News - 01.03.2011

Herkules III and Elis acquire Process Vision

(Oslo, 1 March 2011) Herkules Private Equity Fund III and Elis Holding AS have entered into an agreement to acquire Finland-based Process Vision Oy, the leading Nordic provider of energy data management, meter data management, ERP systems and related software to energy utilities, transmission system operators and power exchanges globally. Together with existing Herkules investments Elis AS and Popkorn AS, Process Vision Oy will be part of a larger group of competence offering software and IT solutions to utility companies. The combined company will become the leading energy software provider in the Nordics.

Process Vision Oy is a software supplier to the utility-segment, headquartered in Finland, with customers also in Sweden, Germany, Poland, the Netherlands, Switzerland, Austria, New Zealand and Norway. For the utility segment in Northern Europe, Process Vision has a leading position within Meter Data Management (MDM) and Energy Data Management (EDM) systems for electricity, gas, district heating and water industries and a wide offering of complementary systems including billing software. The company was founded in 1993 and employs around 150 IT and energy professionals.

Herkules III will acquire 100% of the shares of Process Vision, and CEO and key management of Process Vision will reinvest into the holding company of Process Vision, Elis and Popkorn. The new group will jointly generate revenues of around EUR 30 million in 2011. Simo Makkonen, CEO of Process Vision, states that “we are confident that the combined entity will be the preferred choice for energy companies in the Nordics, and that our systems and solutions have a promising and proven international potential.” CEO in Elis AS, Johnny Haugsbakk, states that “we are pleased to have Process Vision included in the Group, and are looking forward to our cooperation in the exciting times ahead for the energy market”.

The market for software to the energy sector is in constant development and is expected to experience extraordinary strong growth the coming years. In Norway, the AMI (Advanced Metering Infrastructure) implementation planned within 2016 will lead to increased demand for MDM and Customer Information System (CIS) solutions. In Sweden, the change to hourly metering will create strong demand for compatible software, and next generation smart metering in Finland will also require substantial upgrades by the utility companies. Process Vision, Elis and Popkorn have shown solid performances with high growth in demand and revenues, and strong earnings. The companies have complementary geographical positions, competencies and product offerings, and will become a capable and powerful provider of best-in-class solutions to the energy sector in Europe. “We are very pleased with the acquisitions of Process Vision, Elis and Popkorn, and believe we have combined three innovative and preferred suppliers that together will become a major player within the market for software to the energy sector” says Partner at Herkules Capital, Rikke T. Reinemo.
Rikke T. Reinemo, Partner at Herkules Capital
Telephone: +47 22 04 80 00

Simo Makkonen, CEO Process Vision
Telephone: +358 40 545 2200

Johnny Haugsbakk, CEO Elis
Telephone: +47 915 95 210

Elis AS is a leading Norwegian IT services provider within development of CRM and process related systems for the energy sector. Elis has 90 installations in the Norwegian market of its software solution; ElWin. The company has 65 employees, revenues of NOK 65 million, and is located at Dale, Sunnfjord. For more information, please see:

Popkorn AS was established 6 April 2005 at Hamar. After 5 years of strong growth the company has today 35 employees and revenues of NOK 30 million. The company is located at Hamar, Lillehammer and Linköping in Sweden. For more information, please see:

Herkules consists of three funds, with a total capital base of NOK 12.25 billion in committed capital from Norwegian and international investors. Herkules has the financial strength to acquire majority ownership positions in established companies with growth potential. Companies owned by Herkules funds are: Pronova BioPharma, Noratel, European House of Beds, Beerenberg Corp., Nille, Micro Matic Norge, Tilbords, Hatteland Display, EFG European Furniture Group, Aibel, Nevion, Estrella Maarud, Gothia Financial Group, Projectiondesign, Bandak, New Store Europe, Elis, Odlo Sports Group and Intelecom. More information to be found at: