31 March 2026
Axcel has agreed to acquire Norwegian company Geomatikk Group from Hg Capital. The company provides tech-enabled services and software that help safeguard and manage critical underground infrastructure.
Founded in Norway in 2005, Geomatikk combines tech-enabled detection services and proprietary software to help prevent damage to underground infrastructure such as power cables, fibre networks and water pipes during excavation and construction work. The company employs 630 people and serves 13,000 asset owners, municipalities and contractors each year across its five markets.
– Geomatikk is a true Nordic pioneer in its industry, having built a strong and unique position within both infrastructure protection services and network information systems over the past two decades, says Christoffer Müller, Partner at Axcel. We’re excited to partner with the management team and founders to continue building a world-class services and software business, helping asset owners, municipalities and contractors protect and manage critical infrastructure.
Christoffer Müller, Partner at Axcel
Geomatikk holds a leading position in Norway, Sweden and Finland, as well as growing positions in Denmark and Spain. Together with Axcel, the company plans to further expand its footprint across the Nordics while also entering selected European markets.
Driven by long-term market trends
Geomatikk operates in markets supported by long-term trends, such as the energy transition, increasing digitalization, rising infrastructure investments and stricter safety, quality and environmental requirements for excavation work.
– Our partnership with Axcel marks an exciting new chapter for Geomatikk, says Geir Hansen, CEO of Geomatikk. We have built a strong technology platform for infrastructure protection across Europe, and Axcel’s deep regional expertise and track record of scaling businesses acquisition will be invaluable as we pursue further European expansion. I want to thank Hg for their partnership over the past five years, whose expertise has been instrumental in helping us reach this next phase of growth, particularly as we transition to a more software-centric company.
Geir Hansen, CEO of Geomatikk
Axcel is acquiring Geomatikk from Hg. The transaction marks the 12th investment from Axcel VII and the firm’s fourth platform investment in Norway. Management as well as the Norwegian investment company KKA Invest will reinvest and remain shareholders alongside Axcel.
– It has been a privilege to partner with Geir and the Geomatikk team, says David Issott Partner at Hg. Together, we have transformed the business from a regional services provider into a leading Pan-European platform tackling some of the most pressing infrastructure challenges. This was supported by some brilliant hires into the management team, nine strategic acquisitions to build out the software offering, alongside significant operational improvements. The company is exceptionally well positioned for continued growth under Axcel’s ownership, and we wish the team every success.
David Issott, Partner at Hg
About Geomatikk
Geomatikk Group is a leading Nordic technology and services company dedicated to protecting and managing critical underground infrastructure, ensuring undisrupted access to the critical infrastructure society depends on.
Operating across Norway, Sweden, Finland, Denmark, and Spain, with approximately 630 employees, Geomatikk connects infrastructure owners, contractors, and public authorities through advanced digital platforms and specialised field services.
Every day, essential networks for electricity, fibre, water, and gas are at risk of accidental damage during excavation. Geomatikk ensures these networks are accurately identified, mapped, and protected before digging begins — safeguarding critical societal functions and enabling safer, more efficient construction, maintenance, and development activities.
Geomatikk holds ISO certifications across quality, environment, health & safety, and information security, and is committed to science-based climate targets validated by the SBTi.
About Axcel
Founded in the Nordics, Axcel is a leading private equity firm investing across Northern Europe, with a focus on four sectors: Technology, Business services & Industrials, Healthcare and Consumer. With offices in Copenhagen, Stockholm and Frankfurt, Axcel’s team leverages more than 30 years of experience in building market leaders through a collaborative mindset and a structured approach to value creation. The firm has raised nine funds with committed capital of more than EUR 4.8 billion from Nordic and international investors. Axcel currently owns 27 companies and has completed 82 platform investments, over 400 add-on acquisitions and 54 exits. For more information, visit www.axcel.com.
About Hg
Hg is an investor in European and transatlantic technology and services businesses. We are an AI leader in private equity, helping to build sector-leading enterprises that supply critical applications or workflow services to deliver intelligent automation for their customers.
We take an active approach to value creation, combining deep end-market knowledge with world class operational resources to support entrepreneurial leaders looking to scale and drive AI transformation.
With a vast European network and strong presence across North America, Hg has over $110 billion in assets under management and more than 400 employees. Our portfolio spans around 60 businesses worth over $195 billion in aggregate enterprise value, employing more than 130,000 people and consistently growing revenues at more than 18% annually.
For further information, please contact:
Geomatikk
Geir Hansen, Group CEO geir.hansen@geomatikk.com
Siri Schmidt-Horix, CHRO, Siri.Schmidt-Horix@geomatikk.no
Axcel
Christoffer Müller, Partner, cm@axcel.com
Maria Fiorini Lorenzen, Head of Communications, mfl@axcel.com
Hg
Tom Eckersley, tom.eckersley@hgcapital.com
Sam Ferris, sam.ferris@hgcapital.com
