Juuri and Ilmarinen invest in Nitor

Oct 23, 2020, 8:41 AM

Juuri and Ilmarinen have invested in Nitor by acquiring a minority stake of approximately 30% in the company. Over the past five years Nitor has tripled its turnover while maintaining excellent profitability. The company has also been recognized for its employee and client satisfaction. All of the founding members of Nitor will retain a significant stake in the company. In addition, the company’s ownership will be broadened through an extended employee share scheme for all staff members.

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Private equity firm Juuri Partners and Mutual Pension Insurance Company Ilmarinen have invested in the digital engineering company Nitor by acquiring a minority stake of 30% from some of its founding members. Juuri’s investment is the first one from the new Juuri Fund II.

Nitor, known for its employee satisfaction, will broaden its ownership by offering Nitor employees a more extended opportunity to purchase shares in the company. With the investment, Nitor seeks to enable a generational transition, speed up the company’s internationalization and expand the ownership base through an extended employee share scheme.

“The decision to sell shares is a result of long-term planning and a transition in our company’s 14-year history. Through their investment, Juuri and Ilmarinen offer us a chance to develop Nitor so that we can serve the needs of our clients and employees even better,” says Olli Auvinen, Nitor’s CEO.

Over the past five years, Nitor has nearly tripled its turnover, increasing it to about EUR 29 million, while also maintaining excellent profitability. According to the survey conducted by an independent business analysis company Onway, Nitor has been able to achieve excellent client satisfaction even while growing. The digital engineering company has been selected among the top companies every year since 2012.

Nitor’s dedication to organisational culture has been crucial to its success and has been awarded as well. Nitor’s digital engineers create adaptive digital services and new ways of working while increasing the strategic agility of the client. Nitor builds business-critical systems that help in data-driven decision-making, and serve the changing digital needs and markets.

In Finland and Sweden, the digital engineering company employs nearly 200 top professionals, who provide sustainable digital development to clients such as Posti, OP Financial Group, SOK, Elisa and Kesko.

The investment also speeds up Nitor’s internationalization. The Stockholm office, established in 2018, is looking for more digital engineers, especially software developers and Lean-Agile coaches. In Sweden, Nitor’s notable clients include the Stockholm region’s public transport provider SL.

“Employee and client satisfaction are at the core of our success. With this investment, we are better equipped to develop Nitor’s strengths without changing our culture and customs. We will continue to ensure that we are the best place to work for our digital engineers,” says Olli Auvinen.

For more information:

Olli Auvinen, CEO, Nitor
+358 (0)40 509 6248
olli.auvinen@nitor.com