Loihde divests its Swedish business operations to Witted Megacorp

2023 News

Loihde Plc and Witted Megacorp Oyj have agreed on a transaction in which Loihde will divest the business operations of its Swedish subsidiary Loihde Advisory AB to Witted Megacorp. The transaction takes effect on 1 September 2023. The companies do not disclose the price of the transaction.

The business operations of Loihde Advisory AB, which is the subject of the transaction, consist of expert services in digital development for companies and organisations. In connection with the transaction, all ten employees of Loihde Advisory AB will join Witted Megacorp and continue to work on existing client projects.

Loihde’s CEO Samu Konttinen explains that the reason for the transaction is the company’s decision to focus on its primary market area, Finland, where there clearly are more synergies between Loihde’s different businesses. “Our operations in Sweden have been small and have represented only a small part of our service portfolio. Expanding our business in Sweden to cover Loihde’s full range of services would have required significant investment.”

“The acquisition will boost Witted’s growth in Sweden and fits in with our growth strategy in the Nordic region”, says Harri Sieppi, Group CEO of Witted. Loihde and Witted have also agreed to start cooperating, which will allow the companies to use each other’s expertise to serve clients in their respective areas of operation.

 

Further information

CEO Samu Konttinen, media contact Director of Communications Tiina Nieminen, tel. +358 44 411 3480 or tiina.nieminen@loihde.com

 

Loihde enables business continuity. We help our customers to create growth and competitiveness through digitalisation and to protect themselves from physical and cyber threats. Loihde consists of two business areas: security solutions with the brand Loihde Trust and digital development with the brands Loihde Advance, Loihde Factor and Loihde Cloudon. The Group has approximately 900 employees and its revenue in 2022 amounted to EUR 123 million.

 

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