Litorina invests in Digpro
Litorina V AB acquires a majority stake in Digpro, the leading provider of geographic information systems to network companies and municipalities. Digpro offers a fully proprietary system for its customers, which enables detailed network documentation and support for critical internal processes. The company’s management team and former main owners, including the founders Bo Lundgren, Svante Mjörne and Per Westberg, will remain as sizable minority owners.
Digpro was founded in 1989 in Stockholm and has since grown successfully reaching a turnover of more than SEK 100 million in the last fiscal year with good profitability. The company has historically focused on the Swedish market where it offers solutions for network owners within the electricity, district heating, water and wastewater, gas and telecom markets as well as solutions for municipalities. Digpro has over 130 customers, whereof the majority of these customers comprise of electricity network owners, including leading players in Sweden such as E.ON, Göteborg Energi and Kraftringen. During the last few years, the company has increased its presence outside of Sweden and today Digpro has customers in a number of export markets, such as Norway, Finland, Poland and Turkey. The headquarter is located in Stockholm.
To support the company’s international expansion, Zobito will become a minority owner in Digpro as part of the transaction. Magnus Lindhe, partner at Zobito, with over 10 years of experience from managerial roles at the international software company QlikTech, will be part of the new board of directors together with Litorina.
”We are very proud of Digpro’s development since the start in 1989. We have built a strong company with talented employees. With our solid market position in Sweden as a platform, we have been able to begin our international expansion to continue to expand our customer base” says Bo Lundgren, co-owner and CEO of Digpro. ”We are convinced that we together with Litorina and the new board will be able to accelerate our international expansion through increased sales and marketing efforts in new geographies as our customer solution is highly competitive also in a global context.”
”Digpro’s strong corporate culture with focus on developing technically advanced and customer critical IT solutions for network owners, the company’s continuous focus on improvements coupled with the management team’s proven ability to drive profitable growth makes Digpro an exciting investment opportunity for Litorina” says Lars Verneholt, Partner at Litorina V Advisor AB, investment advisor to Litorina V AB. ”We look forward to supporting Digpro in its continued international expansion with an increased focus on sales and marketing efforts in new markets.”
For further information, please contact:
Lars Verneholt, +46 733 86 92 07, Partner, Litorina V Advisor AB
Bo Lundgren, +46 707 45 26 14, CEO, Digpro AB
Digpro, founded in 1989, develops, markets and sells its own fully proprietary geographic information system for network owners and municipalities. The company has more than 130 customers with the majority based in its home market in Sweden. The company has a growing international presence, with customers in Norway, Finland, Poland and Turkey. Digpro is the leading provider to electricity network owners in Sweden with an estimated market share of c. 50%. The company is headquartered in Stockholm and has approximately 100 employees. For more information, please visit www.digpro.se.
Litorina, founded in 1998, focuses on acquiring and industrially developing companies together with their management teams. Litorina offers broad and deep expertise both via its own organization and through its network of industrial advisors. Litorina V Advisor AB serves as an investment advisor to the Swedish private equity fund Litorina V AB. For more information, please visit www.litorina.se.