Dynamo was acquired by Combined Excellence.

Dynamo, a Stockholm, Sweden-based company providing software development services, announced that it was acquired by Karlstad, Sweden-based Combined Excellence.

The purchase price amounts to SEK 21M ($2.3M) - SEK 13 million on a debt-free basis, with the option of an additional purchase price, estimated at approximately 8 MSEK.

Dynamo, founded by CEO Mathias Plank, is one of the first Swedish companies to start developing apps when Apple launched its App Store. The company had a turnover of SEK 47M ($5.2M) and reported a loss of 3.5 million in 2017.