Viking Venture has acquired 55 % of the shares in the Norwegian high-growth software-as-a-service company House of Control. The House of Control software suite enables businesses and public administration to improve their control of operational costs and liabilities.
Viking Venture invests in House of Control to accelerate the company’s rapid expansion in the Nordic market. The Viking Venture team has extensive experience in developing business to business software-as-a-service companies.
Expansion into the Nordics
– The combination of rapid growth and strong profitability in an IT company is what makes House of Control unique as an investment. The company has entered into a very promising part of the market and created robust technical solutions. Their ability to innovate is translated into rapid growth and strong profitability through what in our opinion is a unique commercial culture, says Viking Venture partner Jostein Vik.
House of Control has developed software solutions which provide the customers with full control of assets, liabilities and contracts. The company posted a 2014 revenue of NOK 39 million and corresponding EBITDA of NOK 15 million.
– House of Control has acquired an impressive amount of customers in Norway and is well positioned for further expansion into Sweden, Denmark and Finland. We look forward to working with the House of control team and help develop the company into a large Nordic software company based on modern cloud based solutions, says Erik Hagen, Managing Partner in Viking Venture.
Lasse Sten, founder and CEO, is proud of and full of expectations to the new co-owner.
– The confidence shown by Viking Venture tells me that we have done something right as a company and still have a huge potential. Viking Venture was by far the best investor in terms of relevant knowledge and experience, technology transfer and capital for further expansion, says Sten.
– Viking Venture invests at a very exciting point in time. Our solutions are equally attractive in a downturn as well as in good times. The interest in cost control is increasing when profitability is put under pressure, Sten adds.
About Viking Venture
Viking Venture is one of the leading Nordic venture funds and invests in growth companies within IT and Oil and Gas with a potential to grow internationally. Viking Venture is managing seven funds with NOK 1.4 billion under management from its offices in Trondheim and Houston. See www.vikingventure.com.
About House of Control
House of Control delivers the cloud based service Complete Control which provides oversight and control of assets, contracts and agreements and other liabilities. Assets of more than NOK 150 billion is monitored through Complete Control. House of Control has users in more than 60 countries.
Lasse Sten, CEO House of Control Mobile: +47 918 82 125
Erik Hagen, Managing Partner Viking Venture: Mobile: +47 920 22 430
Jostein Vik, Partner Viking Venture Mobile: +47 922 22 392