Norvestor becomes major shareholder in Apsis.

Norvestor, an Oslo, Norway-based private equity firm, announced that  it had signed an agreement to invest in Apsis Sweden AB, the leading Nordic supplier of software-as-a-service solutions for permission based e-mail marketing.

The transaction, which has the financial details undisclosed, was made through Norvestor V, advised by Norvestor Equity AS, and which becomes the largest shareholder in Apsis. Founder Anders Frankel and the management team of Apsis will continue to hold approximately 27% of the shares in the company.

Apsis, based in Malmö, Sweden and founded in 2001, helps its clients communicate more effectively with its customers using digital marketing channels. The main product Apsis Newsletter Pro is currently Northern Europe’s most widely used permission based e-mail marketing tool with more than 5,000 customers in 40 countries.

The company has offices across Sweden and in Norway, Finland, Denmark, the Netherlands and Hong Kong.

Apsis has a proven operational track record with yearly sales growth of around 80% over the last three years. Apsis expects to generate sales of more than SEK 80 million in 2010.