Høvik, 29 October 2021: House of Control Group AS, a Viking Venture portfolio company, has entered into an agreement to acquire Keyforce AS in Norway. The acquisition significantly strengthens House of Control’s integration capabilities and future Business Intelligence offerings.
House of Control’s Software as a Service (SaaS) solutions for CFOs are built on communication between different platforms and systems. Interaction and integration with ERP, CRM, HRM and other incumbent business process systems is key to maximize user value. Over 20 years, Keyforce has built an industry-leading expertise in connecting business process software and presenting data in a way that is easily available to all parts of a business – not only the finance department.
– The digitization of the company’s finance department is accelerating, and more data is produced every day. To help the CFO harvest the fruits of these changes, dashboards are needed to connect and present key data in an understandable and actionable way. The Keyforce team will significantly amplify House of Control’s ability to stay the CFO’s best friend, says CEO Lasse Sten in House of Control.
– More and more data will be connected. For example, our contract lifecycle management software can be integrated with our procurement solution. Our budgeting and forecasting software also connect to ERP and other data sources. The same goes for the CFO Dashboards. With Keyforce a part of HoC, we will connect even more data and workflows in new and innovative ways and further increase our ability to provide actionable insight.
Keyforce has annual recurring revenue (ARR) of NOK 14.5 million from more than 850 customers and approximately 19 000 end users across all types of industries in the Nordics. The transaction values Keyforce at 2.93 times ARR on a debt-free basis, which will be settled in cash upon closing, in addition to an earn-out element capped at NOK 10 million depending on future ARR growth.
Keyforce CEO Terje Nøstdahl is looking forward to joining the House of Control team:
– House of Control has an impressive track record in developing and selling SaaS solutions to the CFO, and we are grateful to be offered to come onboard this growth journey. We believe that our team can have a significant impact in strengthening the integration of data within the HoC ecosystem.
The acquisition is in line with House of Control’s growth strategy to combine strong organic growth and attractive acquisitions. It follows the acquisitions of DinERP and Effectplan last year and Business Analyze and Egreement this year. Upon completion of the Keyforce acquisition, the company will have approximately 2,850 customers and 295,000 end-users in 65 countries.
About House of Control
House of Control develops SaaS (Software as a Service) solutions. These are digital tools that the CFO can easily apply to improve the performance of the finance department and – ultimately – the whole company. The CFO toolkit contributes to at least four important tasks: Cut costs, save time, reduce risk, and improve compliance – all key ingredients of a better-working finance department. Private and public enterprises use the software to manage contracts and assets, comply with IFRS 16 requirements, communicate with suppliers, and organize procurement. House of Control’s strong revenue growth is supported by a unique salesforce, and approximately 95 percent of sales are annual recurring revenues.