Norvestor exits Aptilo Networks to trade

The transaction corresponds to an enterprise value of SEK 150m (€14.3m) on a cash and debt free basis, and will be financed through cash and a bank loan. The company expects to generate sales of SEK 88m (€8.3m) in 2020, down from SEK 90m in 2019.

Norvestor exits Aptilo nine years after acquiring a 90% stake for SEK 104.5m. The GP also financed Aptilo's acquisition of ServiceFactory on a 100% basis with SEK 26m. The transaction was wholly funded with equity from the Norvestor V fund, which raised €236m at final close in 2008.

Enea's acquisition of Aptilo strengthens its data management portfolio, expands its reach with existing and new customers, and creates new business opportunities in the fields of 5G, Internet of Things, and software-as-a-service.

Aptilo will continue to operate under its own brand as a business unit within Enea, and that unit will be headed by CEO Paul Mikkelsen.

Previous funding
Norvestor in 2011 acquired approximately 90% of Aptilo. The purchase price for 100% of the shares was SEK 104.5m. The GP also funded Aptilo's acquisition of ServiceFactory on a 100% basis with SEK 26m. The transaction was wholly funded with equity from the Novestor V fund, which raised €236m at final close in 2008.

Company
Founded in 2001 and based in Stockholm, Aptilo is a provider of policy and access control services for carrier Wi-Fi and Internet of Things. Its flagship product is the Aptilo Service Management Platform. 

The company serves more than 100 operators across 75 countries and has sales offices in Dallas, the US, and Kuala Lumpur, Malaysia. It generated net sales of SEK 90m in 2019 and is expected to generate net revenues of SEK 88m in 2020.

People
Enea – Jan Häglund (president, CEO).
Aptilo Networks – Paul Mikkelsen (CEO).

Advisers
Equity – PwC (corporate finance); Setterwalls (legal).  

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