Selling and buying

NORRIQ has not looked back since the company sold its Drink-IT division, which developed a specialized ERP solution for the beverage industry, in the spring of 2023. Subsequently, NORRIQ acquired a department with 80 employees specializing in digital solutions for the financial sector from one of the major accounting firms in Belgium and simultaneously bought out the remaining investors.

CEO Bo Martinsen has thus assumed the role of sole owner of NORRIQ, which today appears more streamlined and focused than ever before. A solid financial statement for 2023 underscores that the strategic shift has also borne fruit economically.

NORRIQ concluded 2023 with a gross profit of DKK 183 million, corresponding to a growth of 50 percent compared to 2022 (DKK 121.8 million). EBITDA doubled to DKK 27 million (from DKK 13.8 million), and the result increased from a loss of DKK 470,000 in 2022 to a profit of DKK 151 million in 2023. The company has more than 300 employees across seven locations in Denmark and Belgium.

“This is an exceptionally good result, of which we are very proud. 2023 was a year marked by major strategic decisions, and it feels great that we set our sights correctly. Our expertise remains unchanged. We will continue to lead in digital transformation and transition to the cloud, but we have a sharper focus on selected industries where we can add extra value through our expertise and technological capabilities,” says Bo Martinsen, who founded the company in 2007.

Back to basics

In 2023, NORRIQ sold its Drink-IT division to American company Aptean and a division specializing in add-on solutions for Microsoft Business Central to Swedish Signup Software. With the acquisition of the department from the accounting firm in Belgium, NORRIQ has gained 80 new employees specializing in the financial sector.

“We are now a pure consulting firm specializing in digitalization. When we develop software now, it is to facilitate technical processes related to integrations and implementation. We have implemented digital solutions in over 1,000 companies globally, so it is an area we know a lot about and where we have deep industry experience,” concludes Bo Martinsen.

A 50 percent increase in gross profit to DKK 183 million and a profit of DKK 151 million demonstrate that the decision to divest and acquire with a focus on the consulting business was the right one.

A new future for Drink-IT

Drink-IT is an ERP solution specifically designed for the beverage industry. This solution will now become part of a global company that specializes in providing business software to the food and beverage sectors.

“It has not been easy to say goodbye to our dedicated team of colleagues, but this is the right path for the Drink-IT business, its employees, and its customers,” says Bo Martinsen.

With Aptean’s global presence, complementary solutions, and technological capabilities, all the conditions are in place for the continued development of the Drink-IT solution.

Bo Martinsen continues: “I would like to thank the Drink-IT team for their hard work and dedication to the solution. Their efforts have been invaluable. A special thanks to Sarah Broux for leading Drink-IT as Managing Director and for her 20 years at NORRIQ. We wish Sarah and the entire team all the best in their new careers at Aptean.”

Even higher ambitions for NORRIQ

NORRIQ has seen very positive development in recent years. “Therefore, we will have even higher ambitions for NORRIQ and our more than 200 colleagues in the future,” explains Bo Martinsen. With expertise in ERP, CRM, PIM, BI, and e-commerce, deep industry knowledge in selected verticals, and experienced colleagues, NORRIQ is well-positioned to help companies realize their full potential through digital solutions. “We already have a strong market position in Denmark and Belgium. By increasing investment in our core business, we will further strengthen our positions and use our unique market offering for international growth,” explains Bo Martinsen.

He concludes: “I am proud of the journey that Drink-IT has been on. And I am proud of the recognition we receive by having a global organization like Aptean wanting to buy Drink-IT. The sale is another milestone in NORRIQ’s history, and it increases my expectations and ambitions for the future NORRIQ.”

About NORRIQ

NORRIQ is a consulting and technology firm established in Denmark in 2007. Today, it is an international company with 7 offices and customers worldwide. We have more than 300 skilled colleagues, all driven by a passion for realizing our customers’ full business potential with technology and digital solutions.

Selling and buying

Back to basics

A 50 percent increase in gross profit to DKK 183 million and a profit of DKK 151 million demonstrate that the decision to divest and acquire with a focus on the consulting business was the right one.

A new future for Drink-IT

“It has not been easy to say goodbye to our dedicated team of colleagues, but this is the right path for the Drink-IT business, its employees, and its customers,” says Bo Martinsen.

With Aptean’s global presence, complementary solutions, and technological capabilities, all the conditions are in place for the continued development of the Drink-IT solution.

Even higher ambitions for NORRIQ

About NORRIQ

Selling and buying

Back to basics

A 50 percent increase in gross profit to DKK 183 million and a profit of DKK 151 million demonstrate that the decision to divest and acquire with a focus on the consulting business was the right one.