Knowit acquires the management consultants AscendPublished 06 Sep 2022
Knowit AB (publ.) is acquiring Ascend AB and its sister company Ionic AB with a total of around 60 employees in Stockholm. The companies will become part of Knowit’s business area Insight and strengthen the existing management offer, primarily in the areas Business Technology and Commercial Excellence. The acquisition of Ascend and Ionic supplements Knowit Insight’s offer further and contributes to a stronger market position, with a total of around 500 consultants in the Nordic region.
The demand for management consulting supporting companies in the digital transformation using modern technology and taking account of the sustainability aspect is strong and growing. Knowit Insight helps companies and organizations develop and optimize their business models by supporting clients specifically in areas like change management, business strategy, business development, and cybersecurity.
“We are proud and pleased to welcome new colleagues from Ascend and Ionic to us at Knowit Insight. Ascend and the sister company Ionic both strengthen our brand and offer with their high competence and strong client relationships. Knowit’s management consultancy offer and market position are now stronger than ever1) and we are becoming an even more relevant partner to both existing and new clients, while also being a more attractive employer,” says Carin Strindmark, Head of Knowit Insight.
Ascend and Ionic are active primarily in the private sector, with a focus on supporting companies to achieve greater profitability and higher business value. The companies have established, long-term relationships with several large, global clients, including Ericsson and Sandvik, and have a unique ability to combine strategy with operative execution power. This, combined with high competence in new technology – such as cloud solutions – means that the merger with Knowit creates a unique and stronger offer for both clients and employees.
Ascend was established in 2014 and has had a stable development since then. All four founders will remain in the company after the merger with Knowit.
“We are seeing increased demand for management consultancy services closely associated with new technology. Our clients are increasingly asking for support that combines technical and operative knowledge, with an ability to assist at both a strategic and an operative level. We have a clear ambition to continue developing our companies and offering our clients even better support in their crucial transformations. Therefore, it feels like a natural step to become part of a larger context at Knowit. Ascend and Knowit complement each other well and have similar cultures, values, and visions of building a sustainable and humane society. We look forward to becoming part of Knowit, which is on an exciting growth journey,” says Jonas Nodler, partner and cofounder of Ascend and Ionic.
The acquisition is estimated to be finalized at the turn of the month September/October and the operations within Ascend and Ionic will gradually be integrated into the Knowit brand.
- The enterprise value for the companies2) initially totals SEK 200 million.
- Additional consideration can be paid out, conditional upon the EBITDA level for 2022 and 2023 respectively in the acquired entities. The additional consideration is estimated at SEK 50 million, which will also be included in the acquisition balance sheet on the day of acquisition.
1) Knowit acquired Capacent in September 2021 and Marketing Clinic in July 2022.
2) Ascend Consulting AB and Ionic Consulting AB.