Acquisition of Tölvumidlun Ltd
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October 2015 – Acquisition of Tölvumidlun Ltd
About the deal
In 2015 Bryan, Garnier & Co advised Advania Iceland in the acquisition of Tolvumidlun, one of Iceland’s leading software companies.
Tolvumidlun´s core focus is to develop and sell business software applications including payroll and human resource solutions. The acquisition will strengthen Advania’s solution capabilities and increases the value the company is able to provide to its clients. The acquisition will also enable Advania to provide better customer services by cross selling and integration of time recording- and human resource solutions. The transaction is subject to competition authority approval.
Deal team
Adalsteinn Johannsson | Partner | Reykjavik | Investment Banking | ajohannsson@bryangarnier.com
Dadi Janusson | Director | Reykjavik | Investment Banking | djanusson@bryangarnier.com
About Advania
Advania Hf, is an Iceland-based company that provides software, consulting, hardware, information technology operations, hosting, and data center services for corporate clients in the Nordic region. Advania reported revenue of approximately SEK 1.5bn (EUR 159.49m) and has a workforce of more than 1,000 employees.
About Tolvumidlun
Tolvumidlun Ltd, is an Iceland-based company engaged in offering software solutions in the area of payroll, finance, and human resources management systems. Tolvumidlun has workforce of 35 employees. Formed in 1985, Tolvumidlun is one of Iceland’s oldest software companies.