Men & Mice was acquired by Stefnir

Iceland Secondary 11 September 2019
Share on FacebookShare on Twitter

Men & Mice, a Reykjavik, Iceland-based SAAS company, announced getting into an investment agreement for getting Iceland’s largest fund management company, Stefnir, as major shareholder in the company.

The deal, which has the financial details undisclosed, was made by Stefnir's fund, SÍA III, with current owners, including New Business Venture Fund (Nýsköpunarsjóður), which held a 27 percent stake, and the founders Jón Georg Aðalsteinsson and Pétur Pétursson, who owned a total of 30 percent.

Men & Mice, founded in 1990 by Petur Petursson and Jon Georg Adalsteinsson and led by CEO Magnús Eðvald Björnsson, provides software services for medium-sized and large companies, helping keep track of all their networks and simplify network management.

Customers include Microsoft, Intel, Nestlé, Unilever, Comcast, McAfee and Fedex, generating a turnover of $7.5 million in 2018. Men & Mice operates in a market that grows 10-20 percent per year, and expects to grow in markets such as the US and Germany.