May 2019

Cloud-based contact center software solutions provider, Puzzel, hailing from Oslo, Norway, has recently announced a significant development in its corporate journey. The company has entered into an investment agreement that marks Marlin Equity Partners as a new stakeholder, underlining a noteworthy shift in its ownership structure.

While the financial specifics of the deal have not been publicly disclosed, the transaction involved Herkules Private Equity Fund III, which relinquished its equity position in the company. Herkules had been a longstanding owner of Puzzel since 2016, initially acquiring Intelecom in 2010. The subsequent demerger of Intelecom Group in Q4 2016 led to the formation of two distinct legal entities – Puzzel and Intelecom Group. In a subsequent move in Q2 2017, NetNordic acquired Intelecom Group, leaving Puzzel firmly within Herkules' portfolio of investments.

Led by CEO Børge Astrup, Puzzel has maintained its position as a pioneering force in the realm of cloud-based contact center solutions. Renowned as one of the earliest developers of such offerings, the company has gained prominence for its innovative approach. With operational bases in six key European markets, including the United Kingdom, Puzzel extends its services to over 900 customers spanning across 40 countries. This strategic acquisition by Marlin Equity Partners is poised to further bolster Puzzel's growth trajectory and enhance its position within the industry.