Beringea wins VCT Exit of the Year at the unquote British Private Equity Awards
October 7th 2013
Wins award for divestment of service design consultancy Fjord.
(London, UK) Beringea, the growth capital investor that manages the ProVen Venture Capital Trusts, has won the 2013 VCT Exit of the Year at the unquote British Private Equity Awards for its divestment of service design consultancy Fjord. In May 2013 the business was sold to Accenture. Financial terms were not disclosed.
Beringea invested in Fjord in December 2008 and 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 on the award: “The award is a great endorsement of this deal which generated excellent returns for the VCTs’. In addition, Fjord is now well placed to capitalize on its impressive growth with Accenture”.
The award follows Hope’s inclusion in the British Interactive Media Association (BIMA) Hot 100 Hall of Fame.
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.
At the time of divestment, 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.”