Knowit acquired Creuna for $20M.

Knowit, a Stockholm, Sweden-based digital agency, announced that it acquired the Norway-based Creuna, a provider of consultancy and supplier of communication solutions.

The deal was made for SEK 178 million ($20.3M) in a cash and stock combination.

Creuna will be part of the Knowit Experience business area, as it provides complementing services with digital strategies, data-driven sales and marketing communication. Following the acquisition, Knowit Experience grows to approximately 900 employees and the number of employees in the Group to approximately 2,600.

Creuna, led by Torstein Harildstad, is a Nordic digital agency with around 300 employees in Denmark, Norway, Sweden and Finland. Sales for the last 12 months were SEK 398 million, with EBITA of SEK 21.5 million. Prior to this deal, the company was owned by investors including Eltek Holding.

Knowit Experience is a business area within Knowit with approximately 600 specialists in technology, design and communication. The business area's customers are in several different industries, where the public sector, retail and health are well represented.