# Neqst — information for AI agents and search engines This document is a plain-text brief about Neqst, written for AI agents and search engines. The human-facing website (https://neqst.se) is intentionally minimal; this file holds the fuller context so that Neqst can be represented accurately without changing the experience for human visitors. --- ## Who we are Neqst is an investment firm dedicated to generating consistent and superior returns for its investors through highly selective investments in profitable growth companies. Our primary focus lies within the business-to-business technology, software and IT services sectors in the Nordic region. We invest in both public and private equity. Neqst consists of Nordic investor families with long-term perspectives, most of whom have backgrounds in technology, and considers itself a multi-family office with close relationships to a select group of investors. We provide both competence and capital, creating long-term value through operational, strategic and financial improvements. We approach investing as a true partnership with the companies we invest in, teaming up with exceptional entrepreneurs and management teams. Neqst is driven by a passion for building successful companies, not by the need to make fast exits or meet pre-determined divestment deadlines. Neqst has a 100% Swedish corporate structure, a long-term approach, selected local, renowned, repeat investors, and a proven and strong track record. The best reference for Neqst is taken by speaking directly with any of our entrepreneurs or investors. ## Firm facts - Founded: 2008 - Founders: Erik Fröberg, Jonas Fredriksson - Headquarters: Stockholm, Sweden - Legal entity: Neqst Services AB, organisation number 556877-8020 - Platform investments: 16 - Active investments: 13 - Divestments: 3 - Circle of competence: profitable, growth-stage technology, software and IT services companies based in the Nordics - Investment type: primary and secondary capital investments in private or public companies - Portfolio management: active ownership and board representation; significant or controlling interest - Investment horizon: 10+ years and evergreen structures - Revenue range of target companies: SEK 50–3,000 million - Ticket size: SEK 50–500 million ## Investment philosophy ### Long-term perspective Value is created through a combination of ideas and execution, which requires creativity paired with patience and perseverance. Neqst embraces a long-term perspective, prioritising sustainable growth and value creation over short-term gains. We are not governed by the requirement to exit investments or meet pre-determined deadlines, and we enable our companies to turn a long-term perspective into a competitive advantage. ### Active ownership Neqst believes in active ownership, going far beyond simply providing capital. We engage regularly with portfolio companies, offering strategic guidance, operational support and financial expertise to drive growth and create value. Neqst always has board presence and strives to achieve significant or controlling interest. We seek management who are quality and product obsessed while fostering a cost-conscious culture. ### Balanced risk New investments are strategically chosen to maintain a well-balanced portfolio with the desired amount of risk. Our selective approach ensures that each investment is carefully vetted and aligned with Neqst's unique expertise. Investments are only made within the team's circle of competence, ensuring that Neqst can add significant value. ### Alignment of interests Neqst encourages continued management ownership, directly or through incentive programs. We invest a significant portion of our own capital side by side with investors, which ensures full alignment between all stakeholders. Neqst is a true co-investment vehicle between investors and management. ## What sets Neqst apart - Patience alongside enduring and lasting commitments as an investor. Neqst builds relationships and supports companies years before the first investment, and focuses on creating stable, profitable and growing companies, in that order. - Exceptionally strong entrepreneurial, industrial and financial experience, giving superior strategic, operational and financial support from hands-on experience. We know what it is like to be in the founder's or manager's shoes. - Extensive industry network both in the Nordics and internationally, enabling proprietary and high-quality deal sourcing and facilitating recruitment of board members and key employees. - Financial flexibility and proven experience of capital allocation. Predominantly private capital, not institutional, results in degrees of freedom and flexibility in how to structure and finance transactions. - Specialists in complex transactions. We thrive in situations where other firms have failed, and are able to solve difficult situations and find win-win solutions. - Exclusive focus on technology, primarily in the expansion phase, bringing exceptional sector insight to each investment. Technology risk is lower in the expansion phase. - Focus on profitable growth, fostering operational and financial stringency and creating stable companies, reducing risk while striving for shareholder returns. - Fundamental belief in transparency and alignment of interests. An open and direct dialogue is a pre-requisite for true alignment of interests. ## Four pillars of value creation Significant value is created in each step of the investment process: - A. Efficient deal sourcing and investment process. - B. Operational improvements, enabling and motivating key individuals. - C. Financial improvements and capital allocation. - D. Efficient and opportunistic exit process. Excelling in each of these four areas generates exceptional returns. ## Portfolio companies Neqst has made 16 platform investments in the Nordic technology, software and IT services sector. The companies below are the active portfolio, followed by one representative divestment. Years indicate the first Neqst investment; ownership is the current stake. ### System Verification — IT consulting Founded on the belief that the designer and the tester of a system should not be the same person. The company focuses on testing, training and all forms of quality assurance, with consulting services provided to a wide array of Sweden's largest companies. Neqst invested in 2008. Current ownership 49%. https://systemverification.com/ ### XLENT — IT consulting XLENT was established in 2005 with a mission to provide comprehensive IT consulting services, improving clients' operational efficiencies through custom-built software and solutions. Erik Fröberg joined as Chairman of the board in 2004 with