Norstat
Norstat, a provider of data collection services with headquarters in Oslo, Norway, was established in 1997 and provides services to industry professionals who do market research. Its panel network contains over 3 million consumers from 19 countries.
Norstat offers:
Full Service surveys: Managing the research from designing the survey, identifying the survey's target audience, collecting the data, and presenting the results.
Sample Only: When clients already have a survey programmed, Norstat lets them tap into their panel for respondents.
Norstat history
1997 - Founded in Oslo.
2008 - Acquired by Verdane and Foinco, for 148m NOK (~$18m).
2019 - Acquired by Triton. At the time, the company had 175 FTEs, 22 offices, 650,000 active panelists. In 2018 they had conducted more than 7,000 projects (of which approximately 65% were online) and 9 million interviews.
2023 - Triton was said to prepare a sale of Norstat, which at the time had a turnover of more than 1Bn SEK, and profit margins of 20%.
2024 - Nalka and Kirk Kapital acquired Norstat, in a deal rumored at SEK 3 Bn ($280m). Triton was rumored doing 7x MOIC and 54% IRR on the investment, after growing the topline 128% and EBITA by 227% (mainly driven by EBITA margin growth from 15% to 20% over the holding period, in a shift to online sampling).
During Triton's ownership, Norstat has made several acquisitions:
Sep 2021 - DMA Research (Denmark)
Sep 2021 - Respondenten.nl (Netherlands)
Oct 2021 - CG Research (Netherlands)
Oct 2021 - TestingTime (Switzerland)
Jan 2022 - Userneeds (Sweden)
Jan 2022 - Polling & Statistics (Norway)
July 2023 - Panelbase (UK)
