99x acquires Seeds Consulting as part of its growth strategy in Europe
View(s):Shortly after a group of investors, led by the Private Equity firm Herkules’ “Deal-by-Deal” team, invested in Colombo-based 99x, they have now completed the transaction to purchase Seeds Consulting AS. Led by founders and owners Jo Henrik Endrerud and Steinar Magnussen, Seeds Consulting has proven expertise in the development of digital solutions with multiple public sector clients in the healthcare sector.
In a media release, commenting on the transaction Dag Honningsvåg, Chairman of the Board of 99x, said: “The intention to engage with Seeds Consulting is nothing new. We tried several years ago to get Seeds involved in our business. However, now Seeds can point to a business model and an impressive track record of growth and profitability which makes this an attractive investment for us.”
Mano Sekaram, Founder and CEO of 99x stated: “The Seeds acquisition to the group opens the door for us to be closer to the market and leverage on their market position and competency in growing our business. This will enable us to build new offerings to the European enterprise market. Our growth strategy will be driven by acquiring successful, profitable companies like Seeds, to increase our presence in Europe.”
Seeds Consulting has had impressive year-on-year revenue and industry-leading profitability figures. Seeds serves a mix of large public and private sector companies that include the Norwegian Directorate of Health, the national health network and multiple sports clubs. Seeds also built a training diary application to coordinate activities among athletes, coaches and support staff to prepare Norwegian athletes for the Olympics. Seeds Consulting is headquartered in Norway and has a development centre in Brazil.