to hold approximately 25% of the company.

Norvestor believes Cegal represents a solid platform for further expansion and consolidation of outsourced and centralised IT operations. It stated it was impressed with the operational platform and the strong portfolio of satisfied customers Cegal has built over the years.

Cegal provides centralised IT operations with focus on Application Service Provider (ASP), consulting services, and sales of hardware and software as part of projects and customer relationship. The company provides services to more than 120 customers and operates approximately 550 applications for SMEs across all industries, but with a particular focus on the energy sector.

The company is headquartered in Stavanger, Norway and has approximately 60 employees. It expects to generate sales of NOK93m in 2010, mainly from outsourcing contracts.

The unquote" team is currently researching this transaction. In-depth deal information for subscribers will follow shortly.

If you have any information regarding this transaction, please contact Viktor Lundvall on +44 20 7004 7476 or viktor.lundvall@incisivemedia.com

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