Herkules III acquires Process Vision to be part of a new leading Nordic energy IT solution provider
02/March/2011 14:03
As the Nordic energy markets are consolidating and smart metering increasing, it has become obvious that also IT system providers must grow in order to meet these new challenges. As a part of this development, Process Vision has analyzed different market options and came to a conclusion that we would better make changes in our current business model. Hence, we have come to a solution, in which we combine our efforts with Norwegian Elis AS and Popkorn AS. This enables our company’s and products’ entry to the hectic Norwegian markets in a situation, when the decision on smart metering implementation has been made. Simultaneously this cooperation enables us to increase our position in the consolidating Nordic markets and strengthen the role of our GENERIS system as the leading meter and energy data management system at the business sector. Additionally we will receive significant support in launching our GENERIS Energy Vertical as a Pan-Nordic product, by taking in use Elis’ over 20-years-long experience in developing customer information systems to the Norwegian markets.
In the company reforming Norwegian Elis AS Holding investor company will own 100% of the shares of Process Vision, Elis AS and Norwegian consultant company Popkorn. Process Vision’s current owners and key management will re-invest in Elis AS holding company. Additionally Herkules III Fund will invest in the holding company. This new entity will be a company with 250 employees, whose revenue will be approximately 30 million euros in 2011. Therefore it will be a very significant software supplier in the Nordic energy sector, as in Central Europe in Process Vision’s current market areas. This reforming will increase Process Vision’s operations and product selection in its current business areas.
We believe that this new arrangement enhance our current cooperation providing even wider offering to the Pan-Nordic energy markets.