Viking Venture portfolio company, House of Control has announced that it has acquired Effectplan International AB through a wholly owned subsidiary. The acquisition adds stronger forecasting and budgeting software to the company’s toolkit and is a further step towards fulfilling House of Control’s vision to be The CFOs Best Friend.
Effectplan currently has an ARR of around SEK 4 million from subscription contracts with approximately 50 Nordic companies. House of Control has identified significant growth potential through synergies from new sales, upsell and cross-sell to both new and existing customers.
– With our existing solutions, users can budget costs and revenue as defined by contracts registered in Complete Control. When we add Effectplan’s solutions, we expand the toolkit and include every item in the budget. This also comprises non-monetary forecasting, such as the amount of raw materials and the need for personnel, says Lasse Sten, Chief Executive Officer of House of Control.
– Forecasting and budgeting solutions are in demand among our more than 1,200 existing customers. With this acquisition, we can offer a wider ecosystem of powerful and reliable solutions with an intuitive user interface. This enables efficient processes and cooperation across locations, departments and decentralized business units, with far superior performance to the spreadsheets and other manual processes many companies use today, Sten continues.
The acquisition of Effectplan is in line with the company’s growth strategy which combines ambitious organic growth targets and execution of M&A opportunities.
– We have bold ambitions for the next five years, targeting an annual organic growth rate of 30 percent to increase our ARR to NOK 500 million by the end of 2025. Our growth ambitions will be further supported by acquisitions, and Effectplan’s solutions complement and expand our strong ecosystem of best-of-breed products and solutions to facilitate operational management. We look forward to bringing these solutions to the market through our efficient Hunter and Customer Success teams, says Sten.
– This is House of Control’s second acquisition in 2020 and a great add-on for further product expansion. Effectplan´s forecasting and budgeting products strengthens House of Control position as CFO’s best friend, says Jostein Vik, Partner at Viking Venture and boardmember at House of Control.
Effectplan’s five employees will relocate to House of Control’s offices in Stockholm, Sweden following the transaction.
About House of Control
House of Control is the leading Nordic SaaS company for commercial value management solutions. Branding itself as “The CFO’s best friend”, the company’s product vision is to provide financial control and facilitate optimisation of business processes. The main product is the proprietary Complete Control™ solution for operational and financial contract management, on which the company offers a broad suite of specialised add-on solutions. House of Control expanded its scope into enterprise business processes with the acquisition of DinERP in 2020, offering solutions for procurement processes, supplier and B2B business communication, and travel, time, and expense management.