Icelandic software company Men&Mice has been acquired by private equity fund SÍA III, which is managed by Stefnir. The acquisition price remains undisclosed. New Business Venture Fund and other investors are the sellers. The company was founded in 1990 by Petur Petursson and Jon Georg Adalsteinsson. The New Business Venture Fund invested in the company in 2001 and other investors later.

“There are exciting times ahead for Men&Mice. The company’s environment is continually changing, and the company is facing new opportunities in times of rapid technological change,” CEO of Men&Mice Magnus Edvald Bjornsson commented in a statement. He took on that role in 2016 after technology stints in the US including EMC and Oracle.

Men&Mice develops and sells software solutions for DDI network infrastructure management of large international companies. The company’s clients include Microsoft, Intel, FedEx, Nestlé and Harvard Business School. Men&Mice employs 35 people in Iceland, the United States and Europe. Magnus Edvald Bjornsson is the CEO of Men&Mice, who joined the company in 2016 after a long career at Oracle.

Arnar Ragnarsson, Director of Alternative Investments at Stefnir commented: “We have great faith in Men&Mice’s operation. The New Business Venture Fund and other shareholders, together with the company’s employees, have built up a company that has developed good products, has a strong customer base and great growth potential. We look forward to further strengthening the company and its operations and going forward to the strong foundation on which it is based.”

Huld Magnúsdóttir, Managing Director of The New Business Venture Fund added: “Men&Mice has, in recent years built up powerful international operations and is an excellent example of how Icelandic ingenuity is used for software solutions around the world. It has been a pleasure to take part in the growth of the company in recent years. The Fund proudly delivers the company to new owners, and we wish them all the best in further development and growth.”