Alfa Laval is to acquire StormGeo for NOK 3,630M (USD 442M) on a debt and cash free basis to accelerate its digital services offering and to add an additional tool to its decarbonising offering.
Closing is expected during Q2 2021, subject to customary conditions. StormGeo will become part of Alfa Laval’s Marine Business Division.
“The acquisition of StormGeo will be a strong addition to our toolbox of solutions that help our customers address the decarbonisation challenge in the industry. Furthermore, StormGeo fits excellently to our digital acceleration ambition, and we will use their digital and customer experience to level up our offerings and to get deeper experience in the digital space,” said Tom Erixon, president and CEO of Alfa Laval.
“Joining Alfa Laval, a world-leading industrial owner, benefits StormGeo by developing our business through increased geographic and technological expansion,” said Søren Andersen, StormGeo CEO. “By investing even more into developing leading software and SaaS products, we enable our customers to improve efficiency and reduce their carbon emissions while keeping their people, assets and operations safe from increasingly extreme weather.”
The Private Equity company EQT invested in StormGeo in 2014, and during its ownership, StormGeo’s market and product positions were strengthened through digitalisation and investments in six strategic add-on acquisitions, doubling customers, revenues and EBITDA.