Foxway takes a new and important step on its path to become one of the largest specialists on reuse-, repair- and sourcing of ICT-devices across Europe. The acquisition of Madrid-based Redeem allows two key players within the circular economy to unite its offerings and ensure even better services, and create new innovative solutions to ensure that ICT-devices are used longer and better across Europe.
“Our ambition is to be the most sustainable IT-partner for global businesses seeking better ways to manage the entire lifecycle of their ICT-devices. This venture into Southern-Europe secures us many new highly skilled colleagues, and allows us to help our customers faster and better. It’s a proud day for all employees in the Foxway group and we look forward to working closely with our new colleagues in Madrid”, said Group CEO in Foxway, Martin Backman.
Foxway is one of the largest specialist in IT-lifecycle management in Northern-Europe. The group turns over more than 3 billion SEK each year, and employs more than 600 specialists. The biggest division of the company is Estonia-based and employs more than 50% of all employees in the group, making sustainable repair and reuse of ICT-devices the biggest part of Foxway’ operations.
According to the World Economic Forum (WEF), businesses, governments and citizens around the world is increasingly becoming aware of the challenges generated by our unsustainable use of resources. The organization states that in 2019 over 92 billion tons of materials were extracted and processed, contributing to about half of global CO2 emissions. The EU have stated that 25 million tons of e-waste from personal devices such as computers, screens, smartphones, tablets and TVs were generated globally in 2018. Only 35 percent of this e-waste is officially reported and recycled.
“Resources must be used longer and better. The circular economy is set to become one of the biggest global business segments, and repairing and ensuring reuse of ICT-equipment is an important part of this. With Foxway we find value where others don’t look, and help our customers become more sustainable through ensuring a second life for used PC’s, servers, tablets and mobile phones”, said Backman.
The two companies plan to further develop the offering in the Spanish-speaking region by utilizing the strong IT toolkit and know-how the Foxway team can supply. Foxway in Spain will consist of 40 employees, where 33 are highly skilled technicians. The company have two strong market positions: Repair of mobile devices for Vodaphone, and repair and sourcing of second life ICT-equipment.
“It´s exciting times for us. We believe strongly in the new setup and expect to see strong growth in this industry, led by increased demand from the customers to offer buyback services and refurbished devices to the market” said Raul Ortiz the managing director of the new Foxway in Spain.
The local teams will report to the Foxway Estonia organization and the integration plan has already started. Financial details from the transaction will not disclosed.