Nordhaven advised Convert and its owners in the sale to Pearl Group, backed by Norvestor

25 apr 2022

Convert and Pearl Group have entered into an agreement to form a new e-commerce powerhouse. Combined, Convert and Pearl Group, will build a leading e-commerce company combining best-in-class customer journey and technology to ensure customers’ need. The new entity will be named PearlConvert.

PearlConvert will have 110 employees in Oslo, Riga and Gdansk. Pearl Group will after the acquisition have 330 employees in Norway, Sweden, Finland, Latvia, Poland, Ukraine, and Singapore.

Convert is a company that have proven a lot, to where they have emerged as a leading player within e-commerce in Norway and delivered  a large number of e-commerce solutions to reputable companies such as Bohus, Eplehuset and Bjørklund. However, the most important  factor for us in Pearl is the competence and culture we met. The focus on how we can create value for customers, and a strong culture for innovation and development was an important reason why we found each other", says Geir Thoresen, CEO of Pearl Group.

"I cannot imagine a better partner for Convert than Pearl Group. Together we will offer our customers unique solutions and competitive terms from a professional environment that is stronger than ever. Our employees will have new development opportunities and new exciting challenges", says Torkel Johannessen, CEO of Convert.

Convert is one of the largest agencies within digital commerce in Norway, with over 75 employees. The company delivers market-leading technology and focuses on long-term customer relationships and value creation for its customers. This has resulted in strong and steady growth since its inception in 2015, and several reputable companies on the customer list.

Pearl Group has developede-commerce solutions for many of the country's largest companies. The solutions include sophisticated "click and retrieve" features that were in strong growth and further intensified during the corona pandemic. The company sees a large and continuous growing market for its services in the Nordic region and has medium-sized and large companies with advanced IT needs as its main target group.

"Pearl Group will grow to a turnover of 1.5 billion NOK by 2026. PearlConvert will be an important part of this development", concludes Geir Thoresen.

About Pearl Group

- Leading IT-partner in business solutions and e-Commerce in the Nordic region and the largest SAP/partner in Norway

- Between 20-25% growth the last 5 years

- Customers include Bohus, Motek, Fjellsport, Telenor, Komplett, Norengros, Jernia, Outnorth, Vitus, Norgesgruppen, H&M, Eplehuset, Dafgårds, Borregaard, Travel Retail Norway, Norwegian

- Owned by Norvestor and employees

- Established in 2006

- Turnover in 2021: 484 MNOK

- 270 employees - Offices in Norway, Sweden, Finland, Latvia, Ukraine and Singapore

About Convert

- Design & tech agency with a vision to create Norway's (perhaps the world's) best digital commerce solutions

- Customers include Bohus, Eplehuset, Bjørklund, Sunkost, The Body Shop, Floyd, Apotera

- 75 employees in total, head office in Oslo

- Revenue in 2021: 53.6 MNOK

- 93% growth last 3 years - 30% average annual growth last 5 years

- Established in 2015

- Owned 20% respectively by; Markus Sæther, Ole Heintz, Ingar Melby, Claus Sørensen and Stian Laursen (through the holding company Neovada)

- Deloitte Technology Fast 50 (2021) / 4 x Gazelle / Great Place to Work

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