Aspirity Partners has signed a definitive agreement to acquire a majority stake in Onomondo, a Copenhagen-based IoT infrastructure and connectivity company. Aspirity is leading a combined investment of more than €100 million. EIFO, Denmark’s sovereign investment fund, will increase its investment in Onomondo alongside Aspirity. EIFO has backed the company since 2021.

The deal came after close to a year of bilateral engagement between Aspirity and Onomondo. It is the firm’s first investment in the Nordic region. Aspirity is making the deal “as we execute our pan-European strategy,” said Joseph O’Mara, founder and managing partner at Aspirity Partners, in a statement.

Onomondo has native access to nearly 700 networks worldwide. Its infrastructure covers the device, the radio access network and the cloud, and its technology includes patented Cloud Connectors and Soft SIM. The company can also deploy hybrid public/private networks. It runs what the company believes is the world’s largest private LTE network at sea, across more than 450 Maersk vessels.

The investment will help Onomondo expand its presence in international markets, scale up its infrastructure and keep developing its own technology. Aspirity aims to “accelerate Onomondo’s international growth and support its trajectory as a defining global platform,” said Ralph Choufani, co-founder and partner at Aspirity Partners, in the statement. Arma Partners was exclusive financial adviser to Aspirity. Willkie and Accura provided UK and Danish legal counsel, respectively.