Investment will enable Asolvi to expand across Europe and target further acquisitions, firm says.
Asolvi has announced that Volpi Capital, a specialist European mid-market investor, has acquired a majority stake in the company from Viking Venture.
The investment will enable Asolvi to continue its expansion across Europe, with the company already having acquired five companies (Tesseract, WS Software, Purpose Software, Vantage Computing, and PC Data) since 2016. The Group is now poised for further growth outside of its core Nordic market and well capitalised to expand organically and through acquisitions across Benelux, Germany and the UK, the company claims.
Viking Venture, the Nordic investment company that specialises in fast-growing software scale-ups, was Asolvi’s primary investor and the company will remain a significant minority stakeholder.
On the acquisition, Asolvi CEO Pål M. Rødseth said: “We are very excited to have Volpi Capital on board, with their investment enabling us to focus on expansion and further acquisitions, particularly across the UK, Germany, and Benelux regions. The market remains very fragmented with a number of niche players, but thanks to this investment we are in a prime position to bring some much-needed consolidation and become the leading provider of field service management systems for SMEs in Europe.”
Marco Sodi from Volpi Capital, said: “We are delighted to have the opportunity to work with Asolvi as they consolidate their market-leading position across Europe. The business perfectly aligns to our investment thesis of backing businesses harnessing technologies to improve productivity and efficiency within B2B value chains. Having already expanded successfully into multiple geographies, we see great potential to further internationalise Asolvi into Benelux, Germany and the UK, and look forward to supporting management to strengthen the business’ geographic footprint.”
Partner in Viking Venture and Chairman at Asolvi, Jostein Vik comments: “As the leading Nordic software investor, we at Viking Venture have backed Asolvi´s growth through acquisitions in the Nordics and UK. Together with Volpi Capital we will continue to support the company consolidating a fragmented software segment in Europe.”