Ørn acquires Landax, adding NOK 21 million of ARR

Written by Viking Venture 21. May 2021

Picture: Sten-Roger Karlsen, CEO of Ørn Software

Ørn Software has signed an agreement to acquire the Norwegian Quality Management Software-as-a-Service (SaaS) company Landax, thus gaining a strong portfolio of new customers in new and existing sectors.

– Through the acquisition of Landax, we continue to execute on our communicated growth plan. Landax has a unique position within the Quality Management space, and its platform offers an impressive width in functionality that perfectly complements our existing portfolio. Landax represents an offering that is highly attractive for Ørn’s existing customers, and vice versa, says Ørn Software’s CEO Sten-Roger Karlsen.

The acquisition adds 540 new customers to Ørn Software’s portfolio, including a range of large companies within Norwegian retail, logistics and industry. The acquisition also provides Ørn with 11 highly skilled employees in Norway, and a development team in Poland.

– Today, companies need to continuously increase efficiency and quality to remain competitive and relevant. Implementing digital management tools is an important step towards meeting these goals. Mega-trends like digitization, smart buildings and cities, and industry 4.0 are driving the development of new technology, allowing even more value to be created with our software solutions, says Karlsen.

Maintenance Management and Quality Control – a perfect match

– Maintenance Management and Quality Control is a perfect match, and our customers need both to gain full control over the entire value chain, to optimize efficiency, quality, and to increase sustainability, says Karlsen.

– We have offered this combination to the Aquaculture industry since acquiring Pixelwerk in January 2020. With Landax, we can provide the same broad range of services to other sectors as well, says Karlsen.

– The shareholders of Landax are very pleased to become a part of Ørn Software. Over time, Ørn has proven to be a solid, flexible, and rapidly growing player in the software industry. The company has a strong market position within industrial maintenance, aquaculture, and real estate. Correspondingly, Landax has become a dominant supplier of management solutions for quality control, HR, HSE and project management. Together, the combined entity will represent a major market power in the Nordic region. All employees at Landax look forward to an inspiring future in Ørn Software, says Torleif Bratlie, CEO of Landax.

At the end of 2020, Landax had an annual recurring revenue (ARR) of NOK 18.9 million. Ørn’s proforma ARR at the end of 2020 was NOK 107 million, after having grown 73% annually in the period 2017-2020.

Strong growth

Ørn Software is the country’s leading software company, with solutions for efficient asset operations and maintenance across a wide range of industries, including real estate, manufacturing and aquaculture. Ørn Software has enjoyed formidable growth in recent years, with Skistar, Bane NOR and Norwegian health trusts among its many customers. In addition, over 50 aquaculture companies in Norway rely on Ørn Software. The company aims to become the leader in the Nordic market.

– Although Landax’s main market is Norway, its platform supports multiple languages and is ready to be introduced outside the country, says Karlsen.

He indicates that there are more acquisitions to come:

– We see that there are very good opportunities for value creation by continuing our aggressive acquisition strategy. Landax is the sixth company we have acquired in the past 18 months. In addition, we are also experiencing significant organic growth.

Facts about Landax

Landax was established in 2005 and had a turnover of NOK 30.8 million in 2020. The company has 11 employees and approximately 550 customers. Landax develops software for quality management, with a broad range of functionality in quality assurance, internal control, HSE, FM and more, with customers in many industries across Norway.

Facts about Ørn Software

Ørn Software, listed on Euronext Growth as of March 2021, is a Nordic provider of SaaS solutions enabling efficient operations and maintenance across a wide range of asset-heavy industries, including real estate, manufacturing, food & beverages, and aquaculture. The Group’s software provides customers with improved insight through data-driven operations and contributes to increased efficiency and reduced costs through digitalization of rental processes, data-driven maintenance scheduling and energy optimization.

All of the above contribute to the lengthening of property and equipment lifespan, a key component of Ørn Software’s value proposition. Furthermore, the Group’s offering enables customers to reduce their environmental footprint and provides digital tools to meet reporting and regulatory requirements.

Close to 1,800 companies and 260,000 employees use Ørn Software’s different SaaS-offerings every day, including a number of the biggest industrial and property management firms in the country.