Excerpt from our historical coverage
July 11, 2025

Spir Group (publ.) sells subsidiary Sikri to U.S.-based PE firm STG Partners - EV of NOK 1bn and EV/EBITDA of 11.5x

Press Release
Norwegian software company Spir Group (publ.) has entered into an agreement to sell its public administration software business Sikri to US-based PE firm STG Partners. The enterprise value of Sikri will be NOK 1bn, of which NOK 900m will be paid in cash at closing and NOK 100m will be settled in 2028. Furthermore, Spir is entitled to an earn-out payment of NOK 50m, contingent upon Sikri’s performance in 2025. The transaction is expected to close early Q3 2025 and implies an EV/EBITDA of about 11.5x (Q1-2025 LTM). The carve-out allows Spir Group to concentrate on its core platforms serving real estate and geodata markets across Norway and Sweden. Sikri reported Q1-2025 LTM revenues of NOK 271.3m and an adjusted EBITDA of NOK 87m. Simonsen Vogt Wiig acted as legal advisor for Spir Group in connection with the transaction. In June, NKP M&A Insights exclusively reported that Spir was exploring a carve-out of Sikri, with ABG Sundal Collier advising and non-binding offers already collected.
Transaction announcement
Opportunity originally surfaced by NKP | M&A Insights as:
June 20, 2025

Spir Group (publ.) is, according to some sources, possibly contemplating a carve-out of Sikri, a provider of case processing software to the public sector, reportedly advised by AGB Sundal Collier, some indications that NBOs were collected and DD is currently commencing, acc. to sources (NKP | M&A Insights Proprietary)

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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)

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Source: NKP | M&A Insights Proprietary
Early coverage by NKP | M&A Insights (headline)
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