Happy holidays from all of us in Viking Venture

Merry Christmas

As the Christmas holiday is closing in and 2022 is coming to an end, we would like to extend our sincere gratitude to our companies, partners and investors for yet another great year.

The world has become a more uncertain place with increased inflation, interest rates and geopolitical uncertainty, but the market for Business-to-Business software is stronger than ever.  

The holiday season is a time to reflect and recharge together with our loved ones. From all of us at Viking Venture, we wish you a Merry Christmas and a Happy New Year!

This year’s donation goes to NepaliMed.

Highlights from 2022

We are happy to report that we have had another best year ever. During 2022 we have added two new portfolio companies and we have delisted and exited three listed companies Mercell, Ørn Software and House of Control. 

New employees at Viking Venture

Christine Hammeren
Christine Karlsen Hammeren, Lead Generation Specialist
Kjartan Berge Steinshamn
Kjartan Berge Steinshamn, Investment Associate

New investments

  • Workpoint enables efficient Project Management with intuitive email & document management.
  • Heeros Heeros is a Finnish software company specializing in cloud-based business management solutions.

Public-to-private (P2P) processes and exits

Ørn Software was delisted and sold to EG, a leading Nordic software company backed by Francisco Partners. We listed the company last year. Since we invested in 2018, Ørn has grown 12 times in ARR from NOK 21 million to NOK 244 million. 

Mercell was delisted and sold to Thoma Bravo at a 110% premium to the share price. Mercell has grown its ARR 10 times during our ownership period from NOK 85 million to NOK 838 million.

House of Control was acquired by Visma. During our investment period the the ARR grew 7 times NOK 32 million to 216 million.

Mergers and add-on investments within our portfolio

Our portfolio companies acquired eight companies and performed one merger in 2022: 

  • FotoWare strengthens its international position by acquiring Xenario GmbH and Swiss Digital Asset Management provider Picturepark.
  • Xait acquires leading French proposal software company Jack in the Box.
  • TimeLog acquires AutoPilot.
  • Humly acquires Exact Education Ltd.
  • Flowbox merges with Photoslurp.
  • Grade acquires Realcruit and Refensa, strengthening the offering within HR tech.
  • Keystone acquires SONOR – expanding its study abroad offering.

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