25/06/2025
In May 2022, CapMan Growth invested in Helsinki-based Cloud2 to accelerate the growth of the multi-cloud company. Two years later, Cloud2 acquired the Danish company KeyCore, gaining AWS expertise from Denmark. This was the first step towards a leading position in the growing Nordic market.
Cloud2 is focused on developing and managing cloud environments, with an impressive track record in line with the strong trend of cloud and AI transformation. The company has unique competencies in the major cloud environments and has very strong partnerships with all the major players: Amazon AWS, Google Cloud, and Microsoft Azure. Its multi-cloud expertise has been at the forefront of its offering since the company was founded in 2017. With most larger organisations now using at least two public clouds, there is significant growth potential.
“Our goal is to become the market leader in the Nordic countries as a cloud services partner. We focus in particular on the management, development, operation, maintenance, and monitoring of multi-cloud environments,” says Henri Grönlund, CEO of Cloud2.
Moving to the public cloud
Many companies are in a strong shift, moving to the public cloud, where AI is a strong driver. In order for companies to use AI to its full potential, they need to have their information stored in the cloud where it is easy to manage. There is so much happening so fast right now that businesses need the expertise and specialised skills available in Cloud2.
“We are impressed by the management’s ability to build the business together with its customers in real time, while the company’s turnover is growing strongly by 20–30 percent per year in a trending and growing market”, notes Heikki Juntti, Partner at CapMan Growth.
Supporting fast-growing champions
Cloud2 is at the forefront of its industry. Its customers are large and medium-sized companies, many of which are listed on the stock exchange. The Helsinki-based company is a good example of a fast-growing champion in progress, anticipating a strong trend and helping its customers keep pace with rapid development. CapMan Growth has a strong track record in developing service companies in the technology sector such as Cloud2.
“We have participated in building several Nordic champions focused on global technology ecosystems such as Salesforce (Fluido), Hubspot (Avidly) and ServiceNow (Sofigate),” explains Heikki Juntti. “The adoption of cloud infrastructure such as Azure and AWS has created a huge opportunity in the market and we are very excited to be involved in building Cloud2 into a successful multi-cloud player.”
Active ownership creates value and growth
CapMan Growth is investing in Cloud2 as a minority shareholder, ensuring that all existing owners of the company remain involved. The CapMan Growth team supports the company’s entrepreneurs in strengthening operations and driving growth. Working closely with management, CapMan Growth brings skills and experience in active ownership, value creation, and growth in an international context.
“The company’s first objective is to grow in the Nordic region and become the market leader in an expanding market with important customers among medium and large companies. Over time, the company will also be able to grow internationally. In the Nordic region we are often early adopters of technology, and Cloud2 is at the forefront of developments by integrating its own systems and products into its cloud services,” says Heikki Juntti.
The first step outside Finland is Denmark.
”We landed in Denmark because it is an interesting and large market area where the cloud maturity is about the same level as in Finland, and there are also strong growth forecasts for the public cloud,” shares Henri Grönlund.
Strong culture
Cloud2 is a service company run by dedicated people who work closely with clients and contribute to long-term development, not just bill consultancy hours. Each client has a dream team to ensure that the business keeps pace with developments and has the opportunity to create long-term value. This personalised approach is unique in the IT industry.
“Cloud2 has a holistic approach to the organisation. The culture is strong and has down-to-earth values that make the company care about its employees and customers. Many of the experts who work at Cloud2 are also partners in the company. The positive atmosphere attracts new experts and ensures that existing experts stay with the company. This is essential when there is such a hard competition for people with qualified skills,” concludes Heikki Juntti.
Facts:
Cloud2 is a multi-cloud company founded in Finland in 2017. In 2024, Cloud2 had a turnover of around € 27 million and expanded with the purchase of Danish KeyCore, which is now part of the company as Cloud2 Denmark. The company has +120 employees with many experts in Amazon AWS, Microsoft Azure and Google Cloud. CapMan Growth partners with entrepreneurs to build category leading businesses. The team invests in companies with proven momentum and high growth ambitions. The investment in the multi-cloud service provider Cloud2 is from 2022.