Over a period of ten years, Red Ocean has built up a solid presence, both in Norway and the broader Nordic region, in the rapidly growing niche Stability and Performance Analytics (SPA). The company analyses the performance of large data systems for around 400 companies, including Norway’s biggest high-street bank DNB, and the digital and data services consultancy TietoEVRY. Clients quickly gain an overview of faults or weaknesses in their systems, so they can be remedied. Last year, Red Ocean had a turnover of NOK 130 million.
Now the company’s founders are selling two-thirds of the company to the private equity firm Adelis to help accelerate its growth throughout the Nordic region.
“We see substantial opportunities for expansion and know that Adelis has extensive experience in accelerating IT companies’ growth. That is why we have invited Adelis to become our new majority shareholder,” says Kanari’s CEO Philip Duns. COO Michael Breen agrees, adding: “We have great faith in what we can achieve with Adelis by our side, under our new name Kanari.”
Lene Stern at Adelis has been impressed by both management and staff at Kanari. “We recognise that the company’s services are of great value to its clients. We are looking forward to helping Kanari achieve considerable growth in the Nordic region,” she says. Adelis manages some NOK 10 billion and concentrates its investments to mid-sized, unlisted Nordic companies.
Kanari’s board of directors will be chaired by Magnus Sjöqvist, a 35-year veteran of the IT sector, including 21 years at Accenture.
Contact:
Kanari: CEO Philip Duns, philip.duns@kanari.com, +47 41 61 55 03
Kanari: COO Michael Breen, michael.breen@kanari.com,+47 986 986 03
Adelis Equity Partners: Lene Stern, lene.stern@adelisequity.com, +46 70-281 34 24
Adelis Equity Partners: Joel Russ, joel.russ@adelisequity.com, +46 73-543 30 68
Kanari (previously Red Ocean)
Kanari has been active in the Nordic market for Stability & Performance Analytics (SPA) and Application Performance Monitoring (APM) for ten years. With highly competent employees located in Norway, Sweden, Denmark and Finland, the company serves around 400 clients and generates sales revenues of approx. NOK 130 million. www.kanari.com
Adelis Equity Partners
Adelis is an active partner for value creation in mid-sized Nordic companies. Adelis was established in 2012 with the aim of becoming the leading active private equity fund focusing on investments in mid-sized, unlisted companies in the Nordic region. Since 2013, when the company’s first fund was launched, Adelis has been one of the most active private equity investors in its segment, with 23 investments and more than 80 add-on investments. Today, Adelis manages assets worth around NOK 10 billion. For more information, see http://adelisequity.com/nb/