Defensor invests in Novator Solutions AB to strengthen Swedish SIGINT and Electronic Warfare capabilities

Defensor Group AB ("Defensor") has today entered into an agreement to invest in Novator Solutions AB ("Novator") through a directed share issue. Through the transaction, Defensor will become the owner of 40 per cent of the shares in the company, with options to increase its shareholding over time and become majority shareholder.

Novator, which generated revenues of approximately SEK 40 million in 2025, was founded in 2007 by Novator Consulting Group AB. Henrik Ulfhielm assumed the role of CEO in 2010 and today Novator is an engineering-driven company operating within industrial test and measurement development as well as proprietary software and hardware based systems in signals intelligence ("SIGINT") and electronic warfare ("EW").

The company has built a strong technical capability within SIGINT, EW, RF and real time critical systems, with the ability to develop technology for both strategic systems and demanding operational environments, and with the possibility of modular deployment and scaling across multiple applications. Customers within the SIGINT and EW segment primarily comprise Swedish and international government agencies.

The investment enables Novator to accelerate product development projects within SIGINT and EW.

"Novator has a strong engineering profile and deep technical expertise within SIGINT and EW, with proprietary software and hardware. This capability is central on today's and tomorrow's battlefield, where control and understanding of the electromagnetic spectrum is fundamental in order to operate effectively. Through this investment, we strengthen Swedish industrial capacity within the area and create conditions for long term development in close cooperation with government customers. At the same time, we see clear opportunities for technical collaboration between Novator and Defensor's other businesses," says Max Jägerbring, CEO of Defensor.

"With Defensor, we gain a genuinely long-term owner that provides resources and understands both the products we develop and our customers' requirements. This enables us to increase the pace of development and further enhance our product capabilities, while maintaining our technical focus and engineering-driven culture. I also see significant potential in collaborating with other businesses within the Defensor group," says Henrik Ulfhielm, CEO of Novator.

The transaction, which Defensor is financing with existing cash on hand, is subject to customary regulatory approvals and is expected to be completed during the first quarter of 2026. Following completion of the transaction, Novator Consulting Group AB will remain majority shareholder in Novator and Henrik Ulfhielm will remain CEO.

Advisers

Defensor has been advised in the transaction by Magnusson Advokatbyrå on legal and regulatory matters and by KPMG on financial due diligence and tax matters.

About Novator

Novator is a Swedish engineering-driven technology company specialised in advanced solutions within SIGINT and EW. The company develops software and hardware based solutions within the electromagnetic spectrum for defence and security related government customers. For more information, please visit www.novatorsolutions.se.

About Defensor

Defensor is a Swedish defence industry group with an entrepreneurial drive and a high rate of development, focused on investing in and developing solutions that help to strengthen Sweden's long term resilience.