Nordhaven acted as exclusive financial adviser to Kistefos/Bitpro in the acquisition of KeyNet AS

31 dec 2020

IT management supplier Bitpro strengthens their position within data communication through the acquisition of KeyNet. KeyNet has a strong position within the private sector with several blue-chip clients and holds the ability to serve complex client structures with high geographical dispersion. A position they have built up over multiple years through deep technology know how.

“Best in class customer success and the ability to serve clients with multiple locations is a cornerstone in our strategy, both of which lies in the center of the business model for KeyNet. Hence the match between the two companies is very good and the transaction represents an important step in our strategic development. We are looking forward to continue building the product portfolio and strengthening our customer base together” – Trond Bjorvand (CEO Bitpro).

“Bitpro provides a broad specter of IT and communication services with multiple similarities to our business model and philosophy within the data communication niche. We see multiple commercial and operational synergies and are looking forward to utilizing them together. We will continue providing our clients with best-in-class customer care, in addition to new products enabled by the merger.”

“We see a very good match between KeyNet and Bitpro. KeyNet holds the same business goals as us and have over a longer period of time show the ability to establish, build and maintain strong customer relationship to blue chip clients. We look forward to further build and expand the new company with the client in the front seat.” – Gunnar Jacobsen (Investment Director Kistefos).

Combined revenue in 2020 for the two entities will amount to approximately MNOK 290 with good profitability. The sellers will reinvest large parts of their proceeds and will post merger hold a 13,4% position in the new company. Kistefos remains the majority shareholder with 73,5%, while the remaining 13,1% is owned by other key employees.

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