Digital transformation and sustainability consultancy Knowit AB acquires Ascend AB and sister company Ionic AB. The enterprise value of the two companies initially amounts to SEK 200 million. Additional consideration may be paid, subject to the level of EBITDA for 2022 and 2023 respectively in the acquired entities. The additional consideration is estimated at SEK 50 million, which will also be included in the acquisition balance sheet on the day of acquisition, the companies said.
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Knowit acquires Ascend and Ionic
Knowit, founded in 1990, is based in Stockholm, Sweden. The company has 3,809 employees listed on LinkedIn. Knowit’s areas of expertise include Application Management, Business Intelligence, Systems Development, Testing and Quality Management, Microsoft, EpiServer, Digital Marketing, Web Analytics, Digital Transformation business, organizational development, strategy, mobile development, management consulting and business consulting.
Ascend, founded in 2014, is based in Stockholm, Sweden. The company has 51 employees referenced on LinkedIn. Ascend’s areas of expertise include business transformation, management consulting, sales transformation, service transformation and operations transformation.
Ionic, founded in 2019, is based in Stockholm, Sweden. The company has 13 employees listed on LinkedIn. Ionic is an IT consulting firm providing services covering all phases of cloud adoption.
The acquisitions will add approximately 60 employees in Stockholm, Sweden to the combined company and bring a total of approximately 500 consultants to the Nordic region. Ascend and Ionic will become part of Knowit’s Insight business area and strengthen the company’s management consulting offering in enterprise technology and business excellence, the companies said. The four founders will remain with the company after the merger.
Knowit Acquires Ascend, Ionic: Management Insights
Carin Strindmark, Head of Knowit Insight, commented on the news:
“We are proud and excited to welcome new colleagues from Ascend and Ionic to Knowit Insight. Ascend and sister company Ionic both strengthen our brand and our offering with their high competence and strong customer relationships. Knowit’s management consulting offering and market position are stronger than ever1) and we become an even more relevant partner for existing and new customers, while being a more attractive employer.
Jonas Nodler, partner and co-founder of Ascend and Ionic, added:
“We are seeing an increased demand for management consulting services closely associated with new technologies. Our customers increasingly demand support that combines technical and operational knowledge, with the ability to assist at both the strategic and operational level. We have a clear ambition to continue to develop our businesses and to support our customers even better in their crucial transformations. Therefore, it seems like a natural step to be part of a larger context at Knowit. Ascend and Knowit complement each other well and have similar cultures, values and visions for building a sustainable and caring society. We look forward to being part of Knowit, which is on an exciting growth journey,” said
Knowit is no stranger to mergers and acquisitions. In June 2022, Knowit acquired Danish IT consulting firm Miracle, an open source-focused company that works closely with IBM’s Red Hat and Atlassian. The purchase price was approximately US$20.3 million. Knowit also acquired Capacent in September 2021 and Marketing Clinic in July 2022.