Summa buys Infobric

The management team is reinvesting for a minority stake in the business alongside Summa.

Summa plans to support Infobric's expansion via organic and inorganic initiatives aimed at both domestic and international expansion. Summa director Gisle Gluck Evensen told Unquote: "In Sweden it's already a very established business and it also has a presence in Norway, although the market there is more fragmented."

The company generated EBITDA of €5m from sales of €15m in 2018 and attracted interest from a range of buyers. "It could be considered either as a tech deal or an industrials deal. We consider it more of a tech deal so were focusing more on the software side of the business, but from what we understand there were industrial buyers looking at it as well as more tech-focused investors," Gluck Evensen said.

Summa held a final close for its debut fund on SEK 4.5bn in February 2017 and the vehicle is understood to be close to fully deployed. The firm is expected to announce a close for its second fund in 2019.

Company
Infobric was founded in 2004 and is headquartered in Jönköping. It develops software and smart electronic devices for the construction industry. It has sales offices in several locations in Sweden, Norway, FInland and the UK and employs 60 people.

People
Summa Equity Partners - Christian Melby (partner); Gisle Gluck Evensen (director); Michael Vollset (investment professional).
Infobric - Dan Friberg (CEO).

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• Topics
• Buyouts
• Technology
• Nordics
• Summa Equity
• Sweden