Beringea exits service design consultancy Fjord
May 22nd 2013
During the investment period, Beringea supported the international growth and development of Fjord from three offices to nine
(London, UK) Beringea, the growth capital investor that manages the Proven Venture Capital Trusts today announces that it has sold Fjord , a market-leading international service design consultancy. The terms of the transaction were not disclosed.
Established in 2001 Fjord is a service design consultancy that creates useful, effective and desirable digital services that create emotional connections with the people who use them. Fjord’s deep mobile expertise helps brands create services that fit with new behaviours and expectations driven by technology. Fjord works across industries including entertainment, finance, telecom, travel and retail. Clients include BBC, BBVA, Citibank, Harvard Medical School, Nokia, PayPal and Telefónica, among others.
CEO Olof Schybergson and Chief Client Officer Mark Curtis will continue to manage the company into its next stage of growth. Chairman Mike Beeston will be stepping down.
Beringea invested in Fjord in December 2008 and during the investment period has supported Fjord’s international growth and development, taking the company from three offices to nine with the latest office openings in Istanbul and San Francisco. The company has grown to over 200 design professionals.
Beringea’s Chief Investment Officer Trevor Hope who led the original deal and sat on the board as a non-executive director, commented,: “Fjord’s management team has a depth and wealth of experience in understanding the trends in digital and in providing consultancy and system design solutions which allow their clients to create services with ‘elegant simplicity’. It will be a shame to lose the company from the Beringea portfolio as I have really enjoyed working with the fantastic group of people there but the deal delivers an excellent return to the Proven funds and Accenture Interactive provides the right home for the company to deliver its full potential.”
Olof Schybergson, CEO of Fjord, said,: “Trevor Hope as a NXD and Beringea as an investor have been the perfect partners in growing Fjord to being a strong international business. We are excited to be entering the next stage of growth with Accenture Interactive and are very grateful for Beringea’s support and vision in backing us through this challenging growth stage of Fjord’s development.”
Advisors on the transaction included Mathias Loertscher and Ray Berg from Osborne Clarke (Legal) and Manish Madhvani, Claudio Alvarez & Florent Roulet from GP Bullhound (Corporate Finance).