London-based Volpi Capital Acquires Majority Stake In Asolvi

Thursday, 05 September 2019

The investment will enable Asolvi, a European leader in field service management solutions, to expand across Europe and target further acquisitions.

TRONDHEIM & LONDON – 10AM BST//11AM CEST, THURSDAY 5TH SEPTEMBER – Asolvi (asolvi.com), a European leader in field service management solutions, today announces that Volpi Capital (www.volpicapital.com), a specialist European mid-market investor, has acquired a majority stake in the company from Viking Venture.

The investment will enable Asolvi to continue its 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 capitalised to expand organically and through acquisitions across Benelux, Germany and the UK.

Viking Venture (www.vikingventure.com), 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 company will remain a significant minority stakeholder.

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

Asolvi CEO Pål M. Rødseth comments, 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.

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.

Partner in Viking Venture and Chairman at Asolvi, Jostein Vik comments: As the leading Nordic software investor, we at Viking Venture have backed Asolvi's growth through acquisitions in the Nordics and UK. Together with Volpi Capital we will continue to support the company consolidating a fragmented software segment 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. www.volpicapital.com.

About Viking Venture

Viking Venture is the leading Nordic software investor with more than NOK 2 billion under management. The fund is headquartered in Trondheim, Norway and is an active minority investor in fast growing software companies with international potential. For more information about Viking Venture, please visit www.vikingventure.com.