Inuatek to become independent following

Inuatek is set to transition into an independent company through a management buyout (MBO) led by the company’s employees. This marks a significant step for the organisation, as it separates from Init Group to focus exclusively on its core competencies in industrial IoT.

The management buyout happens with full support from both the leadership at Init Group and Inuatek’s business unit management.

Together, the parties have concluded that Inuatek’s business focus diverges from Init Group’s core strategy and that a buy-out is the best solution for both companies. Independence will offer Inuatek greater opportunities for growth and success within its specialised market. Axcel, the private equity firm which is the main investor in Init Group and Inuatek, has played a pivotal role in shaping and facilitating the MBO to ensure mutual benefits for all stakeholders.

This is a joint decision, based on the realisation that the strategic match between Init and Inuatek is not as strong as we originally thought. We part on good terms, and I am delighted to have found a solution that enables Inuatek to concentrate on its core mission while maintaining a collaborative relationship with Init. We look forward to continuing to support Inuatek with automation services for their IoT projects and wish them every success in their journey,”

Knut Akselvoll, Group CEO at Init.

Alexander Bardram, CEO of Inuatek, expresses his gratitude for the smooth transition process:

The support and cooperation from both Init and Axcel have been outstanding. This MBO lays the groundwork for long-term benefits for both Inuatek and Axcel, even though it is bittersweet to part ways with Init Group, where so many exciting developments are taking place. Our team is now fully energised to focus on advancing our Data Collection Platform (DCC) and enhancing the digital services it offers. This aligns perfectly with our ambition to establish Inuatek as a global leader in our field.”

By December 2024, Inuatek will officially change its name from “Init Inuatek A/S” to Inuatek A/S but retain the same VAT number. Email addresses will revert to the @inuatek.com domain previously used before the 2022 acquisition, and the company’s website, www.inuatek.com, will host a new dedicated site reflecting Inuatek’s independent identity.