Volue Acquisition & Valuation

Volue was acquired by Generation Investment Management, Advent International and Arendals Fossekompani for $555M in October 2024, a 4.2x multiple on $133M of revenue.

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Volue acquisition price

$555M

Acquired by Generation Investment Management, Advent International +1 · Oct 2024

Volue revenue at acquisition

$133M

Last twelve months · Oct 2024

Volue revenue multiple at acquisition

4.2x

EV/Revenue · Oct 2024

Volue EBITDA multiple at acquisition

29.2x

EV/EBITDA · Oct 2024

Volue Overview

About Volue

Volue is an Oslo-headquartered energy technology company that provides an integrated software platform spanning the energy lifecycle, from forecasting and trading to asset optimisation and grid management across hydro, thermal, battery, wind and solar assets. The company was established in March 2020 when Arendals Fossekompani consolidated Powel, Wattsight, Scanmatic and Markedskraft, and it listed on Oslo Børs before being taken private in October 2024 by Arendals Fossekompani, Advent International and Generation Investment Management. Since the take-private Volue has divested its Infrastructure division, now Invera, to FSN Capital and acquired PowerBot, smartPulse, HAKOM, Quorum and Optimeering to build out its trading and optimisation suite. TA Associates joined as a strategic investor in February 2026 in a transaction valuing the company at approximately EUR 1.5 billion. Volue has more than 750 employees and serves over 2,500 customers in more than 40 countries.


Founded

2020

HQ

NorwayOslo

Website

volue.com

Status

Acquired

Customer focus

B2B & B2G

Revenue model

Subscription

Revenue

$150M (Feb 2026)

Valuation

$1.8B (Feb 2026)

Volue Acquisition

Volue was acquired by Generation Investment Management, Advent International and Arendals Fossekompani for $555M on 28 October 2024.

The acquisition price implies a 4.2x revenue and 29.2x EBITDA multiple on $133M of revenue.

Arendals Fossekompani, Advent International and Generation Investment Management completed the take-private of Oslo-listed energy software company Volue on 28 October 2024, acquiring the shares through their jointly owned vehicle Edison Bidco. The consortium had launched a voluntary cash offer of NOK 42 per share in July 2024; Arendals Fossekompani, previously the majority owner, rolled its stake into the new structure while Advent and Generation injected fresh capital. Volue was subsequently delisted from the Oslo Bors and has since pursued an acquisition-led buy-and-build strategy in European energy software.

Volue acquisition details
AcquirerDateTypePriceEV/RevenueEV/EBITDA
28 Oct 2024PE buyout$555M4.2x29.2x

Sources: adventinternational.com, arendalsfossekompani.no, generationim.com

Volue Valuation

Volue is currently valued at $1.8B, based on its secondary sale in February 2026. Read the announcement ↗

The round included TA Associates.

Volue valuation by funding round

Volue valuation by funding round
DateStageValuationRevenue Multiple
Feb 2026Secondary$1.8B11.8x

Volue Revenue

Volue's latest recorded revenue is $150M, as of its secondary sale in February 2026. At a $1.8B valuation, that implies a 11.8x revenue multiple.

Volue revenue by funding round

Volue revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Feb 2026$150M$1.8B11.8xSecondary

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Volue Funding History

Volue has 1 recorded secondary share sale and no primary funding rounds.

Volue funding rounds
DateStageInvestorsValuationDeal Summary
Feb 2026SecondaryTA Associates$1.8BTA Associates agreed on 12 February 2026 to enter Volue as a new strategic investor alongside the existing owners Advent International, Generation Investment Management and Arendals Fossekompani, in a transaction valuing the Oslo-based energy software company at approximately EUR 1.5 billion (about NOK 17 billion) on a 100% equity basis. Arendals Fossekompani sold part of its holding and will receive cash proceeds of approximately EUR 38 million (about NOK 425 million); it retains roughly 36% of Volue after closing, a stake valued at approximately EUR 520 million. Completion is subject to regulatory approvals and the final amounts are subject to closing adjustments. The investment follows the October 2024 take-private of Volue by Arendals Fossekompani, Advent and Generation, after which the company divested its Infrastructure division to FSN Capital and acquired PowerBot, smartPulse, HAKOM, Quorum and Optimeering to build out its trading and optimisation suite. Volue provides an integrated technology platform spanning forecasting, trading, asset optimisation and grid management across hydro, thermal, battery, wind and solar assets. The company has more than 750 employees and serves over 2,500 customers in more than 40 countries. Latham & Watkins advised TA Associates.

