Norwegian investment company Ferd invests in Nordic companies with proven business models where they can add value. We’ve worked with them since 2018 and supported them on multiple projects, so when Ferd were considering the acquisition of Norkart they engaged us again.
Norkart started digitalising maps back in 1961 and the company has transformed since then to become the leading provider of Geographical Information Systems to both private and municipal markets in Norway.
Ferd had been following Norkart for quite a while, attracted by the very strong position Norkart has within the Nordic markets and the low client churn.
“Norkart has a very stable core business which was very attractive to us,” says Gustav Martinsen, investment professional at Ferd, “But also, as with any technology company, the people are a key asset, and we were impressed with the team. In addition, Norkart are now using the data they got access to through working with the municipalities to sell more into the private sector which is a high growth area that we think is going to continue to grow in the future.”
“We've tried a few different vendors when it comes to technical due diligence, and you stand out as a company that delivers a high-quality service. For this project specifically the technical due diligence was the most important work stream. We have a good track record of working with you on projects and so came to you again,” continues Gustav.
“You did an excellent job identifying the key areas to understand with the business. You were very transparent and clear about the issues that we need to address in an ownership period.”
“It’s always easier to report green lights rather than to flag areas that needs to be addressed. But in this case, I think you handled that balance very well. You didn’t just tell us what the issues were, you were also clear about what needed to be addressed and how we could approach that which made us comfortable to go through with the investment.”
Ferd acquired Norkart in March 2021.
“We have set down the road map to address some of these issues that were identified in the due diligence,” concludes Gustav, “In parallel we’re looking to continue to grow in the private market in Norway as well as supporting healthy growth in the municipal sector as well. There’s also quite a lot in this space in terms of M&A opportunities that we want to explore.”
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