References/9 Mar 2022
Borenius advised Smartvatten on the acquisition of Verto
We advised Smartvatten on its acquisition of VertoNordic Oy, a Finnish leading provider of apartment level water metering systems. With this transaction, Smartvatten expands its service from main water meters to submeters, helping its customers fulfil the EU requirements for consumption-based billing and enhancing the accuracy of its leak detection system even further.
After Norvestor became a majority investor in 2021, Smartvatten has set significant growth targets for the coming years. To achieve the European water champion position, the company is focusing both on organic growth and on expanding through mergers and acquisitions. With the acquisition of Verto, the combined entity’s pro-forma turnover in 2022 is expected to be EUR 15 million.
Smartvatten is a hardware-enabled SaaS company that provides its customers with a complete solution for the real-time monitoring and reporting of water consumption in buildings. The company’s purpose-built software analyses water consumption data from mechanical, digital, and IoT-enabled water meters in a cloud environment to identify consumption patterns and to detect leaks. VertoNordic Oy is the best-in-class submetering company with over 35 years of experience. Verto is the market leader in Finland for household-specific water metering systems.