Nordic IT corporation Advania AB announced it has acquired a 100% stake in IT consultancy RTS Group AB. The transaction is expected to close during Q4 2023, pending regulatory approval.

The acquisition will allow the Goldman Sachs-backed Advania to develop digital transformation projects.

“It’s truly exciting to have the entire RTS team join Advania on our growth journey in Sweden. This acquisition emphasizes our goal of becoming the preferred IT services provider and our ambition to help create sustainable value for our customers in their digital transformations,” says Tomas Wanselius, CEO of Advania Sweden.

“We’re proud of the robust company and culture we’ve built over the years and are thrilled to combine forces with Advania, a company that shares our focus on culture, customer intimacy, and growth,” Urban Berlinde, CEO of RTS, said.

Data from research company GlobalData found that the Sweden ICT market was valued at US$ 25.75bn in 2022 and will grow at a compounded annual growth rate of 8.91% to reach a value of US$ 39.46bn by 2027. 

Sweden’s digital infrastructure is highly advanced and considered among the best in the world. According to ‘Swedish Tech Report 2022’, the value of Sweden’s startup ecosystem nearly doubled within a year, reaching an impressive €239bn ($251.6bn).

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By GlobalData

Sweden’s newly-formed centre-right government launched the Digital Transformation Infrastructure Plan worth €1bn ($1.02bn) in January 2023.

The plan aims to promote digital transformation and encourage capital investment in public administration, businesses, and society. The plan focuses on enhancing digitalization in critical sectors such as education, transportation and healthcare.

In September, Swiss engineering group ABB said it would invest $280m to build a new robotics factory in Sweden. The campus will serve as the hub for ABB Robotics in Europe to support the company’s “local for local” production strategy.