Evolver Equity, through Evolver Fund II, has become the new majority owner of Norteam AB, a fast-growing Swedish specialist in Microsoft Cloud. The investment launches a Nordic growth journey with the ambition to build a leading provider of Microsoft-based IT services for small and medium-sized enterprises, targeting SEK 1 billion in revenue within three to five years.
Norteam was founded in 2017 by Göran and Martin Norström and has since grown into an established Microsoft Cloud specialist with more than 50 consultants, roughly SEK 130 million in annual revenue, and offices in Stockholm, Gothenburg and Västerås. The company has developed a diverse customer base across sectors including legal services, retail and manufacturing.
Norteam focuses on Microsoft’s three cloud platforms—Microsoft 365, Azure and Dynamics 365—and operates across six specialist areas: AI & Copilot, Cybersecurity, Microsoft 365 & Workplace, Azure & Infrastructure, Dynamics 365 Business Central, and Data Analytics & Fabric.
New ownership structure to accelerate growth
As part of the transaction, co-founder Göran Norström leaves the ownership group. Martin Norström reinvests his entire holding in the new group and assumes the role of Group CEO.
As founder, operational leader and continued significant shareholder, Martin Norström will play a central role in executing the ambitious growth plan launched together with Evolver Equity.
The new strategy combines organic growth with acquisitions, aiming to build a leading Nordic platform for Microsoft-based cloud and business solutions tailored to small and medium-sized enterprises.
“We have built Norteam on long-term customer relationships, deep expertise and a strong company culture. With Evolver as a partner we gain both capital and experience to accelerate our journey. We see significant opportunities to consolidate the market and create a leading Nordic player within Microsoft Cloud,” says Martin Norström, Group CEO of Norteam.
Strong focus on AI, security and cloud services
Demand for modern cloud platforms, AI solutions and cybersecurity continues to rise among Nordic companies. Norteam therefore sees substantial opportunities to grow in areas such as Microsoft Copilot, data analytics, business applications and security services.
The company has already established a strong position within the Microsoft ecosystem and views continued digitalization, automation and AI as key drivers for future investment.
Evolver Equity highlights Norteam’s combination of technical expertise, strong corporate culture and documented growth as important factors behind the investment.
“Norteam has secured a strong market position in one of the most attractive segments of the Nordic IT market. The company has a clear strategy, solid customer relationships and an exceptionally capable leadership team. We look forward to supporting Martin and the team in the next phase of growth,” says a representative of Evolver Equity.
Ambition to create a Nordic market leader
With backing from Evolver Fund II, Norteam plans to accelerate expansion through geographic growth and strategic acquisitions. The focus is on strengthening its presence across the Nordics while expanding service offerings in AI, cybersecurity, cloud infrastructure and business systems.
The objective is clear: within three to five years Norteam aims to grow from the current approximately SEK 130 million in revenue to a SEK 1 billion group, securing a leading position in Microsoft Cloud services for small and medium-sized businesses in the Nordic region.
The investment also reflects ongoing consolidation in the Nordic IT market, where specialist capabilities in the Microsoft ecosystem, AI and cybersecurity are becoming increasingly important competitive advantages for both customers and service providers.