Lumine Group Expands its Portfolio with the Acquisition of Symbrio AB
TORONTO, ON, August 19, 2020 – Lumine Group (“Lumine”) today announced that it has completed the acquisition of Symbrio AB (“Symbrio”). Symbrio is a provider of procure-to-pay software solutions for the installation industry.
Founded in 2000 in Stockholm Sweden, Symbrio has accumulated a customer base of the largest installation businesses in Sweden, and in recent years has expanded out into other Scandinavian markets. As a result, Symbrio has developed the largest supplier network in the region.
“We are convinced Lumine is the best home for Symbrio as they are able to provide access to capital, business guidance, and best practices to accelerate our business. Symbrio will continue to operate autonomously and entertain future M&A of our own,” said Johan Ouchterlony, CEO of Symbrio. “A key element to our decision is the Lumine unique acquisition principle of ‘buy and hold forever’ as well as their commitment to allowing us to maintain our corporate identity and accelerate the brand we have worked so hard to build over 2 decades in the market”.
Today, Symbrio’s customer base includes global tier 1 installation businesses including Bravida, Caverion, Assemblin, Eltel Networks, and Midroc Electro.
“We are excited to bring a market-leading installation software business into our portfolio, in order to complement our existing companies and provide further mission-critical software capabilities to our ecosystem,” said David Nyland, Leader at Lumine. “We are particularly impressed with how Symbrio has transformed itself into a cloud-native Software as a Service (SaaS) solution to allow rapid onboarding of customers into a ready-made and connected supplier ecosystem.”
(Note: At the time of the acquisition, Lumine Group was known as Volaris Group Communications & Media. Changes have been made in this press release to replace “Volaris Group Communications & Media” with “Lumine Group”.)