GCA Altium is now part of Houlihan Lokey

Transaction Details

May 3, 2019



Deal Type


Deal Value


Deal Team

Sigurd Solheim, Raymond Frojd, Sebastien Delattre, Alexander Alm

Puzzel acquired by Marlin Equity Partners

Puzzel: CCaaS provider solving all customer interactions needs

Puzzel, headquartered in Oslo with offices in the UK, Sweden, Denmark and Bulgaria, is a pioneering provider of cloud-based omni-channel Contact Centre as a Service (CCaaS) software, catering to the hyper-connected customer. The company was acquired by Herkules Capital back in September 2010 as part of Intelcom, and since then has grown fast out of its Norway base, challenging the competition in the Nordics and expanding further across Europe.

Puzzel’s CCaaS solution offers unrivalled APIs and pre-packaged deep integrations, and they are committed to developing innovative technology to improve customer interactions. Its new AI solutions are also proving to be an efficient and cost-effective addition any business’ self-service approach to customer support services.

Puzzel was recognised as a Challenger in the 2018 Gartner Magic Quadrant report for Contact Center as a Service in Western Europe for the fourth consecutive year given its strong growth, functional capabilities, strengths in standards and compliance, customer service and support.

Marlin’s expertise, capital and international reach will facilitate Puzzel’s global expansion

Marlin Equity Partners is a US-based private equity firm with over $6.7bn of capital under management and boasting significant experience within the software and technology space. In December 2015 they first entered the cloud-based contact CCaaS market with the acquisition of Serenova, adding on TelStrat in October 2017. Under Marlin, Serenova has become one of the largest independent CCaaS providers worldwide, giving them unprecedented insight into the space, which they will leverage over the course of their ownership of Puzzel.

“In Puzzel, we saw a business with a comprehensive omni-channel CCaaS solution that is both scalable and flexible, and designed to support contact centres of all sizes,” said Mike Wilkinson, a Vice President at Marlin. “The company has experienced tremendous growth across Europe that is being further fuelled by feedback and advocacy from market-leading customers. We are excited to partner with an exceptional management team to seek new partnerships, invest in new opportunities to enhance the product suite and expand the company’s geographic presence.”

This acquisition will support Puzzel’s future growth, as they expand their presence further in the Nordics and move into other European markets too.

GCA Altium acted as financial advisor to Marlin Equity Partners.

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