Credo Partners invests in SYSCO

Credo Partners
Oslo/Haugesund, Monday July 4th, 2016
The Norwegian investment company Credo Partners acquires 60% of the shares in SYSCO. The founders and key employees will keep the remaining 40% of the shares.
SYSCO is a leading supplier of IT services and software to the energy utility sector.
SYSCO has established itself as a leading specialist within IT-solutions for energy utility companies– a customer segment facing significant investments, regulatory change and technological development that will drive the need for
support and upgrade of IT systems. SYSCO has a particular competitive edge
within Oracle technology, which is the technological foundation for a large part of the IT systems in the energy utility sector.
The company already has 70 of 130 power distribution companies as its customers, giving it a strong
platform for further growth. SYSCO was founded in 2004, and had revenues of NOK 162
million and EBITDA of NOK 25 million in 2015.
SYSCO is a highly attractive platform for further growth, within a well -defined niche for IT services and software for the Nordic energy utility sector, says Managing Partner in Credo Partners, Gudmund Killi- We been looking for a partner who can strengthen SYSCO for further growth, and Credo represents the experience and competence we truly
believe will increase our ability to execute on our ambitious goals, says Frank Vikingstad, CEO of SYSCO.
No change for employees
The new ownership in SYSCO will not have any immediate implications for the company’s employees, suppliers or customers. Today’s highly competent management will continue leading the company, and the board of directors will be strengthened by new members from Credo as well as by external industry experts.
About the transaction
Credo Invest Nr 10 AS will own ca. 60% of the shares in SYSCO.
The transaction will be closed by the end of July.
The parties have agreed not to disclose the purchase price for the shares.
About Credo Partners
Credo Partners is a Norwegian investment company, which since 2003 has developed
companies through demanding situations.
Credo is today established as a leading player in Norway for value creation in small and medium sized enterprises.
Credo Partners’ other investments include Labflex, OptimarStette, Made for Movement, Variér, LOG and Kymar,
and former investments include Stokke and ForaForm.

Categories: News


Adelis creates Danish market leader in IT outsourcing by merging IT Relation, Front-data and DSI-NEXT

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Adelis Equity Partners (“Adelis”) has acquired majority stakes in IT Relation, Front-data and DSI-NEXT. The companies’ management teams continue as minority shareholders in the new setup.

The combined businesses will be the largest provider of IT outsourcing services to small businesses in Denmark with around DKK 300 million in revenues, 200 employees and offices in Herning, Århus, Odense and Copenhagen.

”With the combination of IT Relation, Front-data and DSI-NEXT, we have made four investments and three add-on acquisitions in Denmark since establishing Adelis less than three years ago. We are impressed by the three companies’ niche focus on small businesses, their consistent growth, and their strong cultures that make them leaders in this industry,” said Steffen Thomsen of Adelis.

“This acquisition creates a strong platform for growth. We have experience with similar companies where we have focused on finding the best platform in terms of a scalable business model combined with a strong company culture and a skilled management team,” Joel Russ of Adelis added.

The three businesses will continue activities under their own brands as part of the IT Relation Front-data Group and have access to capital and knowledge that will make it possible to accelerate their positive business development.

“We are pleased and proud to be able to work with Adelis given their significant experience building strong businesses through consolidation. Furthermore, they can contribute with their insights from previous technology investments, including within hosting. We are looking forward to the cooperation,” said Henrik Kastbjerg, CEO of IT Relation.

”I am delighted that we have created a strong foundation to deliver top-class service to our customers and to attract and retain the best employees,” said Jens Søgaard, founder of Front-data.

In connection with the transaction, Henrik Kastbjerg will become Group CEO of IT Relation Front-data. Jens Søgaard will become a member of the board, which will be chaired by former CEO of KMD, Lars Monrad-Gylling.

Nykredit has provided debt financing for the transaction. Clearwater International advised IT Relation on the transaction.

Further details concerning the transaction will not be published.

