Norvestor-backed Xllnc buys Lin Education

The bolt-on comes two months after the GP acquired Xllnc with capital from Norvestor VII.

Xllnc reported sales of SEK 1.3bn for 2018, while Lin Education reported sales of SEK 500m. The combined group expects to generate a turnover of SEK 2.4bn in 2019.

The companies expect a lot of synergies and knowledge exchange from the merger, according to a joint statement.

Company
Lin Education was founded in 2008 and is headquartered in Gothenburg. It provides IT services and equipment to schools. The company has grown from two employees and SEK 5m turnover in its first year to employing 120 people and generating sales of SEK 500m in 2018.

People
Norvestor Equity – Henning Vold (partner).
Xllnc – Martin Backman (CEO).

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