ETB Technologies has been acquired by the Swedish investment company Röko.
The investment firm will take a majority share in ETB, with the deal expected to be completed in March.
ETB Managing Director Nick Stapleton will remain in his role, while Tomas Billing, Founder and Chairman at Röko, and Anders Nordby, Investment Manager for Norway and the UK at Röko, will join him on the ETB Technologies board.
Nick Stapleton, Managing Director, ETB Technologies, said: “Over the last two decades, we have built ETB to become a multi-million-pound business and a major employer in the South of Scotland. As we have grown, this has attracted more customers internationally, with 40% of our customers based in the EU and we recognise the potential to increase this. While ETB has previously attracted investor interest, it was a must for me that any potential partner would support our growth while allowing us to retain our culture and independence. Bringing Röko on board will not only add to the company’s financial strength, it will also support our growth internationally while allowing us to continue operations as they currently exist.”
Anders Nordby, Investment Manager Norway and UK, Röko added: “ETB Technologies has demonstrated consistent and strong performance for many years. As the business is based on making a difference to the community while contributing to sustainability goals by extending the life of IT hardware, we truly believe the company is in a strong position to achieve further growth. The organisation is an incredible success story, and we look forward to working closely with Nick and the wider team to achieve its bold growth ambitions.”