Mooreland reinforces its position as the leading M&A advisor to the Connected Vehicle technology and services market
LONDON – June 6, 2017 – Mooreland Partners, the leading independent investment bank providing M&A and private capital advisory services to the global technology industry, today announced that it acted as the exclusive financial advisor to ABAX on its sale to Investcorp for an enterprise value of $210 million.
“This transaction is another great example of the value which Mooreland delivers to its clients through a powerful combination of deep domain expertise, global advisory platform and focus on best-in-class execution. Mooreland’s thorough and well prepared sale process, coupled with a broad relationship network within the global financial sponsor community, allowed ABAX to find a strong financial partner with the requisite resources and industry expertise that will enable ABAX to expand its customer reach and connected vehicle telematics platform in the future” said Victor Garcia, Managing Director at Mooreland Partners.
Previously majority owned by Norvestor VI L.P., ABAX is one of Europe’s fastest growing companies within the connected vehicle telematics sector. The company develops and delivers a broad portfolio of SaaS telematics solutions for commercial vehicle fleet operators. Its main applications cover operational efficiency, cost savings, tax compliance as well as resource management use cases. Since Norvestor acquired ABAX in 2012, the company has grown both organically and through add-on acquisitions, achieving an average annual revenue growth of more than 30% per year. Today ABAX has 350 employees across offices in Norway, Sweden, Denmark, Finland, UK, Netherlands, Poland and China. For more information, visit www.abax.no
Norvestor Equity AS is a leading private equity firm focusing on lower mid-market buyouts in the Nordic region. The team has worked together since 1991, and executed 64 investments with 256 follow-on M&A transactions, in addition to executing 43 exits including 14 IPOs. For more information, visit www.norvestor.com
Investcorp is a global investment firm with over $21.4 billion of capital under management, and has a longstanding track record of successfully investing in the European technology sector. The firm has offices in New York, London, Bahrain, Abu Dhabi, Doha, Riyadh and Singapore. For more information, visit www.investcorp.com