House of Control AS has announced the successful completion of an Initial Public Offering (IPO), which raised NOK 650 million before today’s listing on Merkur Market Stock Exchange. The first day of trading will be Tuesday October 20th. Viking Venture invested in House of Control in 2015 and will continue as lead investor.
The private placement attracted very strong interest from US, UK, European, Nordic and Norwegian quality institutional investors and was seven times oversubscribed excluding shares pre-allocated to cornerstone investors. House of Control secured backing from four cornerstone investors, Luxor Capital Group, Berenberg Bank, Consensus Asset Management, Handelsbanken Fonder and DNB Asset Management.
– We are very proud of the successful listing on Merkur Market Stock Exchange. House of Control is now in a great position for further growth, both organically and through acquisitions, says Jostein Vik, Partner at Viking Venture
– The listing of House of Control has attracted a lot of interest from high quality international and national investors. The listing is a great acknowledgement to Lasse and his team. We will continue as lead investor and will do everything we can to support House of Control in this exciting journey, continues Erik Hagen, Managing Partner at Viking Venture and Chairman of House of Control
About House of Control
House of Control develops and sells Software-as-a-Service (SaaS) solutions. The main product is Complete Control, which is used for managing contracts and assets, including the contracts’ financial implications for budgeting and reporting. Complete Control has several modules and add-ons, including compliance with IFRS 16 (Financial Leases) requirements, HR management, digital signature and price index adjustments. The customer value proposition includes cost cutting, time saving, business risk reduction and key personnel dependency. The Group has recently expanded its product scope and proven its inorganic growth capabilities through the acquisition of dinERP AS. The Group has mainly subscription-based revenue model with over 90% of the revenue being recurring. Non-recurring revenue is related to implementation fees incurred for both new sales and up-selling.