MB Funds to sell Pinja to Norvestor
Software company Pinja has grown rapidly along with the increased demand for digitalization solutions in industrial and service sectors. MB Funds, who backed the development of Pinja, divests its ownership in the company, and Pinja continues its growth with private equity owner Norvestor.
Pinja sells software solutions and software development services that it has developed for manufacturing industry, forest industry, and bioenergy and circular economy companies, as well as to trade, service, and public sector customers. The company has grown steadily along with its clients’ increasing needs in digitalization during the past few years. Today, Pinja is a respected, talented, and reliable partner for its key customers in various sectors. Pinja employs approximately 450 software professionals in five locations in Finland, and the revenue of the company is over 40 million euros this year.
Earlier this year, Pinja sold its industrial planning and automation services business to Afry, and since then Pinja has focused on industrial software solutions, customer-customized software development, business intelligence solutions, and related consulting services. During MB Funds’ ownership, Pinja conducted several add-on acquisitions and expanded significantly its software services business. Personnel and revenue related to the software services grew four-fold, and the company transformed its software products to SaaS-model thus increasing substantially the share of recurring software services.
“The cooperation with MB Funds has significantly enabled the transformation and the growth of Pinja’s business. As we have managed to renew our service offering and developed Pinja to a first-class software company, we are very pleased to get an experienced international private equity owner Norvestor to support Pinja’s further international growth”, tells Veli-Matti Nurminen, the CEO of Pinja.
“Within four years Pinja has made a fantastic journey from industrial planning and services-focused company to a true software company. The credit for this belongs especially to the CEO of Pinja, Veli-Matti Nurminen, and his team, as well as to the whole personnel of Pinja. It has been great to be a part of this success story and we are pleased that the company gets a new great owner to support the company’s next growth phase”, states Juha Tukiainen, the Managing Partner of MB Funds.
The transaction is subject to customary closing and regulatory approval, and the target is to complete the acquisition as soon as possible.
Managing Partner, MB Funds
+358 (0)40 079 1679 or firstname.lastname@example.org
Pinja – a fast growing and internationalizing software company
Pinja has experienced steady growth during the past few years. Pinja has approximately 450 IT experts and a selection of over ten industrial SaaS software solutions. Pinja has become a major builder of industrial digitalization and the digital society. Pinja is the leading provider of SaaS software solutions in the forest industry, manufacturing industry, circular economy, the bioenergy sector, and the technical inspection business, among others. The share of the company’s international business is growing, and the company has a strong customer base for continuous services.
MB Funds briefly
MB Funds is the leading Finnish private equity investor founded in 1988. Total assets under MB Funds management stand at 0.5 billion euro with prime Finnish institutions as its main fund investors. MB Funds has successfully invested in over 40 mid-sized companies in the Nordics.