Successful exits

Aspit

Technology services to the healthcare sector

Aspit is a software company that provides technology services to the healthcare sector in Norway. Aspit has for over twenty years been a leading supplier of electronic patient record systems (EHR), particularly to the chiropractor/physiotherapy and psychiatry segments.

Aspit has business model focused on subscription agreements with customers where all revenue is recurring. More than 6,000 physical therapists, psychologists and psychiatrists use Aspit’s cloud-based software products. The company is headquartered in Seljord, Telemark, with offices in Oslo and Arendal.

Kistefos invested in the company in 2019 and has been an active contributor to the value creation, supporting the company on its path to achieve the market leading position in the physiotherapy and psychiatry. During the period of ownership, the number of users and annual recurring revenue (“ARR”) doubled (MNOK ~67 at the transaction time). The company was acquired by Nordhealth (who was subsequently listed on Euronext in Oslo) in June 2021 yielding a profit for Kistefos of MNOK 108, an IRR of 53% and MoC (Multiple on Capital) of 2,2x in two years.

Key facts

Exit

2021