Ørn Software, a Viking Venture portfolio company, has acquired the Tromsø-based software company Facilit, thus gaining an impressive portfolio of new customers in the public sector. The company now has over 1,200 customers.
– Facilit has had impressive results and fits the Ørn Software portfolio perfectly. This acquisition strengthens our position nationally in the Facility Management field, says Ørn Software’s CEO Sten-Roger Karlsen.
The acquisition gives Ørn Software a 39% share of the Norwegian facility management market, and provides Ørn with 12 highly skilled employees in Tromsø and Tønsberg. Globally, this is a rapidly-expanding business area, and even better systems for sustainable management, operations, maintenance and development of property will be required in the future.
– Facility Management (FM) lies at the core of real estate management. To run an efficient operation these days, you need an FM system that is adapted to your needs and lets you collaborate across professions, roles, and systems, Karlsen continues.
Karlsen is impressed by what his new colleagues have achieved and believes that the companies complement each other well.
– Facilit has developed flexible and modern software that has been well received in its part of the market. Over the years, the company has seen good growth in both turnover and customers. Facilit’s churn is almost non-existent, which indicates that its customers are satisfied. Facilit has been successful in markets where Ørn so far has had a relatively small presence, such as Norwegian municipalities and counties. Market-wise we complement each other well, says Karlsen.
– We are thrilled to become part of Ørn Software, which we consider an ambitious and innovative company. We are proud of what we have created, and look forward to the future journey together with Ørn Software, says Stein-Are Engstad, CEO of Facilit.
At the end of 2020, Facilit had an annual recurring revenue (ARR) of NOK 15 million. The ARR of Ørn Software at the end of 2020 was NOK 107 million, having grown 73% in the period 2017-2020.
Ørn Software is Norways’ leading software company within 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 we have set our sights on Europe, it’s still important for us to continue to gain market share in our domestic market. And that’s exactly what we’re doing through this strategic acquisition, says Karlsen.
He indicates that there are more acquisitions to come:
– We see great opportunities for value creation by continuing our aggressive acquisition strategy. Facilit is the fifth company we have acquired in the past year. In addition, we also have significant organic growth.