Norvestor invest in Xllnc
Norvestor VII, L.P. (“Norvestor”), a fund managed by Norvestor Equity AS, has acquired Xllnc Nordic AB, including its wholly owned subsidiaries, (collectively “Xllnc” or the “Company”).
Xllnc is a leading supplier of IT lifecycle management solutions for large corporations in the Nordics. The Company’s core solution is its “device-as-a-service” offering, helping organisations evaluate their IT needs, plans, procurement and finance in addition to configuring IT equipment. Additional services include monitoring and managing corporate IT assets such as PCs, tablets and mobile phones throughout their lifecycle, including support and logistics. Xllnc is well positioned for the growing device-as-a-service market and is in the forefront to continue to improve customer experience.
“Xllnc consider the investment from Norvestor as an important part of our strategic plan to grow and continue the development becoming the leading IT-asset provider in the Nordics. Choosing Norvestor as partner became natural as we share their ambitions and perspective of the IT market in the Nordics, as well as they represent one of the most well-reputed and strong PE firms in the Nordic area. We are looking forward as management team to co-operate with Norvestor bringing Xllnc further on the successful path”, says Martin Backman, CEO of Xllnc.
“Norvestor has followed the evolution of “as-a -service” models in the IT space for many years. Xllnc has built an outstanding service oriented culture and a strong management team that we are excited to team up with to continue to develop the Company“, says Henning Vold, Partner at Norvestor Equity.
Following the acquisition, Norvestor will become the majority shareholder in Xllnc with approximately 55% of the shares; the management and employees will hold the remaining shares. Xllnc is headquarted in Växjö, Sweden, with c. 200 employees. The Company had revenues of c. SEK 1,300 million in 2018.