Dave Sandberg
Partner
Morten Rye Pedersen
Buy-side
Stratema has worked with Braathe Gruppen to expand their geographical reach and technical capabilities, assisting them with strategic assessments and M&A process execution. The target of NOK 500 million in revenues by 2024 reflects the ambitious expansion plan devised by Braathe and Stratema. This partnership has reached a new milestone by completing its largest acquisition to date; iTet.
The Norwegian IT company Braathe Gruppen, in which hails from the southeast of the country, is looking northwards with its next investment. iTet is headquartered in Bodø and will together with Braathe Gruppen expand on its robust groundwork in a region undergoing strong growth.
The acquisition of iTet brings Braathe one step closer to its goal of becoming a leading national MSP provider, by strengthening its reach in Northern Norway through iTet’s well-entrenched presence in both rural and urban areas. Braathe aims to standardise iTet’s service delivery and ensure a holistic MSP experience for customers by adding complementary services. Additionally, iTet contributes a substantial customer base to Braathe’s expanding customer portfolio and opens doors to attractive markets such as aquaculture and tourism.
Regional knowledge, stable customer relations, an established brand and a strong public sector position are key drivers behind the acquisition. It lays the foundations for further growth in the region, against the background of continually increasing demand for new types of IT service expertise. The services now poised for even stronger growth in the region include Microsoft services, cloud computing services and IT infrastructure services.
Stratema has advised Braathe on market positioning and product portfolio strategy, in addition to devising a comprehensive buy-and-build strategy designed to accelerate growth and expansion.
“This is a strategically important acquisition for us, which strengthens our nationwide service offering in Norway”, says Tron Braathe, CEO of Braathe Gruppen. “We have a strong position in several regions, and this acquisition further extends our footprint in the north. We want to evolve the existing organisation and jointly strike out for new horizons. Technology is developing swiftly and iTet has extensive expertise and a strong position in northern Norway. This offers us unique opportunities for nationwide growth”, says Mr Braathe.
“This is a big day for both parties”, says Hans Albert Nilsen, CEO of iTet. “We have been contemplating how best to develop iTet going forward. The company needed additional resources, we were looking for a partner that was compatible with our culture. An owner with the capacity to leverage the uniqueness of iTet. We found this in Braathe Gruppen. Their culture and history as a family-owned company of more than 30 years’ standing is a perfect fit for us. Braathe Gruppen also have high ambitions, and I am convinced that we have found the best possible owners for us.”
Braathe is a leading managed service provider characterised by exceptional technical insight and innovative products, drawing on decades of experience. Braathe ensures a seamless IT experience for its customers, hosted primarily from its state-of-the-art data centre at Rygge. With its geographical reach extending throughout Norway, Braathe provides unparallelled service and support to both the private and the public sector.
iTet AS is based in the counties of Nordland and Troms, with offices in Bodø, Tromsø, Mo i Rana and Harstad, in addition to Oslo. The company has 75 employees and had revenues of about NOK 180 million in 2019 and NOK 203 million in 2018.
