SYSCO sells 60% of the company to Credo Partners.

SYSCO, a Stavanger, Norway-based company providing IT solutions for the energy industry, announced getting into an agreement for selling 60% of the company to Credo Partners.

The deal, which has the financial details undisclosed, involves that the founders and key employees will keep the remaining 40% of the shares.

SYSCO, founded in 2004 and led by CEO Frank Vikingstad, is a company supplying IT services and software to the energy utility sector. SYSCO has a particular competitive edge within Oracle technology, which is the technological foundation for a large part of the IT systems in the energy utility sector. The company already has 70 of 130 power distribution companies as its customers, giving it a strong platform for further growth.

SYSCO had revenues of NOK 162 million and EBITDA of NOK 25 million in 2015.