Aptilo Networks & ServiceFactory sold to Norvestor Equity

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.

GCA Altium 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: GCA Altium thus arranged the sale of ServiceFactory, followed by a sale of the enlarged Aptilo Networks entity to Norvestor Equity in a simultaneous transaction.

GCA Altium acted as sole advisor to the sellers.

Related Transactions

GCA is a trade name for GCA Corporation and its subsidiaries and other affiliates which include:

• GCA Advisors, LLC, a Delaware limited liability company, registered broker-dealer and FINRA (www.finra.org) and SIPC member firm (www.sipc.org). GCA Advisors, LLC provides independent financial advice on matters related to Mergers & Acquisitions, Debt Capital Markets, Recapitalization & Restructuring, Cross Border and Strategic Alliances, Special Committees, Private Funds, Private Placements and Venture Support. Check the background of GCA Advisors, LLC on FINRA’s BrokerCheck (brokercheck.finra.org).
• GCA Altium Limited, a company providing financial advisory services in the UK, Switzerland, Germany, Italy and Israel and incorporated under English law, is authorized and regulated by the Financial Conduct Authority in the United Kingdom and provides independent financial advice on matters related to Mergers & Acquisitions, Debt Capital Markets, IPOs, Recapitalization & Restructuring, Cross Border and Private Placements.
• GCA Corporation, a company incorporated in Japan which provides financial advisory services on matters related to Mergers & Acquisitions, Cross Border, Private Placements & IPOs, Growth Strategy Services, and Post-Merger Integration.
• GCA China Company, Limited, a company incorporated in Shanghai which provides financial advisory services in China on matters related to Mergers & Acquisitions, Cross Border, Mezzanine Financing, Growth Strategy Services, Due Diligence and Post-Merger Integration.
• GCA India Company, Limited, a company incorporated in Mumbai which provides financial advisory services in India on matters related to Mergers & Acquisitions, Cross Border, Mezzanine Financing, Growth Strategy Services, Due Diligence and Post-Merger Integration.
• AMPLIA, a subsidiary of GCA Corporation in Japan, provides Venture Support services in Japan and the US.
• GCA FAS, a subsidiary of GCA Corporation in Japan, provides Due Diligence advisory services and M&A transaction services.
• MCo Corporation, a subsidiary of GCA Corporation in Japan, provides Mezzanine Financing in Japan.