News January 31st, 2024

Nortal issues bonds for €50 million to strengthen expansion efforts in the Americas and Europe

We have successfully placed a €50 million bond issue, raised to bolster expansion efforts and refinance the existing bond. The international bond issue attracted significant interest and was heavily oversubscribed. The senior secured bonds will be issued with a five-year maturity and a margin of 3.15%.

According to Priit Alamäe, founder and CEO of Nortal the success of the bond issue demonstrates the company’s esteemed reputation as well as signifies the confidence of the investor community.

Priit Alamäe

– Priit Alamäe, Founder and CEO at Nortal

The success of the bond issue demonstrates the company's esteemed reputation as well as signifies the confidence of the investor community.

The bond proceeds will be used to refinance the existing bond and continue to accelerate growth through acquisitions in North America, the UK and the DACH region. “In the US, we are strategically focusing on acquisition opportunities on the East coast to complement our existing presence from the Pacific Northwest, which has served as the base for our US operations,” said Alamäe.

In Canada and the UK, the company’s focus is on accelerating the growth of greenfields established in 2022 and 2023, respectively. “Within this short time, we have seen significant interest and continued opportunities for our core offering: building the most advanced digital services for governments and businesses,” he added.

In the US, we are strategically focusing on acquisition opportunities on the East coast. In Canada and the UK, our focus is on accelerating the growth of greenfields established in 2022 and 2023, respectively.

Nortal is also focusing on expanding its footprint in the Americas to support the company’s North American customers in the same time zone. “Accessing the highly skilled and technically strong Latin American talent pool will enable us to provide a follow the sun delivery and support model for our customers in North America, offering uninterrupted customer delivery and service across multiple time zones from our delivery centres in Europe and the Americas,” said Alamäe.

The bond was mainly subscribed by renowned institutional investors from the Nordics and Continental Europe.

For the bond issue, Pareto Securities acted as global coordinator and bookrunner, and the bonds agent is Nordic Trustee Oy.

Related content

News

Nortal acquires Questers, an international distributed software development company from TPXimpact

Nortal acquires Questers to merge it with its subsidiary pwrteams. Strategic acquisition strengthens pwrteams’ footprint, access to talent and ability to build cross-border IT and engineering teams for the customers

News

Nortal continues global expansion with a new delivery center in Mexico

Our presence in Guadalajara, Mexico signals a broader geographic diversification strategy over the next 12 months

News

London
  • Cyber Resilience
  • Data and AI
  • Seamless Experiences
  • Strategy and Transformation

Another record year in 2022, with expansion and new markets in focus in 2023

We wrapped up the 2022 fiscal year with revenue up by 45% and consolidated operating profit by 31%. In 2023, we are investing in expanding service offerings within AI and cyber resilience, expanding to the UK market, and establishing a delivery center in Latin America.

Get in touch

Let us offer you a new perspective.