EWQ is a Finnish retail tech growth company that helps retailers and service environments digitalise in-store communications and improve the customer experience. Founded in 1996, the company has grown over three decades from a small Finnish operator into one of the leading retail technology specialists in the Nordics. Today, EWQ serves more than 3,400 customers and operates locally in Finland, Sweden and Denmark.
EWQ’s solutions are part of many consumers’ everyday lives, often without them even realising it. The company’s technology is used for electronic price communication, digital advertising displays, customer guidance and queue management, for example. EWQ’s vision is to bring these solutions together into a single integrated offering, enabling customers to manage an increasingly large part of their in-store environment. The aim is to make stores smarter, more efficient and more sustainable by making employees’ everyday work easier, reducing pricing errors and making shopping more convenient for consumers. At the same time, EWQ is increasing the share of recurring SaaS revenue and building an increasingly scalable platform for growth.
Over the years, EWQ has evolved to respond to changing retail needs and new technological opportunities. A significant turning point came around ten years ago in connection with a generational transition, when new key people and members of management joined the company and EWQ began a more fundamental transformation towards the company it is today. The company increased its focus on technology, proprietary solutions and new capabilities, while establishing a new direction for future growth.
EWQ’s key competitive advantage is built on long-standing customer relationships and the ability to grow alongside its customers’ needs. A relationship may begin with electronic shelf labels, for example, but can gradually expand to other digital solutions and recurring services. Once the technology is already in place in stores, new solutions can be introduced step by step as the customer’s needs evolve. This means that a single product can develop into a partnership lasting more than a decade.
Alongside long-term customer relationships, EWQ’s strengths include deep industry expertise and local presence. While much of the service can be delivered remotely, the company operates as a local partner in its markets, with a strong understanding of its customers and the retail environment.
An active owner supporting the next growth leap
As EWQ’s growth began to accelerate, the company identified a need for a partner that would enable it to make its next growth investments more boldly. EWQ’s relationship with Evli Private Capital had developed over a long period before the actual investment, when the company’s revenue was still only a few million euros. When Evli became an owner in November 2024, EWQ’s revenue was just under €10 million. The company’s near-term target is now €30 million in revenue – although this is a milestone rather than the ultimate destination.
For EWQ, the investor’s involvement was not only about capital, but above all about creating the opportunity to make more long-term decisions.
“Evli’s investment has given us entirely new opportunities to build growth. We have been able to pursue several growth initiatives simultaneously, and faster and more ambitiously than before. In addition to capital, Evli’s support has given us the confidence and courage to invest in the future. This is a genuine growth partnership,” says EWQ CEO Sampo Brisk.
From Evli’s perspective, EWQ had reached a point where the foundation built over many years was ready for the next growth leap. The company had already made significant investments in technology and its operations, but the next phase of growth called for accelerating expansion into new markets, winning larger customers and developing the organisation further.
“EWQ had already done many things right before we came on board. However, we saw significantly more potential than had been realised at that point. Evli’s role is to help build the capabilities, scalability and strong foundation needed for future growth, enabling EWQ to evolve from a good company into an excellent one,” says Kia Aejmelaeus, Partner at Evli Private Capital.
Pictured: the EWQ Board (from left to right): Fred Westerholm, Mikael Krogius, Kia Aejmelaeus, Anni Ronkainen (Chair of Board), Stefan Svanljung and Sampo Brisk (CEO)
Building growth together
Working with Evli has accelerated EWQ’s transition into its next phase of growth. One of the first major initiatives was to develop a shared strategy. At the same time, the company has developed its board work, financial management, acquisition readiness, leadership and organizational structures to meet the needs of a growing company. As part of the development of the board, Anni Ronkainen, an experienced professional in digitalization, customer experience and change management, was appointed Chair of the Board from outside the company’s operational management.
The strategy process has clarified the company’s long-term goals and made them more clearly shared across the organization. At the same time, EWQ has documented its technology roadmap and related metrics to support strategy execution. Evli has contributed its networks, expertise and perspectives on what the company should look like several years from now.
The impact of the partnership is also visible in EWQ’s international expansion. The company opened an office in Denmark at the end of 2025. The investor’s support has enabled EWQ to participate in major tenders and pilots that require significant upfront investment before the outcome is known. Evli’s broader resources have also given the smaller growth company greater credibility with large international customers.
According to EWQ, the partnership has successfully combined the entrepreneurial spirit of a growth company with the structure brought by a private equity investor, without sacrificing agility.
“I was perhaps prepared for the involvement of a private equity investor to change our everyday work much more. The change has been significant, but in a good way. Evli challenges us, provides sparring and brings new perspectives. Active ownership feels like a strong commitment to the company’s success. It is about working together towards the same goal,” Brisk says.
Technology driving efficiency and sustainability
The value of EWQ’s technology is most visible in its customers’ everyday operations. When price communication, digital displays and other in-store solutions operate through the same system, changes can be implemented quickly while reducing manual work and errors. For example, prices on electronic shelf labels can be updated in as little as 14 seconds, helping ensure that prices in stores and at checkout remain aligned. At the same time, paper consumption is significantly reduced, and employees can spend less time on routine tasks and more time on customer service and other value-adding activities. More efficient use of resources is therefore one way in which technology also contributes to more sustainable store environments.
Sustainability is also an integral part of EWQ’s own operations. The company places emphasis on Finnish work, employee wellbeing and responsible business practices. Sustainability requirements are also becoming increasingly important in supplier selection among large customers. EWQ’s sustainability work has been recognized with a gold rating from EcoVadis.
Artificial intelligence is also playing an increasingly important role at EWQ. It is already being used in areas such as software development and customer service, while AI-powered features are gradually being introduced into the company’s products. At EWQ, AI is seen above all as an opportunity to make work faster and more efficient and to support the scalability of the business.
Towards Nordic market leadership
EWQ’s next phase of growth is strongly focused on the Nordic markets. The company originally expanded into Sweden organically and is now strengthening its presence in Denmark. Norway is among the next markets being considered, with further international expansion potentially following over the longer term. Future growth may also be complemented by acquisitions.
“Our goal is for EWQ to become a leading Nordic retail tech company – clearly larger and more international than today, growing profitably and serving as a critical digitalization partner for its customers,” Aejmelaeus summarizes.
EWQ’s growth story is built on deep industry expertise, long-standing customer relationships and continuous renewal. The company is now pursuing its next phase of growth particularly through international expansion, technology and an increasingly scalable business model. The partnership with Evli has added momentum, structure and the confidence to make decisions that support long-term growth.
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This article is part of the Finnish Venture Capital Association’s and PwC’s Building Growth Competition 2026 blog series, where we present the stories of the competition finalists. You can find more information about the competition on our website. The final will be held at FVCA’s main event of the year, the Finnish PE-VC Summit, on October 8, 2026.
