The Rise of Foxway and Circular IT Tech
Can a platform model better position the company for the next phase of growth?
Introduction
Foxway has emerged as a leading circular tech services provider in Europe. The company was founded in 2009 in Sweden as XIInc through a merger of Nicator and Printure. In 2020 the Company changed its name to Foxway.1 Its circular tech services include electronic device refurbishment, redeployment, and remarketing, contributing to extending hardware lifetimes and reducing e-waste and climate impact.
The company has grown rapidly. By 2021, Foxway had established nearly 6,500 sales points across 50 countries.2 Today, the company has grown to employ over 1,400 people with an annual revenue exceeding $745 million. Foxway's acquisition strategy has contributed to this expansion. Since 2015, the company made 11 acquisitions across 7 countries. In 2023, Foxway doubled its device recovery volume, refurbishing over 2.4 million devices for introduction to the second-hand market. In 2023, Nordic Capital acquired a majority stake in Foxway. As a leading private equity investor with €22 billion invested across more than 130 companies, Nordic Capital provides Foxway with significant financial resources to fund further expansion.
However, as the circular economy landscape evolves, there's a question of whether Foxway's current service-based model will be sufficient to fully capitalize on the opportunities presented by growing circular IT demand and policy measures like the European Circular Economy Act due to take effect in 2026.3 While Foxway's existing model has proven effective, transitioning to a platform model could potentially enhance its ability to scale and create an even greater positive impact. A circular platform model, which harnesses third-party complements and boosts network effects, could allow Foxway to further scale its operations. Foxway could also provide key "circular tech" infrastructure to third parties in a manner similar to Zalando's approach of leveraging existing infrastructure.4 This shift could enable Foxway to create an interconnected ecosystem of circular IT services, better positioning the company for its next phase of growth.
Building Circular IT Services
Foxway has built integrated offerings that support the entire lifecycle of IT assets, from procurement to disposal, with a strong emphasis on circularity. The company has focused on developing circular solutions to a diverse range of target customers, including telecom companies, retail companies, enterprises, and individual customers.5
Foxway provides a variety of circular services:
Device Trade-In Programs: Foxway collaborates with telco and retail companies to provide trade-in solutions where customers can exchange old devices for fair value, which can be used toward purchasing new products. With over 7,500 points of sale across Europe, this program is widely accessible and promotes responsible disposal of electronics.
Subscription Model: Customers can subscribe to the latest smartphones at reduced monthly costs rather than purchasing them outright. Foxway retains ownership of the devices, ensuring a high return rate (up to 95%) after the subscription period for refurbishment and reuse.
Rental as a Service: In partnerships with brands like Samsung in Nordic countries, Foxway offers device rental programs where customers pay a fixed monthly fee to use premium devices. These devices are refurbished and reused after being returned.
Future Price Commitment (FPC): This guarantees the future trade-in value of devices at the time of purchase, encouraging customers to return old devices when upgrading.
IT Asset Disposition (ITAD): For businesses, Foxway securely wipes data from end-of-life or surplus IT assets, refurbishes usable devices, and recycles unusable ones.
Grading and Testing Services: Foxway provides a comprehensive device testing and grading service for mobile devices and laptops. The process involves both visual and functional assessments to ensure accurate grading and transparency for customers.
Remarketing Services: Refurbished devices are repackaged and resold through various channels, either directly to consumers or redeployed for businesses.
SMART DPK (Digital Key Injection). This cloud-based service simplifies the process of obtaining and applying genuine Windows licenses for refurbished devices.
Through these services, Foxway has assembled a suite of services to optimize IT device management, while actively reducing carbon emissions and e-waste.
