GCA Altium is now part of Houlihan Lokey

Transaction Details

January 1, 2011



Deal Type


Deal Value


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.

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