Cegal Receives Investment from Norvestor V

Cegal AS, a Stavanger, Norway-based supplier of centralized IT operations with focus on Software as a Service and consulting services, has received an investment of undisclosed amount from Norvestor V, L.P.
Through the transaction, which is expected to close in January 2011, Norvestor V will become the largest shareholder in Cegal. The CEO Svein Torgersen and the management team of the company will continue to hold approximately 25% of the shares.
Cegal provides centralized IT operations with focus on Application Service Provider, consulting services, and sales of hardware and software as part of projects and customer relationship.The company has more than 120 customers and operates more than 550 applications for SMEs across all industries, with a particular focus on operation of applications to the energy sector.
The investment will support the company’s management team in developing the business further. As stated by Svein Torgersen, the ambition is to become the leading application and IT service provider to the SME market in Norway, enforcing the position in the oil exploration sector.
Cegal currently has approximately 60 employees. 

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