Formica Capital becomes largest shareholder as Cybercom becomes part of Knowit

May 5, 2021

Formica’s portfolio company Cybercom becomes a part of Knowit AB (publ), building a unique offering within digital transformation in the Nordic market with more than 3 800 employees in the Nordics and Poland and revenues of SEK 5 500 million. The new Group is expected to be able to further leverage on Cybercom’s strong position within sustainable digital transformation and achieve an even more positive impact on society. Cybercom’s main shareholders, Formica Capital, JCE and Tequity will continue as owners with Formica Capital becoming the largest individual shareholders of Knowit.

The long-term demand for digitalization solutions is strong in private as well as public sector, both as an effect of changing customer behavior, but also as a consequence of the rapid technological development and new innovation facilitating smarter and more sustainable solutions.

Knowit and Cybercom has complementary offerings and will through the merger be an even more attractive partner with a strong employer brand and a joint purpose in driving and accelerating the digital transformation into tomorrow’s sustainable business models. Knowit is well positioned in digital transformation with a broad competence base in systems development (Knowit Solutions), web and e-commerce (Knowit Experience) and management consultancy services (Knowit Insight). With Cybercom’s specialization within mobility, AI, automation, cloud-based services and the growing segment of cyber security, the joint offering will be complete in supporting customers’ digitalization journeys. A new business area, Knowit Connectivity, is formed and the company will have a combined 3 800 employees, revenues of 5 500 MSEK and an EBITA of close to 550 MSEK.

Through the merger, a strong Nordic platform is formed with great potential for positive impact. The digitalization is globally estimated to have the potential to contribute to a 20% reduction of emissions and some USD 11 000 billion in created value for society. In industrialized parts of the world, the potential is even larger, some countries estimate that digitalization could secure 60% of their undertakings related to the Paris Agreement. Cybercom has a long history of working actively with connecting this potential to its daily work with customer assignments and the new merged company will have a unique ability and size to accelerate the impact on society for its customers.

”Cybercom has had a remarkable development over the last few years. It has been incredibly inspiring to see our customers’ response to our strategic direction with specialization, the integration of sustainability into our offering and with an increased value in our deliveries. When Cybercom now merges with Knowit I can proudly look back at what we, as Makers of Tomorrow, have created and I am excited to follow this next step in the development of the company”, says Niklas Flyborg, CEO of Cybercom.

Cybercom’s current main shareholders Formica Capital and JCE will through the merger become the individually largest owners of Knowit, with Formica owning some 11.5 percent of the shares.

“Niklas Flyborg, his team and all the great employees of Cybercom have done a tremendous job in taking Cybercom to its current position. We now see this transaction as a strategically sound next step for all parties – the operations complement each other well and constitute a strong platform for continued acquisition-based growth. We see our ownership in Knowit as a long-term investment in one of the strongest and most fast-growing digitalization companies in the Nordics, with excellent opportunities to leverage on Cybercom’s position in sustainable digital transformation”, says Olof Cato, CEO of Formica and Chairman of Cybercom

“For several years, we have seen a development towards more complex customer needs that require our expertise through the entire value chain, from product development to completely new customer interfaces and processes. Cybercom will complement our offering with more technology-oriented services and a sustainability offering at the forefront, areas that are developing rapidly. Further we are strengthening our market positions in cyber security and cloud services.”, comments Per Wallentin, Group CEO of Knowit.

The transaction is conditional upon the authorization by the Extra General Meeting for the Board of Directors to resolve on the non-cash issue of 5,760,883 Knowit shares. Knowit’s acquisition of Cybercom is also conditional upon customary approvals from the competition authority in Sweden, expected to be received at the end of the second quarter, 2021. The acquisition of Cybercom is expected to be completed by the turn of June/July 2021.

For further information, please contact:

Olof Cato, CEO Formica Capital
Tel: +46 709 26 66 55,

Tomas Haglund-Flemström, Formica Capital
Tel: +46 734 43 29 23,


Formica Capital

Formica Capital is a Sweden based investment company with a long-term ownership strategy. It is owned by the Olsson Eriksson family. Formica Capital creates value by being an active owner in growing, profitable and long-term sustainable companies that positively impact society.


Knowit AB (publ) is a consultancy firm that supports its clients in their digital transformation. The Company develops sustainable and innovative solutions that contribute to high business value for its clients. Knowit stands out among other consultancy firms through its decentralized organization and agile work methods in its client assignments. The operations are divided across three business areas: Solutions, Experience, and Insight, which offer services in tailored system development, digital customer experiences, and management consultancy. Competences from several business areas are often combined in the client projects. Knowit’s vision is to create a sustainable and humane society through digitalization and innovation. The Company was established in 1990 and now has around 2,600 employees in 15 locations in Sweden, five in Norway, and one each in Denmark, Finland, and Germany. Knowit AB (publ) is listed on Nasdaq Stockholm. For more information on Knowit, please visit