Innit was acquired by Arribatec for $6.7M.

Innit, a Hamar, Norway-based developer of DevOps frameworks, announced that it was acquired by the Norwegian company Arribatec.

The deal was made for the acquisition of 100% of the shares in Innit in a stock and cash deal totalling $6.7M, composed of a net fixed purchase price of NOK 52,3 million ($5.7M), plus 5,647,200 shares in Arribatec at a subscription price of NOK 1.50 per share ex dividend. Arribatec AS is a subsidiary of Arribatec Solutions ASA.

Innit, headquartered in Hamar, Norway, was founded in 2001 and has 60 employees distributed over 4 offices in Norway. The company has shown the ability to combine strong growth with positive operational margin and has over the past two years increased sales by 80% combined. Expected turnover for 2020 is NOK 75 million and with an EBITDA of NOK 5 million.