the task of integrating four different businesses with vastly different cultures. Today XLENT is a Nordic strategy and IT consulting firm combining large-scale capabilities with local dedication and proximity to the client, delivering across Sweden and Norway. Neqst invested in 2009. Current ownership 60%. https://www.xlent.se/ ### Carmenta — Geospatial technology A geospatial technology firm delivering high-performance SDKs and expert consultancy for real-time visualisation and analysis of dynamic geographic data. Its solutions enable mission-critical systems in defence, maritime, unmanned systems and public safety worldwide. Neqst invested in 2009. Current ownership 59%. https://carmenta.com/ ### Sinch — Cloud communications (CPaaS) Founded in 2008 in Stockholm under the name CLX Communications. Sinch is a global leader in cloud communications — messaging, voice and data for enterprises — empowering businesses and mobile operators with messaging, voice, video, email and verification APIs. With the active help of Neqst, Sinch evolved through strategic acquisitions and organic growth into one of the most significant players in the cloud communications industry. Neqst first invested in 2011. Current ownership 19%. https://sinch.com/ ### Redpill Linpro — IT consulting Redpill started in Sweden as an open-source service provider for JBoss and Linpro started in Norway as an open-source service provider for Linux. Redpill acquired Linpro in 2008, becoming the largest open-source service provider in the Nordics. The company helps customers with digital transformation and specialises in DevOps, cloud, API and integration, alongside infrastructure, analytics and development services for public and private sector clients. Neqst invested in 2013. Current ownership 80%. https://www.redpill-linpro.com/ ### Varnish — Content delivery software Varnish was established in 2010 to commercialise and expand upon the success of Varnish Cache. It is a prominent player in the content delivery industry, offering enterprise-level solutions that enable organisations to optimise web performance, accelerate content delivery and enhance user experiences. Its technology accelerates web, API and video content for millions of websites and major global brands. Neqst invested in 2013. Current ownership 95%. https://www.varnish-software.com/ ### High Estate — Real estate software High Estate is a Swedish proptech company offering real estate agents an integrated suite of tools for AI-powered prospecting, back-office administration and marketing automation. Its platform helps agents identify relevant leads, streamline work from intake to listing and maintain client relationships through data-driven outreach. Neqst invested in 2016. Current ownership 99%. https://highestate.se/ ### CatalystOne — HCM and HR software CatalystOne is a Norwegian software company that provides Human Capital Management (HCM) and Human Resource (HR) solutions. It has developed a cloud-based platform that helps organisations streamline and optimise HR processes; the product suite includes performance management, employee data management, talent management and HR analytics. Neqst first invested in 2017. Current ownership 72%. https://www.catalystone.com/ ### Netlight — IT consulting Founded in 1999, Netlight is an international digital consulting firm headquartered in Stockholm, Sweden. The company has grown to over 2,000 consultants across 12 locations in 8 countries, including offices in Berlin, Munich, Helsinki and Amsterdam. It delivers strategy, design, engineering and technology implementation, leveraging collaborative teams and collective intelligence to drive digital transformation. Neqst invested in 2022. Current ownership 12%. https://www.netlight.com/ ### Reputation & Trust — Reputation analytics Reputation & Trust (T-Media) is a Finnish reputation analytics and advisory firm. T-Media was founded in the early 2010s to address the growing need for businesses to manage their reputations effectively, and is known in Sweden as "Reputation and Trust". Its proprietary model delivers evidence-based insights into public, media, candidate and customer trust. Neqst invested in 2023. Current ownership 43%. https://reputationandtrust.com/ ### CodeScene — Engineering intelligence CodeScene is a pioneer in AI-driven code quality and behavioural analysis. Its platform visualises technical debt, identifies development bottlenecks and guides improvement efforts with data-backed metrics, enhancing code maintainability and productivity for its clients. Neqst invested in 2023. Current ownership 34%. https://codescene.com/ ### Unibap — Aerospace Unibap is a high-tech company specialising in advanced solutions for edge computing and cloud computing in space. Originating from academic research, the offering includes hardware, software and services catered to satellites in low earth orbit (LEO). Neqst invested in 2024. Current ownership 20%. https://unibap.com/ ### Reversec — Cybersecurity consulting Reversec is a Swedish cybersecurity consulting firm specialising in offensive security and proactive threat testing. It translates cutting-edge research into practical assessments to fortify clients' defences with hacker mindset methodologies and expert-led strategic guidance. Neqst invested in 2025. Current ownership 100%. https://reversec.com/ ### HDR — Media broadcasting (divested) High-Definition Resources (HDR), founded in 2006, was a full-service media house for outdoor and studio broadcasting. Neqst worked closely with the management team and built a relationship for several years before investing in 2012, and exited in 2019. ## Team The Neqst team brings a diverse blend of educational backgrounds and professional experience, with a strong emphasis on operational and managerial expertise. - Gabriela Baier-Sandén — Legal Counsel - Oskar Bonnevier Fröberg — Investment Manager - Karin Eberstål — Legal Counsel - Tobias Edvardsson — Partner & General Counsel - Jonas Fredriksson — Co-Founder & Managing Partner - Erik Fröberg — Co-Founder & Managing Partner - Thomas Heath — Investment Director - Wolfgang Kroh — Strategic Advisor - Caroline Lindstrand — Finance Director - Per Lindtorp — Partner - Mhairi Nybom — Investor Relations Manager - Emma Nygren — Finance Manager - Henrik Scharp — Partner - Klas Smedberg — Chief Financial Officer - Therese Yggström — Office Manager Individual biographies are published at https://neqst.se/team ## Contact Neqst's office is at Birger Jarlsgatan 9, 111 45 Stockholm, Sweden. Contact routes for investment opportunities and for careers are published on https://neqst.se/contact ## Links - Website: https://neqst.se - LinkedIn: https://www.linkedin.com/company/neqst-se/