Country HQ
Norway
Sector
Tech-Enabled Services
Fund
Norvestor VIII
Investment Date
Pearl’s customers are some of the most recognized and trusted businesses across the Nordics, shaping the way people shop, travel, and connect every day. Norvestor VIII identified Pearl Group as a strong platform to support Nordic companies by accelerating business value through the digital shift in the ERP market. At the time of investment, Pearl was a specialist in SAP ERP and CRM systems, primarily serving retail clients. As businesses moved from on-premises to cloud-based ERP, Norvestor saw a clear opportunity to scale Pearl through market consolidation and technological leadership, leveraging its lifecycle model, PearlCare.
Scaling With Strategy
Following the partnership with Norvestor, Pearl began a buy-and-build strategy to quickly expand its capabilities and reach. Initially a niche player, Pearl has now completed nine acquisitions across the Nordics, broadening its presence and diversifying its client base. These additions created depth in sectors like manufacturing and banking, while expanding service offerings to handle more complex ERP needs. The consolidation transformed Pearl from retail-focused into a full-spectrum digital ERP leader.
Enhancing Through Innovation
Norvestor has helped sharpen Pearl’s technological edge to boost customer value and performance. A dedicated cloud migration team supports clients moving from legacy to cloud ERP systems. Pearl also invested in advanced tools and employee training, building a strong innovation culture. Strategic input from Norvestor’s network has helped benchmark progress. These efforts have positioned Pearl as a trusted leader in complex ERP projects and lifecycle delivery.
Norvestor has been a key factor in the expansion and growth of Pearl, the results simply speak for themselves. Their advice and support, standing shoulder to shoulder with us in critical business situations, is truly invaluable.
Carl Östholm, CEO.
Business Outcomes
Pearl’s collaboration with Norvestor has yielded strong results, with the company expanding through both organic growth and M&A. Pearl is now a go-to partner for maximising business values from complex ERP systems across the Nordics, recognized for its cloud-first approach and customer-centric delivery model.
Learn more about our portfolio companies
Norvestor takes an active ownership approach, with its funds investing in companies where they obtain a significant strategic position. Value creation is driven through board-level engagement and close collaboration with management teams to support long-term growth and strategic development. Case examples presented illustrate how this approach has supported current and former portfolio companies on their growth journeys.