Braathe Gruppen AS acquires IT company iTet

• A strategically important northwards expansion to strengthen their nationwide presence
• Enhances their expertise and capacity in the north in fields such as Microsoft services and other cloud services which are seeing strong growth across all industries
• Rigged to leverage iTet’s customer base and expand the range of services for both existing and new customers

The Norwegian IT company Braathe Gruppen, with its origins in the southeast of the country, is looking northwards with its next investment. It is now acquiring the company iTet, which is headquartered in Bodø, to expand on iTet’s robust groundwork in a region undergoing strong growth.

Regional knowledge, stable customer relationships, an established brand and a strong public sector foothold are key drivers behind the acquisition. This now lays the foundations for further growth in the region, against the background of a continually increasing need for expertise on new types of IT services. Microsoft services, cloud computing services and IT infrastructure are some of the services which will now be posed for even stronger growth in the region.

– This is a strategically important acquisition for us, which strengthens our nationwide service offering in Norway, says Tron Braathe, Chief Executive Officer of Braathe Gruppen. – We have a strong position in several regions, and this acquisition further strengthens our position in the north. We want to evolve the existing organisation and jointly strike out for new horizons.

iTet AS is located 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 a turnover of about NOK 180 million in 2019.

– Technology is developing swiftly and Tet has extensive expertise and a strong position in northern Norway. This offers us unique opportunities for nationwide growth, says Mr Braathe.
Following the acquisition, Braathe Gruppen will have 175 employees, a turnover of about NOK 425 million and locations in Rygge, Oslo, Tromsø, Bodø, Mo i Rana, Harstad, Skien and Kongsberg.

Closing of the acquisition took place on 14 October 2019.
Stratema advised Braathe Gruppen AS.