CapMan, the Nordic buyout and technology investor, has invested an undisclosed sum in Locus, a provider of specialist software tailored to public safety and transport. It is the first technology investment made by CapMan since it launched an office in Oslo earlier in the year.
CapMan has acquired Locus, which has 35 employees in offices in Oslo and Sandefjord, from parent company Locus Holding. The firm develops and provides integration, software and systems for the efficient management of fleets of vehicles and specialises in fleet management systems (FMS) and command and control information systems (C2IS).
The company, which was founded in 1991, delivered net sales of €4.3 million in the 2003 financial year. The firm’s founders are still part of the current management team.
Arne Harry Petterson, chief executive of Locus, said the company would seek to build on its established position in Norway. “We are now targeting the rest of the Nordic and European markets,” he said. “CapMan’s acquisition will further strengthen our financial base and therefore give us the ability to carry out our expansion strategy.”
The deal was led for CapMan by Erik Berger, a former partner at Norwegian venture capital firm TeleVenture Management who joined CapMan as an investment director upon the launch of the Oslo office. The firm’s three-strong Oslo team is led by senior partner Kai Jordahl, who was previously responsible for Nordic private equity investments at Alfred Berg Industrifinans.
CapMan has other Nordic offices in Helsinki, Stockholm and Copenhagen. It specialises in mid-market buyouts and technology investments in the IT, telecom and life science sectors, and manages/advises funds with approximately €1.7 billion in total capital.