Viking Growth exits Asolvi to Bregal Milestone
October 14, 2026
October 14, 2026
Viking Growth today announced the sale of its 25% stake in Asolvi, a field service management software provider, as Bregal Milestone acquires a majority stake from Viking Growth and Volpi Capital. This transaction concludes a successful investment and contributes to Viking Growth's strongest exit year to date.
Since Viking Growth's initial investment in 2010, Asolvi has increased revenue from NOK 31 million to over NOK 250 million by the end of 2025, establishing itself as Europe's leading provider of field service management software for specialist industries.
Through organic growth, international expansion, and strategic acquisitions, Asolvi now serves more than 2,000 customers in over 20 countries, with a strong presence in the UK, DACH region, Nordics, Spain, and Latin America.
Jostein Vik, Partner at Viking Growth
Viking Growth first invested in Asolvi in 2010. In 2019, Viking Growth sold a majority stake to UK-based Volpi Capital and reinvested alongside the new majority owner. Since then, Viking Growth has retained a 25% stake and continued to support Asolvi's growth and international expansion.
Now, Bregal Milestone, a leading European software private equity firm that has raised approximately €2.3 billion since inception, is acquiring the stakes held by Volpi Capital and Viking Growth. Asolvi CEO Nick Barnett and the management team will reinvest alongside Bregal Milestone.
"For us, Asolvi is a textbook example of how a software company from Trondheim can become a European market leader. Through organic growth, international expansion, and strategic acquisitions, the company has built a strong position in an attractive market. We have been an active owner and growth partner for over 15 years, and this transaction represents a highly successful investment for Viking Growth and our investors. It also contributes to making 2026 our strongest exit year ever," said Jostein Vik, Partner at Viking Growth.
Founded in 1991 and headquartered in Trondheim, Asolvi provides business-critical field service management software to industries such as fire and security, workplace and IT services, and utilities.
Its software enables customers to schedule engineers, manage maintenance contracts, record inspections, and document compliance with regulatory requirements.
Asolvi's software is deeply embedded in customers' daily operations, supporting safety-critical workflows where reliability, traceability, and regulatory compliance are essential. This creates a strong foundation for applying AI to enhance existing workflows rather than replace them.
With Bregal Milestone as its new majority owner, Asolvi will accelerate investments in artificial intelligence, cloud-based platforms, and strategic acquisitions across Europe and Latin America.The AI roadmap will focus on improving engineer scheduling, automating inspection report preparation and compliance documentation, and leveraging historical service data to enhance maintenance efficiency and predict equipment failures.
"Our customers are responsible for the systems that keep people safe: fire alarms, sprinklers, security, and power. Every job they do has to stand up to an auditor, an insurer, or a fire officer," said Nick Barnett, CEO of Asolvi. "Bregal Milestone's backing lets us move faster on what matters most to them: proof of compliance captured as the work is done, sites signed off before the engineer drives away, and the confidence that nothing slips through the cracks as the rules get tougher."
"Asolvi's customers keep fire systems working, buildings safe and utilities running, and they rely on Asolvi to do it," said Cyrus Shey, Co-Founder and Managing Partner at Bregal Milestone. "Software this embedded and hard to replace, holding decades of operational and compliance data, is where AI creates the most value."
The sale of Asolvi adds to a record year of exits and liquidity events for Viking Growth. Earlier in 2026, we exited Danish workforce management software provider tamigo and established a NOK 1.7 billion continuation fund for Talentech, enabling existing investors to realize value while Viking Growth continues to support the company's next phase of growth.
Financial terms of the Asolvi transaction were not disclosed. Completion is expected in Q4 2026.
Asolvi is the leading European provider of field service management software for specialist industries, trusted by more than 2,000 customers across over 20 countries. Founded in 1991 and headquartered in Trondheim, Norway, Asolvi has scaled both organically and through acquisitions to become a leading player across fire and security, workplace and IT, and utilities.
For more information, visit asolvi.com.
Bregal Milestone is a leading European software private equity firm with approximately €2.3 billion of capital raised since inception. The firm provides growth capital and operational support to build market-leading companies in B2B software, AI and cybersecurity.
For more information, visit bregalmilestone.com.
Viking Growth is a Nordic growth equity firm that invests in B2B software companies with €2–15 million in annual recurring revenue (ARR) across Norway, Sweden, Denmark, and Finland. With more than NOK 5 billion in assets under management, Viking Growth partners with ambitious software companies to accelerate growth through operational excellence, international expansion and strategic acquisitions.
For more information, visit vikinggrowth.com.
Media contact
Christine Hammeren. Head of Marketing at Viking Growth
christine.hammeren@vikinggrowth.com
+4748206447
Kongens gate 8, 7011 Trondheim
© Viking Growth 2025
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