Adelis acquires majority stake in Red Ocean Technology

Eliza Punshi
24 August 2020

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Swedish private equity firm Adelis has acquired a majority stake in Norwegian IT company Red Ocean Technology, which has now been renamed Kanari.

According to the Norwegian business daily Finansavisen, the GP has acquired two thirds of the business. The report also cited the company's CEO as saying the PE firm was a suitable owner due to its focus on the IT sector and the Nordic region.

The company expects to surpass NOK 170m (€16m) in turnover this year, according to the Norwegian publication.

Adelis has recently been deploying equity from Adelis Equity Partners II, which closed on €600m in 2017. The vehicle invests in small and medium-sized Nordic businesses with enterprise values in the €20-200m range.

Company
Founded in 2009 and formerly known as Red Ocean Technology, Kanari is a Norwegian IT firm that analyses performance of large data systems for around 400 companies across multiple industries.

The company helps its customers derive insights from their IT applications' performance and optimise their applications. The company had a turnover of NOK 130m last year and has 14 staff, according to its LinkedIn profile.

People
Kanari – Philip Duns (CEO); Michael Breen (chief operations officer).
Adelis Private Equity – Joel Russ (partner); Lene Stern (investment director).