In a bold move echoing past success, Credo Partners injects NOK 100 million into a visionary venture set to redefine the tech landscape. Solstad and Stordalen already onboard.
On a journey to challenge the status quo and pioneer next-generation cloud technology, Pål Prydz, partner Credo Partners, announces a groundbreaking investment of NOK 100 million. With a strategic focus on Project Scale, the ambitious endeavor aims to replicate the phenomenal success that saw their previous venture skyrocket from NOK 96 million to NOK 700 million in just two years.
To kickstart this transformative journey, Credo Partners strategically merged and invested in the consulting firms Right and Ratio Management, laying the foundation for a targeted acquisition strategy. The objective? A staggering NOK 600 million in revenue within the next five years.
"This venture is about building a company capable of providing end-to-end solutions across the entire IT spectrum, from infrastructure to business applications like ERP and CRM systems, seamless integration, and robust data and analytics tools," states Prydz.
Unlike companies outsourcing to numerous small providers, Credo Partners aims to offer a comprehensive, one-stop solution. Drawing from their successful playbook with Evidi in 2021, which witnessed a meteoric rise from NOK 97 million to nearly NOK 700 million in revenue within two years, Credo Partners is no stranger to scaling up small tech enterprises.
"This marks a shift in technological focus. While the plan mirrors our strategy with Evidi, the companies will target different technology platforms," notes Prydz. The PE firm plans to invest a total of NOK 100 million in the venture, initially starting with a modest sum for stock purchases and gradually infusing funds for growth initiatives, acquisitions, and other forms of expansion.
Already boasting esteemed clients such as Solstad Offshore, Höegh LNG, Otovo, Telenor, and Strawberry, the newly merged firms are far from complacent. To ensure sustained growth and market dominance, they are actively pursuing acquisition opportunities in Norway, Sweden, and Denmark.
"Aspire to be a giant, I won't say that yet, but the company is poised for significant growth with a robust pace," asserts Prydz. "Our strategy combines acquisitions with aggressive organic growth – a potent mix. While we don't have a concrete goal for the number of companies to acquire, we are geared up to make a few strategic acquisitions annually."
In an era where innovation and ambition collide, Credo Partners takes the helm, steering towards a tech revolution that promises to reshape industries and challenge the norms.
Stay tuned for a journey where boundaries are shattered, and possibilities are limitless.