How our partnership began
Credo partnered with Sysco after being selected in a structured process. Despite not being the highest bidder, Credo was chosen for its strategic vision. We had identified very strong underlying market drivers: Power producers and grid companies were facing regulatory change, requiring new IT solutions and consulting services, and the technological environment was changing rapidly driven by the transition to cloud and increasingly efficient data storage technology, enabling new business models.
The transformation
Throughout Credo’s ownership, Sysco underwent significant transformation, including a successful transition to new top management, strategic acquisitions, and the introduction of scalable managed services and SaaS solutions. This transformation of income streams from time and material to recurring revenues has later become a blueprint for other successful Credo cases in IT services. By 2020, Sysco had established itself as a Nordic powerhouse in IT services for energy utilities, with substantial revenue growth and an impressive increase in enterprise value.
Exit strategy
Sysco was successfully transformed into a leading Nordic IT services provider for energy utilities under Credo’s ownership. In 2021, Sysco was merged with Cegal, creating a powerful Nordic IT services group for the broader energy sector. This merger aligned both companies' customer segments and capabilities, establishing a stronger market position. Credo still owns just over 7% of Cegal.
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