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Volpi Capital completes management buyout of Asolvi

Posted on 5th September 2019

London, 5 September 2019: Volpi Capital (“Volpi”), a specialist European lower mid-market private equity firm, today announces its sixth deal with the management buyout of Asolvi, a European leader in field service management solutions, from Viking Venture.

Asolvi provides service management software for small and medium-sized enterprises (SMEs) in a range of field service industries including printing and copying; alarm, fire and security; and vending machines. Founded in Norway, the company has grown to reach over 1,500 customers and established itself as the go-to provider of field service management software for SMEs in Europe. It currently employs over 100 staff across Europe.

A recent report from 360 ResearchReports predicts that the global field service management market is expected to reach $5.39 billion by 2023.

The deal will see Volpi acquire a majority stake in Asolvi and support the management team to continue expansion across Europe. With the company already having acquired five companies (Tesseract, WS Software, Purpose Software, Vantage Computing, and PC Data) since 2016, the Group is now poised for further growth outside of its core Nordic market and well capitalized to expand organically and through acquisitions across Benelux, Germany and the UK.

Viking Venture, the Nordic investment company that specialises in fast-growing software scale-ups, was Asolvi’s primary investor, helping to scale it into one of the leading field service management solutions companies. As a sign of Viking Venture’s continued belief in Asolvi, the firm will remain a significant minority stakeholder.

Commenting on the transaction, Marco Sodi from Volpi Capital, said: “We are delighted to have the opportunity to work with Asolvi as they consolidate their market leading position across Europe. The business perfectly aligns to our investment thesis of backing businesses harnessing technologies to improve productivity and efficiency within B2B value chains. Having already expanded successfully into multiple geographies, we see great potential to further internationalise Asolvi into Benelux, Germany and the UK, and look forward to supporting management to strengthen the business’ geographic footprint. Viking represents a great partner for Volpi and we very much look forward to working with them.”

Pål M. Rødseth, CEO of Asolvi, added: “We are very excited to have Volpi Capital on board, with their investment enabling us to focus on expansion and further acquisitions, particularly across the UK, Germany, and Benelux regions. The market remains very fragmented with a number of niche players, but thanks to this investment we are in a prime position to bring some much-needed consolidation and become the leading provider of field service management systems for SMEs in Europe.”

About Volpi Capital

Volpi Capital is a specialist European lower mid-market private equity firm. Volpi has a thesis-driven approach targeting ambitious businesses using enabling technologies to disrupt traditional B2B value chains. Volpi typically invests €25-75 million of equity in businesses with enterprise values between €50 million and €200 million and seeks to drive transformative growth through international expansion and consolidation. The firm, which was founded in 2016 by Crevan O’Grady and Marco Sodi, closed its first fund (Volpi Capital Fund I) in April 2018 with commitments of €185 million.

http://www.volpicapital.com

About Asolvi

Asolvi is a leading provider of service management software for small and medium-sized enterprises (SMEs) in the field service industry in Europe, employing more than 100 staff in ten offices across Europe. The company was founded in 1991 as Evatic AS in Trondheim, Norway, and has grown organically and through recent acquisitions to reach 1,500+ customers in 30+ countries. It is headquartered in Trondheim, Norway, and is a private company owned by the founders, management, Volpi Capital and Viking Venture. More information about Asolvi’s services is available from https://asolvi.com.

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