Grey has advised the owners in connection with the sale of Lumagate’s Nordic operations, which includes companies in Sweden, Norway and Denmark, to Innofactor Oyj.

Lumagate is one of the leading Nordic IT service providers focused on cloud-based solutions in the Microsoft ecosystem. These solutions support and improve customers’ business processes. The company has over 70 employees.

The purchase price consists of a fixed part paid in cash upon closing and an additional purchase price based on the Lumagate Group’s EBITDA for the financial years 2016, 2017 and 2018. The additional purchase price can be paid in Innofactor shares.

As part of the arrangement, Innofactor receives an option to acquire Ironstone, a company providing hosting services for Azure in Sweden and Denmark. The owners of Ironstone are partly the same as the sellers of Lumagate.

The Innofactor share is traded on NASDAQ Helsinki Oy.