Aptilo Networks

Aptilo Networks and ServiceFactory sold to Norvestor Equity

January 2011

Aptilo Networks and ServiceFactory: A creative divestment of two substantial holdings in a multi-transaction process

“This is the sort of creative solution which you expect from the highest quality M&A advisors, putting together an imaginative option which would maximise the value to our shareholders and then managing a complex multi-transaction process to rapid and successful completion.”

Tom Nyman, Chairman of Birdstep Technology

Deal value

USD 22m

Combined revenue

USD 13m

CAGR last 5 FYs


Combined employees



Stockholm, Sweden

Sale of two substantial non-core OSS/BSS assets

Norwegian listed company Birdstep Technology (acquired by SmithMicro in 2016) is a leading global provider of secure wireless connectivity software for operators, enterprises and mobile device manufacturers.

Amongst Birdstep’s subsidiaries was ServiceFactory, a supplier of service and policy management solutions for mobile operators.

Birdstep also held a substantial minority holding in Aptilo Networks, a global leader in pre-integrated solutions for control of billing, user services and access in wireless networks including Wi-Fi, WiMAXTM and LTE.

A combined set-up to unlock the value

After a strategic review, Birdstep Technology concluded that despite being successful and respected companies, these 2 subsidiaries were not core assets.

Stella EOC was engaged to explore routes for divestment of both holdings, and eventually assumed that a prospective buyer would consider a combined Aptilo Networks and ServiceFactory a more valuable proposition.

An attractive asset for a financial investor

The opportunity was introduced to Norvestor Equity, a leading private equity firm focusing on mid-market control investments in the Nordic region.

Birdstep Technology was only a minority owner in one of the entities, so putting them together was not straightforward: Stella EOC thus arranged the sale of ServiceFactory, followed by a sale of the enlarged Aptilo Networks entity to Norvestor Equity in a simultaneous transaction.

Stella EOC acted as sole advisor to the sellers.