News - 28.01.2011

Popkorn and Elis under same ownership

(Oslo, 28 January 2011) Herkules Private Equity Fund III has entered into an agreement to acquire the IT consultancy company Popkorn AS. Together with the software company Elis AS, Popkorn AS will become part of a larger group of competence in Norway. The companies will offer 100 highly qualified IT consultants with experience and knowledge to implement larger integration projects.

Elis and Popkorn will form a strong base of industry expertise within development and consultancy services based on Oracle’s and Microsoft’s platforms and solutions. Today, energy companies use several different IT systems and professional applications, and they will meet challenges in integrating the information and process flow in an overall IT architecture. Elis and Popkorn will together offer leading competence within the areas of consultancy, architecture, development and integration of IT solutions.

The energy sector is in constant development and will be required to invest heavily in AMI projects (Advanced Metering Infrastructure) in the coming years. The Norwegian government is indicating that it will accelerate the implementation of AMI, and the projects and investments will have to be started in the near term. Simultaneously, the possibility of an introduction of a common Nordic end-user market is being explored. “There will be a substantial change of the energy segment, and going forward the demand for software and consultancy services will increase. Together, Elis and Popkorn will be a leading supplier to the Nordic energy market by offering expertise within full implementation of core systems and processes” says Partner at Herkules Capital, Rikke T. Reinemo.

Since 2005 Popkorn has built up consultancy expertise with a foothold in the eastern part of Norway, and the company has ambitions for continued strong growth. Popkorn has 35 highly qualified IT consultants and Nordic customers within the Energy, Bank/Finance, Telecom and Public sectors. The new owners will add valuable resources, knowledge and an extended product range that will strengthen the deliveries to existing and new customers. Managing Director at Popkorn, Bjørn Oustad, expresses that: “Our intention to create a leading employer and provider of IT expertise in Norway has been strengthened through the new ownership and the cooperation with Elis. Popkorn strongly believes that this is a good strategic move, and looks forward to continued growth in a challenging and interesting market.”

Popkorn’s leading employees will continue to work for the company, and will retain an ownership position. Mid February, Herkules will acquire a majority of the shares, subject to approval from the Norwegian Competition Authorities.


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:

Elis 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:
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:
Bjørn Oustad, General Manager at Popkorn
Telephone: +47 932 49 966

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

Rikke T. Reinemo, Partner at Herkules Capital
Telephone: +47 22 04 80 00