Axcel-backed XPartners Acquires SiO Signalteknik to Boost Railway Infrastructure

XPartners Group, a leading European engineering and design consulting group backed by Axcel, has expanded its footprint in the railway infrastructure sector by acquiring SiO Signalteknik, a Swedish consultancy focused on signalling systems and traffic control. The acquisition, announced in April 2026, adds specialist expertise and broadens XPartners’ service portfolio in railway infrastructure.

SiO Signalteknik, founded in 2011 and headquartered in Hedemora with offices in Borlänge and Gothenburg, employs 14 specialists and generated approximately SEK 22 million in revenue in 2025. The company provides a range of consultancy services including design, internal and safety reviews, commissioning inspections, site supervision (BPU), assessment, Factory Acceptance Testing (FAT), and training services. SiO has established long-term client relationships and operates across Sweden, with projects in locations such as Nyköping, Hallsberg, Sundsvall, Uppsala, Björkliden, and Kiruna.

“We are very pleased to welcome SiO Signalteknik to XPartners. The company adds specialist expertise in an attractive niche area and strengthens our offering within the railway sector in a very good way,” said the Managing Director of XPartners Sweden. SiO’s CEO added, “Through XPartners, we gain new opportunities for collaboration and knowledge-sharing with other specialist companies. This supports our continued development and strengthens our offering to clients within railway infrastructure.”

XPartners Group AB (publ) comprises over 80 entrepreneur-led companies with more than 2,000 specialists advising clients across infrastructure, buildings, energy, and environmental sectors. The group’s pro forma annual revenue exceeds SEK 4.0 billion. It is primarily employee-owned with backing from private equity firm Axcel.

The acquisition strategically enhances XPartners’ position in the Swedish railway consultancy market by integrating SiO’s niche signalling and traffic control expertise. This enables cross-selling of specialist services to existing clients and access to SiO’s recurring client base. The combined capabilities also position XPartners to bid for larger, integrated railway infrastructure projects, leveraging shared knowledge and operational efficiencies.

Industry consolidation in railway infrastructure consultancy is accelerating, and this deal strengthens XPartners’ competitive edge. Competitors may respond with similar acquisitions or partnerships to bolster their technical expertise in signalling and traffic control.

Financial terms of the acquisition were not disclosed. The integration will focus on aligning operational processes, retaining key technical talent, and maintaining service quality during the transition. XPartners aims to optimize resource allocation and enhance project delivery through combined project management and training capabilities.

Looking ahead, XPartners plans to leverage SiO’s expertise to innovate in signalling and traffic control solutions, further expanding its service offerings and market reach within Sweden’s railway infrastructure sector.