GCA Altium is now part of Houlihan Lokey

Transaction Details

August 17, 2021



Deal Type


Deal Team

Raymond Fröjd, Oskar Vramsten, Camilla Lindau, Olivier Timmerman

GCA Altium advises Norvestor on the sale of APSIS to Efficy

GCA Altium acted as exclusive financial advisor to Norvestor on the sale of APSIS, a leading Nordic data-driven marketing platform, to Efficy, a leading European CRM provider.

APSIS, based in Malmö, Sweden, is a Nordic market leader in data-driven marketing, with 20 years of experience providing solutions for email marketing, marketing automation, and marketing personalisation through its platform APSIS One. Today, APSIS has 10 offices and services close to 3,000 customers across the Nordics and Asia.

Belgium-based Efficy is a software provider offering medium and large businesses a complete, flexible, and extended CRM (Customer Relationship Management) solution. Founded in 2005, Efficy works with companies from a wide variety of sectors including Banking, Insurance, Social Housing, Services, Tourism & Transport, Retail, Legal, Local Authorities and Chambers of Commerce.

Efficy has acquired APSIS from Norvestor, expanding its Nordic presence and marching on towards its ambition to reach a 5% market share of the European CRM market by 2024. For Efficy, this deal marks the seventh acquisition in the past seven years, allowing the Belgian group to considerably broaden its reach and strengthen its presence in Europe, and expanding its workforce to over 500 people across 18 offices in Europe.

Emma Dyga, CEO of APSIS, commented: “We’re very excited about Efficy’s acquisition of APSIS and are thrilled to be joining a high-growth company with big ambitions in Europe. I believe what we’ve built with APSIS One can be another piece of the puzzle for Efficy to reach its ambitions in the European market.”

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