Qvik acquires Swedish Qte and strengthens position as leading consultancy for digital consumer solutions in the Nordics

Consumer goods and services companies are increasingly investing in digital channels to achieve a lasting competitive edge.

The acquisition of Qte accelerates Qvik’s international growth and is a natural continuum to its recent minority investment from a Finnish private equity investor Bocap, which is making an additional investment into Qvik alongside the acquisition that solidifies Qvik’s position as a leading developer of digital consumer services in the Nordics.

Qvik Group is happy to welcome Qte into the family. Qte, which has over quintupled its revenue during the past five years, and Qvik have more than just the first letter Q in common – the companies have a similar ambition to grow internationally. Qte has over 150 customers in industries such as media, retail, and transportation, including DHL, Klarna and Bonnier.

Qte’s expertise complements Qvik’s offering in advanced web development, project delivery, and managed services. The synergies are mutual, as Qte will benefit from Qvik’s monetization, mobile, and design capabilities. Together Qvik and Qte will be able to provide their European customers with even more comprehensive services for digital growth.

Qte will continue with its brand in Sweden.

“Becoming a part of Qvik gives us power and fuel to make headway faster. It is really fun to feel this glow again – it’s a feeling I recognize from other pivotal moves in our journey.”

Jonatan Arnlund, Co-Founder and CEO, Qte

Qvik and Qte have a strong cultural alignment centered on their willingness to create value for customers, nimbleness and commitment to people’s well-being – virtues that the group is now able to cultivate even further. The culture match stems from three similar founders and a strong resemblance in the companies’ journeys up until now.

“When we were looking for a partner in Sweden, I immediately fell in love with Qte. I recognized so much of their journey, culture, and passion toward creating digital products that people appreciate in their everyday lives.”

Lari Tuominen, CEO, Qvik Group

The acquisition of Qte triples Qvik’s turnover in Sweden to 65 million kronas this year, and globally, the group is expected to reach 17 million euros in turnover in 2024. By acquiring Qte Qvik accelerates its vision of becoming the go-to digital powerhouse in Europe that develops extraordinary consumer products for everyday use.