News - 06.07.2017

Intelecom sold to NetNordic

Herkules III has through Intelecom Holding AS signed an agreement to sell its wholly owned subsidiary Intelcom Group AS to NetNordic Holding AS.

NetNordic is a Nordic system integrator specialized on delivering network, communication, security and Cloud services. The company is headquartered in Oslo, Norway. With this acquisition, NetNordic will be increasing its competence in strategic verticals and strengthen its platform for further growth.

Intelecom has its roots back to Alcatel Business Systems in 1990 and was later merged with Consorte and Carrot. The company currently has 70 employees in Norway at the offices in Oslo, Stavanger, Haugesund, Bergen and Trondheim.  Following a demerger and rebranding of its contact center business to Puzzel AS, Intelecom has become a pure system integrator with revenues of NOK 217 million in 2016.

Intelecom has a long and strong history built on loyal customers, market leading vendors and a highly competent organization. We are proud that NetNordic recognizes our values ​​and now wants to join forces with us. We join NetNordic with pride and are confident that we will contribute to continued growth going forward. We have made significant investments in competence, systems and cloud based services, and with NetNordic we look forward to provide an even wider range of solutions and services to our customers,” says Petter Idar Jenssen, CEO of Intelecom.

The pro forma revenue for NetNordic in 2016 was NOK 850 million with an EBITDA NOK 53 million. Following the acquisition of Intelecom, the company will exceed NOK 1 billion in pro forma revenue in 2017.  The company will have a total of 280 employees at its 12 offices in the Nordic countries.

We are pleased that we have found an industrial home for the systems integration division of Intelecom. Following the transaction Puzzel AS will remain a wholly owned subsidiary of Intelecom Holding AS.

The acquisition is subject to approval from the Norwegian Competition Authority.

Please see the NetNordic press release for more information: