Advania CEO says possible further acquisitions ahead

Advania’s CEO has indicated that the managed services player (MSP) will continue with its pattern of using mergers and acquisitions (M&A) to expand the business across Northern Europe.

The firm recently sealed a deal to add an artificial intelligence (AI) specialist from Iceland into the mix, which was the second deal this year after it picked up a Danish mid-market services player.

Hege Støre, CEO at Advania, said the business had consistently used acquisition over the past five years as a means of bolstering its proposition, and she saw no reason why that would change, adding that the business has a target to double the business in the next five years.

“On average, we do around five acquisitions every year, and have done since 2020-ish,” she said. “The plan is to continue to acquire companies. We recently announced one in Iceland, which was an AI automation company, and we did an acquisition in Denmark of an MSP/professional services company.”

Støre said that the company would consider further UK acquisitions in the future, but the current focus was on adding the business in Northern Europe rather than extending into fresh European countries, adding: “I think we know that market best, and we’re best on that. So, the focus is Northern Europe.”

Given the pattern of five acquisitions on average a year, that leaves Advania with another three to go in the second half, with Støre saying Advania was on the lookout for opportunities that supported its core market areas and complemented the company culture.

“We meet around 150 companies every year, and [we acquire] a very small percent of those,” she said. “It depends on the on the company. When we acquire a company, the management is always extremely important for us. We always do human rights due diligence to understand the culture and the competence in the company, and it needs to fit together with existing business.”

Støre said the firm remained on track to hit its target of doubling the business in the next five years and had the right technology and services propositions to meet customer demands.

“You saw the growth we had last year, and we are very happy with that,” she said, adding that Advania had kept that momentum going into its latest fiscal year. “We are still growing the top line and bottom line.”

Støre also signalled that the firm is looking to replicate its Dreamhouse facility in Sweden, which refurbishes a million devices annually, and open a similar operation in the UK in the next couple of years.

“We aim to invest in the same here in the UK – in the beginning of 2028, it will be up and running,” she said, adding that it was evaluating locations to establish where that site would be situated.

Støre is currently interim-CEO of Advania UK, and she provided an update on the progress the business had made in finding a full-time head of the country: “We met a lot of great candidates. Hopefully we can sign someone quite soon.”

She added that the firm islooking for an individual with solid leadership skills who can fit in its culture. “I want someone who is people-centred and commercial – and that’s an important skill set we are looking for,” she said.