Norvestor acquires Wellit

Norvestor has funded the deal via its Norvestor VII vehicle, which closed on its €510m hard-cap in 2016. The fund typically backs companies valued between NOK 150m-1.5bn and still has some capital available to deploy. Its successor, Norvestor VIII, was registered in October last year.

The GP secured a 60% holding in the business, while the founders and management will own the remainder. Financial details were not disclosed.

Norvestor sourced the deal on a proprietary basis, having identified the opportunity around 14 months ago, Unquote understands.

With Norvestor's backing, Wellit intends to accelerate its international expansion by securing more customers beyond the Norwegian Continental Shelf.

Company
Founded in 2011, Stavanger-based Wellit is a software company providing logistics services for the global oil and gas industry. Its customers include all operators on the Norwegian Continental Shelf, as well as several global operators and service companies.

Wellit claims its software, WELS, enables oil and gas players to eliminate costs and reduce lead times through optimised planning and more effective communication. It is sold on a licence-based, software-as-a-service format.

Wellit has 21 staff and generated revenues of around NOK 60m last year. Its profit margin is roughly 50%, Unquote understands.

People
Norvestor – Tor Erling Gunnerød (partner).

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