Who has invested in Volue?

1 investor has backed Volue across its funding rounds, including TA Associates.


Volue Investors

Investors in Volue by funding rounds participated
InvestorHQRoundsRoleFirst check

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Acquisitions by Volue

Volue has acquired 10 companies to date.

Last acquisition by Volue was on July 17th 2026. Volue acquired FlexPowerHub for undisclosed valuation.


Latest Acquisitions by Volue

FlexPowerHub
dispoEnergy
Optimeering
Quorum Development Ltd
Description
FlexPowerHub is an Austrian energy technology company that automates bidding into ancillary services markets, where grid operators procure short-notice capacity to keep the power system stable. Based in Salzburg, its software covers the whole bidding process for power producers, traders and battery operators, from strategy through to submission to transmission system operators. It sells the platform to flexible asset owners on a subscription basis.
dispoEnergy is a Swiss software company delivering cloud-native solutions for gas nomination and power scheduling in European energy markets.
Optimeering supplies real-time forecasting and optimization software to cut imbalance costs, streamline operations, and reveal trading opportunities in energy markets.
Quorum Development Ltd is a UK-headquartered software firm creating custom applications to enhance technical and commercial operations across industries.
HQ CountryAustriaSwitzerlandNorwayUnited Kingdom
HQ City
Salzburg
Solothurn
-
-
Deal Date17 Jul 202630 Mar 20269 Feb 202627 Jan 2026
Valuationundisclosedundisclosedundisclosedundisclosed
EV/Revenue
EV/EBITDA

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Volue Competitors

Volue competitors include listed companies like Chrysos Corp., Baosight, Hanyang Eng and PSI Software, and private ones like SafetyCulture and Kylinsoft.

Public and private companies comparable to Volue
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Chrysos Corp.AustraliaAustraliaPublicly listed$63M$19M$538M8.6x
BaosightChinaChinaPublicly listed$1.6B$281M$6.5B3.5x
Hanyang EngSouth KoreaSouth KoreaPublicly listed$822M$45M$403M-
PSI SoftwareGermanyGermanyPublicly listed$327M($7M)$841M2.6x
SafetyCultureAustraliaSydneyPrivate$84M-$1.8B21.1x
KylinsoftChinaTianjinPrivate$209M-$1.6B7.6x

Volue Public Comps

Volue is no longer listed, but its public comps include Harbin Boshi Automation, Ygsoft, KPIT Technologies, Glodon Co, Longshine Technology, Proto Labs, Zwsoft, Imdex, GuoChuang Software and Flotek Industries.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Harbin Boshi Automation$422M$106M3.5x3.5x14.0x11.5x
Ygsoft$387M$71M3.8x3.9x20.5x21.3x
KPIT Technologies$675M$129M2.1x2.1x11.1x10.7x
Glodon Co$910M$141M1.8x1.8x11.5x9.8x
Longshine Technology$674M$24M2.0x1.8x55.1x32.6x
Proto Labs$533M$65M3.7x3.5x30.6x21.9x
Zwsoft$133M$12M7.8x7.2x84.6x51.6x
Imdex$369M$94M3.8x3.7x15.1x11.8x

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Common questions about Volue

When was Volue founded?Volue was founded in 2020.
Where is Volue headquartered?Volue is headquartered in Oslo, Norway.
Is Volue publicly listed?No, Volue was acquired by Generation Investment Management, Advent International and Arendals Fossekompani in October 2024.
Who acquired Volue?Volue was acquired by Generation Investment Management, Advent International and Arendals Fossekompani in October 2024.
How much was Volue acquired for?Volue was acquired for $555M in October 2024, a 4.2x revenue multiple.
What is Volue's valuation?Volue was last valued at $1.8B in its secondary sale in February 2026.
Who are Volue's investors?Volue's investors include TA Associates.
What is Volue's revenue?Volue's latest recorded revenue is $150M (February 2026).
What is Volue's revenue multiple?Volue's latest valuation implies a 11.8x revenue multiple ($1.8B valuation on $150M of revenue).
Which companies are comparable to Volue?Companies comparable to Volue include Chrysos Corp., Baosight, Hanyang Eng, PSI Software, SafetyCulture and Kylinsoft.
How many companies has Volue acquired?Volue has acquired 10 companies, including FlexPowerHub, dispoEnergy, Optimeering, Quorum Development Ltd and HAKOM.

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