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The Jönköping-based Infobric group, which develops digital services to simplify and optimize workplaces, is on a procurement tour. In a short time they acquired three SaaS companies and are now announcing two new Swedish acquisitions in the construction industry.
These are Buildsafe, which wants to make it easier for construction companies and subcontractors to control the work environment, and Equipmentloop, whose platform helps construction and rental companies to streamline the management of machinery and equipment.
No purchase price has been announced. In connection with the transaction, Infobric redeems most of the companies’ external financial investors. The founders of Buildsafe and Equipmentloop, in turn, have reinvested a large portion of the deal money into Infobric, where they now join as co-owners, while continuing to lead their respective companies.
“A step in the journey”
Buildsafe was founded five years ago by Viktor Broberg, Samuel Jaeger, Leo Sydow, Johan Brunedal, and Deniss Karavajev. Currently, the company has about 30 employees.
“The goal has always been to have a great impact on construction. It’s about joining a group where you can become stronger, this is a step in the journey to create the conditions to continue to influence, “says Buildsafe CEO Viktor Broberg.
Previous Buildsafe investors include venture capital firm Moor, Almi Invest, Concrete Ventures and SRI Capital.
Equipmentloop was founded in 2016 by Simon Fogbring and Christopher Bark and now has 12 employees. Reforce New Ventures was the largest passive owner of the company, which also had several smaller business angels and family offices on the owner list.
CEO Simon Fogbring says that from the beginning, they have worked for sustainable and resource efficient projects.
“We did not have an exit strategy, we focused on helping the construction industry with its transition to more sustainable construction projects. Now we come to more workplaces and we see this as a way to improve, “says Simon Fogbring.
Indulge Infobric on top of SaaS companies
Following the acquisition, Infobric will consist of around 200 employees and a turnover of SEK 330-340 million this year, where Buildsafe and Equipmentloop together account for around SEK 30 million of total turnover. No results have been reported for this year, but last year it reached 43 million SEK.
Infobric has also acquired Swedish Telliq and Norwegian companies Blastmanager and Tempus, and the search continues.
“We are looking for SaaS companies that can contribute to the vision of safer and more efficient construction sites. So far, we have not bought as many competitors, but we have focused on acquiring companies with services that complement our offering, “says Dan Friberg, Infobric Group President and CEO.
The agreement means that Infobric Group now takes its place as one of the largest SaaS companies in the Nordic region in terms of sales when compared to other companies in Breakit’s SaaS report.
Dan Friberg, CEO of Infobric.
“Are there things to work with?”
Sweden is the Group’s largest market, followed by Norway, and it is also starting to pick up speed in Finland and the UK. The goal is to reduce the risk of accidents, increase resource efficiency and contribute to healthy competition in the construction industry.
“There are things left to work with, but we believe there is a lot going on now in the construction industry to address these challenges,” says Dan Friberg.
Equipmentloops Simon Fogbring believes that digitized services in the construction industry today tend to consist of niche and siled solutions, and he predicts that almost the steps will be further consolidation and more cohesive solutions for clients.
Viktor Broberg is on the same path and points out that one of the challenges in the industry is keeping projects together and streamlined.
“A lot is happening in the construction industry and we have seen that together we can help customers. A lot lies in helping construction projects with the challenge that 80 percent of the workforce does not come from their own company, but from suppliers and subcontractors, ”says Viktor Broberg.
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