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Asolvi set for further UK expansion after landing fresh investment backers
Nordic firm has already acquired three UK firms this year and looks like more will be on the agenda after it has a fresh majority investor on board
This year has already seen Nordic firm Asolvi make serious moves into the UK market with a trio of acquisitions designed to give it a presence in the country.
Now the field service management player finds itself the target of investment interest with Volpi Capital opting to take a majority stake in the firm from Viking Ventures.
So far this year Asolvi has acquired Vantage Computing, Purpose Software and most recently in July PC Data and the indications are that armed with a fresh investor there could well be more deals done here as well as Benelux and Germany.
“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," said Asolvi CEO Pål M. Rødseth.
The ambition is to use the financial muscle that the investment brings to increase the size of the organization and develop a significant pan-European operation.
"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," added Rødseth.
Volpi has signed up to the vision and has indicated that the five deals that the firm has struck since 2016 will not be the last and it is planning to support further expansion plans.
“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,” said Marco Sodi from Volpi Capital.
Partner in Viking Venture and Chairman at Asolvi, Jostein Vik said that it had supported Asolvi through its expansion plans and that would not change given the sale of the majority stake to Volpi: “We will continue to support the company consolidating a fragmented software segment in Europe.”
