Norwegian IT Firm Crayon Explores Sale Amid Deal Flurry

Crayon Group Holding ASA, a Norwegian IT consultancy, is exploring options including a sale as the pace of European tech deals picks up, according to people familiar with the matter.

(Bloomberg) — Crayon Group Holding ASA, a Norwegian IT consultancy, is exploring options including a sale as the pace of European tech deals picks up, according to people familiar with the matter.

The Oslo-based firm is working with an adviser as it studies potential transactions, said the people, who asked not to be identified because discussions are private. Considerations are early stage and may not lead to a deal, they said.

Shares of Crayon have gained 13% this year, giving the company a market value of $961 million. Chairman Rune Syversen, a former Telenor ASA executive, co-founded Crayon with serial entrepreneur Jens Rugseth.

Crayon has more than 3,700 employees in 46 countries. It generated sales of 5.2 billion kroner ($492 million) and adjusted Ebitda of 839 million kroner in 2022, according to its annual report.

A potential sale comes at a time when one of its peers, Switzerland’s SoftwareOne Holding AG, has received a 2.93 billion Swiss-franc ($3.2 billion) offer from Bain Capital that has the backing of its founders. SoftwareOne’s founding shareholders, who together own 29.1% of the company, backed the proposal while the firm’s board has rejected the bid as too low.

A representative for Crayon declined to comment.

European tech companies are attracting significant interest from private equity firms. Silver Lake Management and Bain are competing to acquire Germany’s Software AG, while Nordic Capital is one of the last suitors circling Swiss banking software maker Temenos AG.

EQT AB is considering options for Danish software maker Sitecore and Partners Group Holding AG is looking to resurrect a sale of Civica, Bloomberg News has reported.

–With assistance from Jan-Henrik Förster and Stephen Treloar.

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