Aptilo Networks, AB, a Stockholm, Sweden-based supplier of software solutions for wireless service management and policy control, has received an equity investment of undisclosed amount from Norvestor V, L.P.
Following the transaction, Norvestor V, L.P. will become the largest shareholder in Aptilo and CEO and co-founder Torbjorn Ward and the management team will hold approximately 10% of the shares in the company.
Norvestor will also fund the acquisition of ServiceFactory AB, a division within Birdstep Technology ASA, on a 100% basis with SEK 26.0m.
In conjunction with the transaction, Jarle Gundersen, Partner in Norvestor Equity AS, joined as new Chairman of Aptilo. “We are excited to support the CEO Torbjörn Wård and his management team in further developing the business”, he said.
Founded in 2001, the company helps service providers and wireless operators to manage their services with its solutions for Authentication, Authorization and Accounting (“AAA”) and policy control. With its pre-integrated management solutions for control of billing, user services and access in Wi-Fi, WiMAX™ and LTE networks, the company currently supplies over 120 customers in 50 countries.
Aptilo operates offices in Kuala Lumpur, Malaysia, and in Toledo, OH, and Plano, TX, USA.