April 2023 saw the completion of the majority acquisition of Binary Soluciones by Asolvi, a leading European software company. Baker Tilly Corporate Finance advised the Asolvi team on this transaction.
With the acquisition of Binary, the Norwegian company will be able to expand its reach in Spain and Latin America and enhance its offering with Binary's expertise. For Asolvi this is an important milestone and reflects the company's commitment to expand its offering and reach to provide exceptional service to its customers.
Binary Solutions is a respected provider of field service management software in Spain, Colombia, Argentina, Mexico and Peru with 200 customers.
Founded in 1991 and headquartered in Trondheim, Norway, Asolvi AS is a leading provider of field service management software for small and medium-sized enterprises (SMEs) in Europe. Asolvi's products support thousands of engineers, millions of contracts and tens of millions of service tasks. It has more than 160 employees in eleven offices in Europe and Latin America serving more than 1800 customers in 40 countries. It is owned by Volpi Capital, Viking Venture and Management.
"We are delighted to welcome the talented Binary team, the acquisition will be a significant step in Asolvi's growth strategy and will enable us to be a major provider of field service solutions in the Spanish and Latin American markets. The addition of Spain and Latin America, with many customers within one of our core verticals, consolidates Asolvi as a leading provider of service management solutions for this sector."Pål M. Rødseth, CEO of Asolvi
"The acquisition of Binary is an important milestone for Asolvi and our strategy to create a more international business. It demonstrates the strategic importance of the Fire & Security sector, as well as the ability to grow through the acquisitions in new geographies. We warmly welcome Antonio Delgado Prieto and his team," said Erik Verggren of Volpi Capital.
"Antonio Delgado and his team have impressed us since our first meeting, and we are delighted to welcome them to the Asolvi family. Together we will accelerate the continued growth of our combined business.Fernando Piekenbrock, Volpi Capital
Baker Tilly has advised Asolvi in the negotiations with Binary's management team. Diego Gutiérrez, a partner specialising in the technology sector, led the team. Baker Tilly Corporate Finance has a team specialised in Tech M&A and has consistently ranked in the Top 10 in the global M&A market.
Baker Tilly International's corporate finance services include advising on cross-border transactions for clients doing business in multiple locations. Baker Tilly's network spans 145 territories, with 40,000 people working in more than 746 offices.
Baker Tilly International is an international network of professional business services specialising in advisory, consulting, audit, tax, legal, accounting, labour and management services for SMEs and multinational companies.