Information on the target
Nova has signed an agreement to acquire all shares in Ofar hf., a leading service company in the technology equipment and solutions sector. This acquisition is a strategic move for Nova, significantly enhancing its position within the corporate market. Ofar serves approximately 10,000 companies, including many of the country's larger enterprises, and employs around 100 specialists. The company boasts a robust infrastructure in product and procurement management, warehousing, distribution, and workshop services.
With decades of experience, Ofar supports companies and institutions with IT and technology equipment from over 150 renowned brands, including Lenovo, Canon, Bose, and Sony. Its diverse offerings encompass audio and video solutions, printing solutions, healthcare solutions, and tailored solutions for warehouses, retail stores, restaurants, infrastructure, and data centers. In 2025, Ofar reported total revenues of approximately ISK 7.8 billion, an EBITDA of nearly ISK 620 million, and an operating profit of around ISK 360 million. The total enterprise value of the acquisition amounts to ISK 4,400 million, alongside lease liabilities of approximately ISK 510 million at year-end 2025.
Industry overview in the target’s specific country
The technology equipment and solutions industry in Iceland has experienced significant growth in recent years, driven by increasing demand for advanced IT solutions across various sectors. As businesses continue to digitize their operations, the need for reliable technology partners has become paramount. This trend is reflected in the robust performance of companies like Ofar, which have established themselves as key players in the market.
Moreover, the competitive landscape is evolving, with a growing number of firms entering the sector, thereby intensifying competition. However, established companies with a strong market presence, such as Ofar, are well-positioned to leverage their experience and relationships to maintain a competitive edge. The ongoing technological advancements and the shift towards cloud-based solutions further underscore the necessity for companies to adapt and innovate continuously.
In addition, the Icelandic government has been supportive of the technology sector, implementing policies that encourage investment and innovation. This supportive environment, combined with a skilled workforce, has contributed to the industry's resilience and growth potential. As businesses increasingly prioritize technology investments, the demand for comprehensive service providers like Ofar is expected to rise, creating further opportunities for expansion.
The rationale behind the deal The acquisition of Ofar is a strategic initiative for Nova, aimed at strengthening its foothold in the corporate market and diversifying its revenue streams. By integrating Ofar's extensive portfolio of technology solutions and services, Nova anticipates enhanced op…