Explore Equity partners with NOVA Consulting Group
Explore Equity (Explore) partners with the founders and employees of NOVA Consulting Group (NOVA), a leading, niche focused IT consulting firm. Explore acquires a minority share while existing owners and employees will retain the majority ownership.
The partnership marks Explore’s third investment and is a continuation of our partnership approach, where Explore invests alongside existing founders, owners and management in niche focused, growing and profitable companies with a unique value offering to their clients and employees.
NOVA supports its clients in digitalisation of business-critical systems and solutions. This includes strategic advisory services, user experience, system development, and maintenance. The company was founded in 2007 and now employs ~200 talented employees in Norway and Sweden. Through the “World’s best employer” concept, employees take part in NOVA’s unique talent model based on continuous learning and employee ownership.
As proof of its unique business model, NOVA shows an impressive growth of more than 20% yearly since 2014. This resulted in revenues of NOK 337 million and operating earnings before tax (EBIT) of NOK 51 million in 2019.
Explore will continue to support NOVA in the development of its unique employee model and service offering, across both existing and new business areas.
“We are impressed by NOVA’s unique operating model and priorities – always keeping employees and clients top of mind. NOVA exemplifies the partnerships we are looking for: a unique business model, clear talent
agenda, and tangible client impact through services or products. We look forward to working together with the founders and employees of NOVA to further develop the company and its position over the coming years,” says Simen Vier Simensen, Partner at Explore Equity.
“The Explore Equity team immediately recognised the “NOVA model” as basis for further development of the company. Together with a deep understanding of our business and a partnership mindset from day 1 of the transaction process. I am confident NOVA and Explore together is the best for our employees and clients. On behalf of NOVA I look forward to working with Explore,” says Geir Allan Hove, CEO of NOVA.
To learn more about NOVA, please go to: www.novaconsultinggroup.no
For more information, please contact:
Geir Allan Hove, CEO at Nova Consulting Group AS, geir.allan.hove@novaconsultinggroup.no
Simen Vier Simensen, Partner at Explore Equity, svs@exploreequity.com
About Explore
Explore Equity is a partnership-focused equity fund investing in Nordic companies with solid and distinct growth characteristics. We seek to drive value creation together with existing management and partners by leveraging more than 80 years of experience in the professional and financial services as well as industrial and consumer product segments.