Litorina acquires Digpro

The deal is the first investment from the Litorina V fund, which recently held a first close on SEK 2.5bn.

The GP bought a majority stake in the business, while 30% is retained by founders Bo Lundgren, Svante Mjörne and Per Westberg. In addition, Swedish software investor Zobito also acquired a minority stake.

Litorina had been following Digpro for quite some time prior to the acquisition and considered it a complex business and niche player, Litorina partner Lars Verneholt told unquote".

Digpro currently has its strongest presence in Sweden and has started operating in Norway. Expansion plans will focus on growing organically, primarily in Norway, but also in Finland. The company intends to partner with ABB to support expansion plans across Europe and globally, having established a customer base in Turkey and selected other markets.

Litorina's fund V has a target size of SEK 3bn and could hold a final close in early 2018, Verneholt said.

Company
Founded in 1989 and headquartered in Stockholm, Digpro provides geographic information technology systems for network companies and public administration. Its network information systems for the electricity grid market comprise a 50% market share in Sweden, according to Litorina. The company has around 130 customers in Sweden and employs a staff of 100.

People
Litorina – Lars Verneholt (partner).
Digpro – Bo Lundgren (founder, CEO).

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