The IT Relation group acquires Swedish Emineo and creates leading Nordic player through merger with Miracle42
The investment in Sweden’s leading Oracle specialists places the IT Relation group among the largest players in the Nordics with 60 dedicated database experts in Sweden and Denmark.
Emineo was founded in 2005 and has 22 employees of which 17 are dedicated database experts focusing on Oracle and MySQL. The company provides database operation services and license management on subscription as well as highly specialised consultancy services, and generated revenue of SEK 36 million and an operating profit (EBITDA) of SEK 8 million in fiscal year 2019/20. Emineo is a certified Oracle audit compliance partner.
Emineo is located in Stockholm and will continue to act as an independent company under its own brand after the merger with Miracle42, which is acknowledged and among leaders in Denmark within the competency areas: Managed database (DBA) services, DBA consulting and test management as well as application hosting, operations and support. The merger creates a leading Nordic Oracle player with 120 employees and 60 dedicated database experts in the Professional Services business area.
“We are expanding our business significantly with the experienced experts in Emineo, whom we respect greatly and look forward to cooperating with to accelerate the growth in the coming years. Together, Emineo and Miracle42 hold a strong position in the Nordics, and we will be able to leverage scale benefits and cover a much larger market than separately,” says Steen Knudsen, CEO of Miracle42.
After the expansion, the IT Relation group has 750 employees at 12 locations in Denmark and Sweden with activities in the companies IT Relation, Mentor IT, Sotea, Improsec, Miracle42 and Emineo. The group has as leading market position in Denmark and four business areas; Cloud Services, Business Solutions, Professional Services and Cyber Security Services.
“We look forward to further developing Emineo in close collaboration with our new colleagues in Miracle42 and the IT Relation group, which share our perspective on the good growth opportunities in our mutual market in both Denmark and Sweden. We get access to a strong organisation and financial muscles enabling us to maintain our deep expertise and simultaneously expand the business into adjacent areas where it makes really good sense for our customers,” says Ove G Jonsson, founder and CEO of Emineo.
The acquisition will not entail changes for Emineo’s customers and employees. Customer relations and contracts will continue unchanged, and customers will continue to be served by their dedicated specialists. Emineo’s daily management – Ove G Jonsson (CEO and founder), Rickard Waldenfeldt (CTO and founder), Joakim Wenberg (CSO and founder) and Michael Grundström (COO) – will continue in their current positions and invest in the IT Relation group.
“Emineo is a strong addition to the IT Relation family and a perfect match with our skilled employees in Miracle42. We are pleased to be able to expand the family and create a leading player in the Nordics in an exciting niche market, while simultaneously taking the first step outside our Danish home turf. With the acquisition of Emineo, we enter the Swedish Professional Services market, and we have an appetite for further expansion east of Øresund,” says Henrik Kastbjerg, CEO of the IT Relation group.
Emineo was founded in 2005 and is Sweden’s leading provider of Oracle databases with deep competencies within database administration, physical and logical database design, installation and operation, project management, quality assurance, backup and recovery, etc. The company is located in Stockholm and has 22 employees of which 17 are dedicated database experts focusing on Oracle and MySQL. Emineo is a certified Oracle partner and provides database operation services and license management on subscription as well as highly specialised consultancy services.
The IT Relation group has grown swiftly from a strong regional player to the leading Danish provider of IT outsourcing services to the private and public sector. The IT Relation group is today represented in 12 locations in Denmark and Sweden. The group currently has 750 employees with activities in the companies IT Relation, Mentor IT, Sotea, Improsec, Miracle42 and Emineo. The group has as leading market position in Denmark and four business areas; Cloud Services, Business Solutions, Professional Services and Cyber Security Services.
IMAP advised the sellers throughout the sales process.