OEM Partnerships
Partnerships with leading electronic manufacturers play a key role Foxway’s service strategy. As an HP Certified Refurbishment Partner, Foxway ensures that every device meets stringent performance and aesthetic standards, utilizing exclusively HP components and certified processes. These refurbished products, marketed as HP Certified Partner Refurbished, come with HP’s One-Year Limited Hardware Warranty, ensuring reliability and performance. In January 2025, Foxway joined the HP Certified Licensing Partner Program, further strengthening its partnership with HP. This collaboration emphasizes circular economy principles, focusing on durable design, refurbishment, and reuse of technology.6
Foxway is an approved and registered Dell partner, offering a wide range of Dell products, including clearance offers directly from the manufacturer. This partnership enables Foxway to provide cost-effective solutions while maintaining high standards of quality and reliability.7
Foxway is a certified Authorized Apple Reseller and provides services for all Apple products, including lifecycle management, financing, and security. The company also offers Apple for Business services and has an Apple Business Manager.8
Additionally, Foxway is an authorized reseller of Microsoft Surface devices and accessories. Through this partnership, Foxway offers the full range of Surface products, catering to diverse customer needs with innovative technology solutions. Foxway is also a Microsoft Education Training Partner. This means it can help clients create learning and digital workflow structures, structure enterprise programs, and train employees in Microsoft Services.9
Reverse Logistics
Foxway manages the logistics of moving electronic devices through a comprehensive and integrated approach.10
Foxway tackles the challenge of managing reverse logistics for millions of devices through a comprehensive and integrated approach. The company has established a global network of logistics companies that provide support in 132 countries, handling everything from individual items to full container loads. A centralized digital platform tracks and manages assets throughout their lifecycle, integrating with transport companies for real-time visibility. Standardized processes ensure consistent service and security levels across their partner network, reinforced by biannual audits and consolidated environmental reports.
Foxway leverages ServiceNow's asset tracking system for IT assets through a comprehensive integration. At the core of this approach is Foxway’s proprietary XIMA integration, which connects its systems with customers’ ServiceNow portals. This allows for automated processes such as IT asset ordering, request handling, ticket management, catalog updates, and asset lifecycle tracking. The integration significantly speeds up onboarding for global corporations, reducing the typical timeline from 6–9 months to less than a month. Real-time tracking and notifications provide visibility into asset movements and maintenance needs, while automated workflows eliminate manual tasks and reduce errors.11
Reseller Portal
Foxway primarily sells its refurbished devices through the proprietary Reseller Portal, an online platform designed for resellers. This portal offers a live stocklist and online checkout, making it easy for buyers to make quick purchase decisions. In 2021, Foxway introduced a significant enhancement to the platform with the launch of the Live Auctions feature.12
This user-friendly addition allows resellers to manage bids and follow available auctions easily. Users can select from Live Bid, Auto Bid, and Buy Now options, depending on the auction. The platform also provides detailed information about each batch, including descriptions, pictures, and item lists, which can be downloaded as Excel files for further analysis.
Currently, Foxway focuses on its Reseller Portal and does not utilize social commerce channels like Whatsnot for selling refurbished devices.13 The company's strategy emphasizes improving resale through its own Reseller Portal. The Live Auctions feature is accessible only to logged-in users, allowing them to stay updated on new listings and participate in auctions effectively. Additionally, Foxway's privacy policy ensures that customer data is handled securely, maintaining trust and confidentiality in all transactions through the Reseller Portal.
Key Role of Acquisitions
Foxway has strategically expanded its capabilities and market presence through 11 key acquisitions since its founding (see Figure 1). These acquisitions have significantly enhanced Foxway's position in the circular IT services market across Europe. The company gained expertise in IT service management through Vision Zero IT AB, which specializes in reducing IT hassles and optimizing efficiency. Additionally, Timetech added capabilities in ICT asset logistics and management for global enterprises, establishing Foxway's base of operations in Norway.
Figure 1. Foxway’s Acquisitions by Country and Year
Foxway has expanded its geographic footprint and capabilities through a series of acquisitions across Europe. These acquisitions have not only secured new capabilities but also access to new markets. The company has made significant acquisitions in several European countries, including the United Kingdom, Germany, Norway, Spain, Estonia, Denmark, and the United Kingdom.
Initially, between 2015 and 2018, its acquisitions focused on companies close to home. Foxway expanded its offerings in IT solutions with Supplies Team, which was Sweden's leading supplier of efficient workplaces, providing a wide range of products and services including IT, documents, telecom, multimedia, accessories, and consumables. In the education sector, Lin Education AB brought specialized EdTech solutions, including hardware, software, training, and proprietary learning platforms tailored for schools and municipalities. Furthermore, Foxway enhanced its capabilities in mobile and IT equipment recycling with Replace Group, in nearby Estonia, which specialized in recycling services for large Nordic and European enterprises. In 2018, the acquisition of TimeTech AS, a company providing asset management for ICT assets to global enterprises, became a base for Foxway’s operations in Norway.
