Norvestor VIII SCSp has agreed to acquire a majority stake in Upheads AS, a leading Norwegian IT services provider for SMEs, aimed at accelerating growth and capitalizing on the increasing demand for IT services.

Information on the Target

Upheads AS, founded in 2013 by Ove Rydland, is a prominent IT services provider based in Stavanger, Norway, specializing in serving small and medium-sized enterprises (SMEs). The Company focuses on delivering comprehensive IT solutions, particularly in cloud services, security, and software development utilizing Microsoft technologies. Upheads has established a reputation for excellence, achieving top-tier customer satisfaction among its over 2,000 clients across Norway, supported by a dedicated workforce of approximately 125 employees spread across seven offices.

As a full-service IT organization, Upheads prioritizes a personalized customer journey, offering tailored solutions that meet the diverse needs of SMEs. With an impressive annual revenue of about NOK 217 million in 2021, the Company has positioned itself as a key player in the Nordic IT ecosystem, particularly in the SME segment.

Industry Overview in Norway

The IT services market in Norway has experienced robust growth in recent years, driven by the increasing digitalization of businesses and the rising demand for cloud computing, cybersecurity, and software development. The Norwegian government actively promotes techn