Jottacloud and Telenor Software Lab Merge to Build a Strong Norwegian Challenger in Cloud Storage

Oslo, March 19, 2025 – Growing geopolitical tensions have driven European consumers to seek alternatives to international technology services. Today, Telenor and Jotta announce the merger of their cloud storage businesses, forming an all-Norwegian alternative to global players.

“Most of us store our private photos on the cloud, and many are now questioning the security of data stored abroad. By merging the Norwegian cloud storage companies Jotta AS and Telenor Software Lab, we are creating a robust Norwegian competitor that can challenge global providers in the European market," says Roland Rabben, CEO and founder of Jotta, who will also lead the new company.

Both Telenor Software Lab and Jotta AS are well-established in the cloud storage market. For over a decade, Telenor Norway has offered Min Sky, an automatic image backup service developed by Telenor Software Lab. Since its founding in 2008, Jottacloud has grown into one of Europe’s leading storage providers in a market dominated by international tech giants. Over the past ten years, the company has achieved an average annual revenue growth of 16.7%. Jotta is owned by the Norwegian investment company Hawk Infinity, which focuses on software and technology companies.

This strategic merger strengthens the new company’s ability to develop a future-ready cloud storage solution for both consumers and businesses. The joint venture, owned 50/50 by Hawk Infinity and Telenor Amp, will continue to enhance both Jottacloud and Min Sky, leveraging the best technology, expertise, and infrastructure from both companies.

"The merger brings clear synergies, particularly in secure data storage, artificial intelligence, and product development. By joining forces, we’ll be stronger and better equipped to deliver the best cloud storage experience. We’re confident that Jottacloud and Min Sky users will benefit from even better services in the future," Rabben adds.

The new company will serve over 2 million active customers and expect revenues of approximately NOK 200 million in 2025. Its enterprise value is estimated at NOK 1.5 billion, including synergies in storage costs. The merger will not affect existing Min Sky and Jottacloud customers.

A Growing Market
The cloud storage market is expanding rapidly due to increasing data needs and digitalization. Cloud services are now an essential part of everyday life, evolving alongside technological advancements and changing user demands.

“My Sky is a highly valued service in a rapidly growing market, driven by rising data consumption and the need for secure storage,” says Dan Ouchterlony, Head of Telenor Amp.

“By scaling up our cloud storage capabilities and expanding our development environment, we can offer an even better service to our customers. Jotta is the perfect match for this ambition, and together, we see an opportunity to build a leading international SaaS company,” he adds.

Jottacloud was a pioneer of artificial intelligence (AI) and was the world’s first cloud storage provider to introduce AI-powered language-based search for users' photos. AI will remain central to the platform’s continued innovation.

A Secure Norwegian Alternative, with Global Ambitions
Since its founding in 2008, Jottacloud has prioritized privacy, sustainability, and data security. Its server infrastructure is entirely based in Norway, powered by 100% renewable energy. Following the merger, all data will be moved to Jottacloud’s Norwegian data centers, reinforcing its commitment to secure, locally stored data.

“We will continue to develop our services with privacy and data security as top priorities. These are fundamental values we stand by, even as they face increasing challenges. By offering secure storage on Norwegian soil, we believe our service will attract more customers both domestically and internationally. This merger creates economies of scale, growth opportunities and strengthens our ability to compete with global providers," says Rabben.

The merger is subject to approval by the Norwegian Competition Authority, with completion expected in Q2 2025.

Media contacts:

Telenor:
David Fidjeland, Director Media Relations, Telenor Group
+47 93 46 72 24 | david.fidjeland@telenor.com

Jotta:
Ina Halvorsen Seim, CCO, Jotta AS
+47 45 28 78 10 | ina@jotta.no

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• CEO Jotta & Head of Telenor Amp