EQT-backed Iver acquires City Network

No financial terms were disclosed.

Iver was formed in 2018 through the merger of Candidator and DGC IT Services – both portfolio companies of EQT Mid Market Europe fund, which closed in May 2017 on its €1.6bn hard-cap.

The merged company has so far completed six add-ons, including Solid Park, Exeo, Ismotec, IT Gården and Britt. It has a turnover of SEK 2.3bn ($254m) and 1,200 employees working from 25 offices across Sweden and Norway.

With both Iver and City Network already having a presence in Europe, North America and Asia, Iver is now aiming to develop more services. 

City Network will for now continue to exist as an independent brand managed by CEO Johan Christenson within Iver. 

Company
Founded in 2002 and headquartered in Karlskrona, City Network is a provider of IT infrastructure cloud services based on OpenStack. Its services include Compliant Cloud, IT infrastructure services for sectors subject to regulatory compliance requirements, and City Cloud, the company's public cloud service. The company has 13 locations worldwide and employs 50 staff.  

People
Iver – Carl-Magnus Månsson (CEO).
City Network – Johan Christenson (CEO).

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