The acquisition of Redeem extended its reach to Spain in 2019. Based in Madrid, Redeem further strengthened Foxway's capabilities in the reuse, repair, and sourcing of ICT devices. This was complemented by the acquisition in Germany of Flip4 in 2020. This acquisition expanded Foxway's reach into the B2C market by specializing in sourcing and reselling consumer electronics through online platforms and trade-in partnerships. Greentech, a leading IT lifecycle business in Norway, was another significant addition in 2021, reinforcing Foxway's strategy to become a leading specialist in the reuse, repair, and sourcing of ICT devices in Europe.
Global Resale strengthened Foxway's position in circular tech in Europe, particularly in the UK, by adding expertise in data destruction, reverse logistics, and IT asset disposition in 2022. DCC (Dansk Computer Center) enhanced Foxway's capabilities in distributing circular IT products, especially surplus and end-of-life products from major manufacturers like Lenovo and HP, solidifying its presence in Denmark. Most recently in 2023, Teqcycle Solutions GmbH expanded Foxway's position in Germany and the DACH area, particularly in the recommerce business for mobile devices and laptops.
Figure 2. Foxway’s Operations in Europe
These acquisitions expanded Foxway’s ability to serve both B2B and B2C markets, handle various types of IT assets, and provide end-to-end solutions from sourcing and repair to remarketing and recycling. Geographically, Foxway has expanded its presence across the Nordic region, Baltic States, Western Europe, and the DACH region, establishing a strong foothold in countries such as Sweden, Norway, Denmark, Estonia, Spain, Germany, and the UK (see Figure 2).
Future of Foxway
Shifting Foxway's business model to a marketplace for IT circular tech services would unlock significant advantages by leveraging network effects and scaling through third-party assets. This transformation could drive growth and future resilience by amplifying network effects through accelerated growth via cross-side network effects, enhanced value for all participants, and the creation of competitive moats. The shift would allow for asset-light scalability, reducing capital expenditure, enabling rapid market expansion, and mitigating risks associated with owning physical infrastructure.
Operational advantages of this new model would include improved quality control and brand trust through vertical integration and customer reviews, data-driven optimization to inform pricing and guide partners, and the development of an API-driven ecosystem for seamless integration with third-party services. Strategic monetization opportunities would arise through transaction fees, subscription tiers, and value-added services like insurance or financing options.
By positioning itself as a neutral marketplace, Foxway would be able to future-proof its business, adapting to emerging trends without overhauling its core infrastructure. This approach aligns with proven strategies from successful platforms like Amazon, Uber, and Walmart Restored, while avoiding the capital intensity of traditional asset-heavy models. Ultimately, transitioning to a marketplace model would allow Foxway to harness network effects for rapid growth, scale efficiently through third-party assets, and build a defensible position in the circular tech ecosystem, ensuring its relevance and competitiveness in a rapidly evolving industry.
A platform strategy could significantly enhance Foxway's potential for growth in countries like France, particularly by tapping into important trends such as the right-to-repair movement. This model would allow Foxway to partner with French repair shops and refurbishers, leveraging their existing capabilities and local market knowledge. It could offer its circular IT services through a digital marketplace, aligning with France's push for sustainability in tech consumption, and scale operations rapidly by connecting buyers and sellers of refurbished IT equipment. This approach would enable Foxway to adapt quickly to the EU-wide right-to-repair directive and integrate with government-supported initiatives.
Foxway could provide key "circular tech" infrastructure to third parties, such as other refurbishers, by leveraging its existing expertise and lifecycle management capabilities for electronic devices. Similar to Zalando’s strategy of supporting apparel brands with its returns infrastructure, Foxway could open up its logistics network to partners, offering access to its collection and return centers, repair and refurbishment facilities, and distribution channels for refurbished devices.14 By opening up its infrastructure and services to third parties, Foxway could position itself as a central hub for circular technology innovation. This strategy would not only scale Foxway’s impact on sustainability but also provide valuable support to other players in the circular tech ecosystem who are working toward similar goals.
Conclusion
Foxway has established itself as a prominent player in Europe's circular IT services sector through strategic acquisitions, OEM partnerships, and a comprehensive suite of services. The company's focus on extending the lifecycle of IT assets through refurbishment, redeployment, and recommerce has driven impressive growth and contributed to a more sustainable approach to technology consumption. However, to fully capitalize on the opportunities presented by the evolving circular economy landscape, Foxway should consider making a platform-based approach more central to its business model. This shift would enable greater scalability and solidify Foxway's position as a leader in the next phase of Europe's circular IT evolution.
Footnotes