Abax gets Investcorp as a main investor.

Abax, a UK and Norway-based vehicle monitoring software provider, was sold to Investcorp.

Investcorp, a Bahrain-based private equity investment firm, was among bidders interested to acquire the software company Abax from Nordic-based buyout shop Norvestor.

The enterprise transaction value is NOK 1.8bn ($210M), yielding for Norvestor a 5.7 money multiples and 45.7% IRR (return on investment).

Norvestor Equity AS bought the company in 2012, when Abax had sales of NOK 157M ($20M).

In 2016 the company registered NOK 472M ($56M) in revenue, with a growth of 31.5% yoy, and a corresponding increase in EBITDA of 34.5% to NOK 68.2M ($8.2M).

Abax, led by CEO Petter Quinsgaard, is one of Europe's fastest growing companies in the telematics industry, and a major player in the sale and development of electronic driving books for vocational and private cars. The company has 350 employees and offices in Norway, Sweden, Denmark, Finland, Great Britain, the Netherlands and China.

Abax is the second acquisition of Investcorp in the Nordics in the last months, as in March 2017 it announced the acquisition of 60% of Ageras, a Danish online marketplace.