- GeneralM&A
- December 21, 2020
- 3 minutes read
IBM Buys Nordcloud
Building its cloud business with a string of acquisitions, IBM has announced that it’s bought Nordcloud, a Norwegian cloud software…
Building its cloud business with a string of acquisitions, IBM has announced that it’s bought Nordcloud, a Norwegian cloud software firm, for an undisclosed price. Nordcloud has a current turnover of 50 million euros ($61 million) and employs over 450 people, according to its LinkedIn page.
The acquisition of Nordcloud comes just a few days after IBM bought a Canadian fintech software provider named Expertus and a month after buying the application performance monitoring startup Instana. These acquisitions fall under IBM’s plan to strengthen its suite of cloud software services which is an area that it’s earmarked for growth.
Nordcloud is a provider of cloud software and consulting services to European firms. It’s more of an IT services firm that help enterprises with cloud migration and maintenance rather than a company that develops its own cloud software services.
Nordcloud is known to be backed by $25 million in venture funding from investors including Finnvera Venture Capital and the EIT Digital Accelerator. Its acquisition by IBM is expected to close in the first quarter of next year, the price not disclosed.
Nordcloud’s purchase marks a significant win for the Norwegian technology scene, which recently scored another major win with the $240 million sale of the Norwegian urban design and development software startup Spacemaker to Autodesk.
