Advania announces the acquisition of Wise from Iceland for $9.5M

Iceland Sweden M&A 06 September 2018
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Advania, a Stockholm, Sweden-based company providing systems integration services, announced the acquisition of Wise lausnir, an Icelandic IT company providing software development, consultation and services.

The acquisition values the company at €8.2M ($9.5M) and was made with the Norwegian AKVA Group, the owner of Wise.

Wise, led by CEO Hrannar Erlingsson, is an international developer of Software Solutions for the seafood industry with WiseFish as the primary product on the international market. The company has been among the most prominent Icelandic vendors for Microsoft Dynamics NAV business software providing custom solutions for various specialised services such as local councils, the fishing industry and financial services.

Advania is the biggest vendor for Microsoft solutions in Iceland and employs a large number of certified Microsoft Dynamics NAV specialists. The company is owned by institutional investors including VIA Equity and PFA, which bought 30% of the company in the summer of 2018.