Business Wire

Allshares Forges Ahead as European Compensation Software Leader with Novare Pay Acquisition


Bregal Milestone, a leading European technology and software private equity firm and majority owner of Allshares, a pioneering compensation and long-term incentive software and services provider, today announced the acquisition of Novare Pay and the appointment of Michael Ingelög as Chair of the Allshares Board.

Novare Pay, based in Stockholm, is acclaimed for its reputation as a high-growth, high-margin European compensation services provider with a strong Nordic heritage. With an impressive clientele including leading multinational enterprises, Novare Pay's integration into the Allshares ecosystem will translate to an enhanced end-to-end digital turnkey offering to its over 630 clients spanning more than 40 countries worldwide. The acquisition of Novare Pay further fortifies Allshares' leadership position as one of Europe’s leading compensation software and services providers, with augmented and strengthened capabilities across compensation data and analytics, incentives, and governance. At closing, Novare Pay will rebrand and operate under the Allshares name.

Commenting on the landmark acquisition, Erika Andersson, CEO of Novare Pay, expressed her enthusiasm, stating, "Over the years, we have built a strong and diversified customer footprint and a talented team operating from our strategic hubs in Stockholm, Oslo, and London. Partnering with Allshares presents an exciting opportunity to not only enhance our service delivery with tech-forward compensation software but also to help spearhead a transformative shift in the European compensation landscape."

Cyrus Shey, Co-Founder and Managing Partner at Bregal Milestone, echoed Andersson's sentiments, saying, "We extend a warm welcome to Erika, Andreas, and the entire Novare Pay team as they join the Allshares family. Leveraging Novare Pay's specialized expertise in pay, remuneration, and compensation, alongside its client-centric approach, this partnership will help propel Allshares to new heights across Europe, re-affirming their steadfast commitment to delivering leading compensation solutions that drive high performance for both private and publicly listed customers. With Michael's appointment as Chair, we are confident in our ability to harness this momentum and further strengthen Allshares’ position as an industry leader."

As Chairman Michael Ingelög brings his wealth of experience as a seasoned CEO and board executive with deep knowledge of the Nordic and European markets. In response to his appointment and the acquisition of Novare Pay to the Allshares family, Ingelög commented, “Allshares’ distinctive solutions built and delivered by industry experts underpinned my decision to join as Chair of the Board. With the recent addition of Novare Pay to the Allshares family, Allshares is poised to enhance its offerings even further and truly transform the European compensation landscape. I'm thrilled to help shape the company’s future, alongside management and the board.”

The terms of the transaction were not disclosed and are subject to customary closing conditions.

About Bregal Milestone

Bregal Milestone is a leading European software and technology private equity firm with c.€1.3 billion of capital raised since inception. The firm provides growth capital and operational support to build market-leading technology companies. Bregal Milestone is part of Bregal Investments, a leading global investment platform with assets under management of over €18 billion. Bregal Milestone was recognised by GrowthCap as one of the Top Growth Equity Firms of 2023. For more information, visit or follow us on LinkedIn.

About Allshares

Allshares is a market leader for equity plan design and administration in the Nordics. Trusted by leading multinational enterprises, Allshares serves approximately 300 multinational public and private enterprise customers in more than 100 countries with an end-to-end digital turnkey solution for equity plan management. Companies and participants can use its proprietary software and services to administer share plans in full compliance with relevant regulations, legal, and tax frameworks, as well as deliver seamless and automated IFRS reporting of share plans to companies. For more information, visit

About Novare Pay

Novare Pay is a premier provider of remuneration services to multinationals. With a dedicated team of over 50 seasoned specialists stationed across Stockholm, Oslo, and London, Novare Pay offers bespoke compensation services and analytics tailored to clients' needs. Novare Pay boasts an impressive track record of high-growth, high-margin fundamentals, while serving over 900 clients in more than 60 countries. For more information, visit

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