Embriq AS Completes Carve-out from Rejlers AB and emerges as a Leading Software & IT Managed Services Company in the Nordics (Oslo, Norway, Sep. 1, 2020). Embriq, a leading Nordic software and IT managed services provider for utilities and data intensive industries, has been acquired by funds advised by Magnesium Capital LLP (“Magnesium”).
In the last decade, investments in digital infrastructure in data intensive industries have grown significantly and are only expected to accelerate in the foreseeable future. Within the utilities sector specifically, the increased penetration of renewable energy, electrification and energy efficiency measures enabled by developments in cloud and IoT technology are supporting an accelerated pace of investments in digitalisation. With the public cloud services market growing at double-digit rates and the size of broader IoT market increasing three-fold over the next decade, Embriq is well positioned to capture these macro-tailwinds.
By providing business-critical software through its Quant platform, IT-services, IT-operations and IT-Consulting within IoT and complex networks & applications, Embriq helps its customers optimise their operations and is strategically positioned to accelerate the next steps in digitalisation within data intensive industries and the global Energy Transition.
Thomas Pettersen, Embriq CEO, comments: “Since our beginning in 2011 we have helped Nordic electric utilities and other data driven industries in their digitalisation journeys. The next phase of growth is an extremely exciting time for me and the entire management team. We have a strong foundation: today our services are of critical need by some of the largest and most forward-thinking data-driven Nordic companies, within Energy, FMCG, Logistics and a number of other data-intensive sectors. However, it is important for us to keep innovating, developing new products and services – and establishing new partnerships to keep our customers on the competitive edge. In Magnesium, we have found a partner with a deep understanding of our end-markets and our core technologies, with an established network in Europe, and the financial backing to support our growth trajectory.”
Magnesium’s Partner, Ian Jones, who joins Embriq’ s board, said: “Thomas and his team have developed a great company with an unparalleled track-record of service quality and customer satisfaction, and known for its deep technical competencies. The entire team is committed to helping customers solve highly complex challenges by adopting technology and digitalisation. The company’s relentless focus on service quality and innovation makes it an ideal platform for further expansion. We look forward to working with Thomas and the rest of the Embriq team through this next phase of growth.”
Equity finance was provided by funds managed by Commonfund Capital (“Commonfund”); debt financing was provided by Nordea; with the management retaining a significant ownership position in the company. “We are excited about the opportunity in the smart meter data management space and Embriq’s leadership position towards creating a more energy efficient future. We look forward to partnering with Magnesium Capital and management on the company’s next phase of growth”, says Ethan Levine, Managing Director at Commonfund.
Hannes Snellman acted as legal advisor and KPMG as financial due diligence advisor to Magnesium.
Read the press release from Rejlers here.
Embriq, headquartered in Oslo, Norway with operations across the Nordics, is recognised as a leading industrial IoT technology vendor and provider of mission-critical software and IT services. With over 175 highly capable and dedicated employees, the company serves more than 200 customers in the Nordics providing critical services to society within sectors like Energy, FMCG, Logistics and Manufacturing.
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