CombinedX Acquires the consulting business m3cs

The goal is to create the leading specialist company in the Nordic region for the Infor M3 business system and related AI and BI services, in collaboration with Elvenite.

CombinedX AB (publ) today completed an asset acquisition of the consultancy business M3CS. M3CS currently consists of approximately 80 consultants specializing in the ERP system Infor M3 and the CloudSuite platform. The business achieved a turnover of 142 million SEK in 2023.

The image shows a team at work, immersed in data analytics and AI applications, illustrating how these technologies are put into practice to drive progress and innovation.

Through its wholly-owned subsidiary CombinedX Professional Services AB, CombinedX has acquired the operations of M3CS AB. The business will continue under its existing name but with a new corporate registration number. Established in 2020, M3CS brings deep expertise and experience in implementing, managing, and supporting all versions of the Infor business system M3 and the CloudSuite platform, including related integrations. The majority of M3CS consultants have over 20 years of experience with the Infor business system. The company holds framework agreements with over 100 major corporations across various industries, all seeking to maximize the value of their ERP investments. In addition to its partnership with Infor, M3CS has strong alliances with complementary software providers such as Novacura, Consafe Logistics, Medius, and iCore. In 2023, the business achieved a turnover of 142 million SEK with a modest operating margin, largely impacted by expenses related to resolving a legal dispute with consultancy firm Columbus.

CombinedX’s subsidiary Elvenite currently employs around 100 professionals and achieved a turnover of 134 million SEK in 2023 with strong profitability. Similar to M3CS, Elvenite has a strong focus on providing leading expertise in Infor’s business system and also offers a range of AI and BI services to assist clients in becoming more data-driven. Elvenite has many strong reference customers in the food industry. In 2023, Elvenite was recognized as Sweden’s Best Workplace.

CombinedX’s business concept is to build market-leading specialist companies. Therefore, the ambition is to merge M3CS and Elvenite during 2025 to leverage fully on the exceptionally strong market position that a combined operation would create. Implementation projects are often large and the aftermarket requires a wide range of skills 24/7. During 2024, an integration project will therefore be undertaken to address how the joint company should be organized and operate.

  • We are thrilled to welcome all M3CS employees, clients, and partners to the CombinedX family. M3CS consultants have a strong reputation in the Swedish market due to their expertise and strong customer focus. Through Elvenite, we know that there is a large and growing demand for M3 expertise in the Nordic market a alongside an increasing need to harness the data generated by clients’ operations. Together, M3CS and Elvenite will be unbeatable,” says Jörgen Qwist, CEO of CombinedX.
  • When we established M3CS, our goal was to build a consulting company based on the demand for deep expertise in Infor’s M3 business system/CloudSuite, ensuring that all decisions are made as close to the customers and the business as possible. We share these values with CombinedX and our new sister company Elvenite. Therefore, we believe we have entered the right environment, and in the long run, alongside Elvenite, we will have a very compelling offering in the market, says Johan Zetterberg, CEO of M3CS.
  • This is an incredibly exciting journey for both our companies. This is an incredibly exciting journey for both our companies. The market we operate in is in great need of more expertise, and now we can leverage each other’s strengths to create an even sharper offering for our clients, says Mathias Dyberg, CEO of Elvenite.

The acquisition was completed for a consideration of 41 million SEK in cash upon closing. Additional earn-out payments of up to 20 million SEK may be made over the next 24 months based on the performance of the business. CombinedX has secured 15 million SEK in new acquisition credits and intends to finance the remaining portion from its own funds. The acquisition costs are estimated to amount to approximately SEK 2.2 million. The acquisition is expected to slightly increase earnings per share in 2024. Due to a letter of intent from previous owners, CombinedX has the ambition to launch a share-based incentive program for employees in M3CS comprising a maximum of 9.9% of the shares in M3CS, which will be converted into shares in CombinedX or redeemed for cash during 2025. The potential dilution of such a program will thus be limited.


Jörgen Qwist, CEO CombinedX, [email protected], 070-834 28 34

Björn Magnusson, IR Manager, [email protected], 070-713 49 60

Johan Zetterberg, CEO M3CS, [email protected], 073-240 83 50

Mathias Dyberg, CEO Elvenite, [email protected], 073-978 92 81

News. Insights. Thoughts.

AI assistants at the forefront: Google’s Project Astra

AI assistants at the forefront: Google’s Project Astra

AI assistants at the forefront: Google's Project AstraGoogle's Project Astra are redefining how we interact with technology both in personal and professional contexts. These innovations are not only enhancing our interactions with AI but also deeply integrating AI...

Budgeting AI: A practical guide for CFOs

Budgeting AI: A practical guide for CFOs

Budgeting AI: A practical guide for CFOsEmbracing AI can be a game-changer for businesses looking to improve efficiency and innovate their services. However, the financial aspect of AI adoption can be tricky for many CFOs. This guide provides straightforward steps to...

Create success through smart analysis

Create success through smart analysis

Creating success throughsmart analysisManaging a large volume of data makes it essential not only to collect information but also to analyze it in a structured and targeted manner. Building a smart analysis is a powerful method that leads to deeper insights,...