For further information:

Steffen Thomsen, Adelis Equity Partners, +45 40 28 34 09,

Joel Russ, Adelis Equity Partners, +46 73 543 90 68,

Henrik Kastbjerg, IT Relation, +45 20 69 67 00,

Jens Søgaard, Front-data and DSI-NEXT, +45 27 63 85 00,

 About IT Relation

IT Relation was founded in 2003 and within a short period, the company has become one of the leading suppliers of it outsourcing services in Denmark. IT Relation currently has 115 employees, with offices in Herning and outside Copenhagen. For more information, please visit .

About Front-data and DSI-NEXT

Front-data and DSI-NEXT have been part of JS Holding where the two companies have built up leading positions within each of their markets, Front-data within IT Outsourcing/Hosting and DSI-NEXT within Sharepoint, .net development and business intelligence solutions. In combination, Front-data and DSI-NEXT have 95 employees and offices in Århus, Odense and Copenhagen. Please visit and .

About Adelis Equity Partners

Adelis is an active investor and partner in creating value at small and medium sized Nordic companies. Adelis was founded in 2012 with the goal of building the leading lower middle market investment firm in the Nordics. Adelis’ team members have extensive Private Equity experience, have invested in over 50 companies and have been members of the board in more than 50 middle market companies. Our current fund size is approximately €400 million. For more information please visit

Categories: News


New Portfolio Company: Unacast AS


Investinor invests in Norwegian tech startup Unacast AS.

Unacast offers the world’s largest network of beacon and proximity data, connecting the physical world to the digital for online retargeting and attribution.

“Like Google indexed the web, Unacast is indexing the physical world”, says Thomas Walle, co-founder and CEO of Unacast.

Unacast will use the newly raised funds to maintain its #1 position, as the maturing proximity industry grows to 400 million sensors in the next years

The number of beacons deployed world wide is forecasted to grow to 400 million beacons in 2020. Unacast already covers 1.4m (30%) of the world’s beacons— making Unacast the largest aggregator in the growing proximity ecosystem.

Unacast connects these data sets to global ad platforms through partnerships with marquee players such as Oracle, MediaMath, Opera, Lotame and Adform to enable digital ad retargeting based on accurate and deterministic physical behavior.

“We are impressed by how fast Unacast has established itself as the dominant integrator in the fast-growing proximity marketing space, connecting operators of physical beacon networks worldwide with the large global advertising platforms and exchanges. Unacast has more than 1.4 million (or 30%) of the world’s beacons in its network, and can offer advertisers a proximity marketing data set that is unprecedented both in scale and depth, says Investment Director Jon Øyvind Eriksen at Investinor”.

Unacast has raised $5 million in a Series A financing round, with Open Ocean Capital, a leading European VC firm for software and data investments, leading the round. Investinor co-lead the round.

In addition to Open Ocean Capital and Investinor, investors in the Series A round include NYC adtech veterans Jonah Goodhart of Right Media (sold to Yahoo) and Michael Barrett, former CEO of Millennial Media, which he took public.

“The Unacast team has a tremendous vision for merchandizing proximity data and serving the data-driven ad industry,” says Michael Barrett, Unacast investor, and previous CEO of Millennial Media.

Thomas Walle continues: “Our goal is to connect all sensors in the world to one platform, and it was important for us to work with investors with industry knowledge and substantial lifting power. This new round enables us to radically accelerate our growth worldwide and scale Unacast’s platform to power the demand from the major global marketing platforms.”

With 1.4 million beacons and over 50 partners, Unacast is the world’s largest network of beacon and proximity companies, connecting the physical world to the digital world. Through the Unacast PROX network, Unacast enables a scalable global solution for retailers and brands to use beacon and proximity data for online retargeting and attribution.

Thomas Walle and co-founder Kjartan Slette, were part of  the founding team behind TIDAL, the music streaming company sold to Jay Z.

Unacast is the the backend of proximity that aggregates and provides a unified platform for the proximity and advertising industry, solving the fragmentation problem to the benefit of both the supply and demand side. Unacast is the first company to enable a scalable way for retailers and brands to retarget customers online based on accurate behavior in the physical space.

Learn more at


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