Lead investor Viking Venture’s fourth IPO in 9 months – raising in total NOK 3.3 billion to its portfolio companies
Trondheim, 29 March 2021 – More than 1.200 customers benefit from Ørn Software’s solutions for digitization of industry and real estate management. Today, the company goes public on Euronext Growth in Oslo, following a capital increase of NOK 250 million enabling a continuation of the company’s strong M&A track record.
– The IPO is a huge milestone in Ørn Software’s history of strong growth, as the listing on Euronext Growth represents a solid platform on which we can build our growth story further. Over the last few years, we have continued to improve our customer proposition and broaden our geographical footprint. This combination of organic and acquisition-driven growth initiatives has led to an annual recurring revenue that on average has increased 80 % per year in the period 2017-2020, CEO of Ørn Software Sten-Roger Karlsen says. This includes the acquisition of Facilit, which was closed in March 2021.
Karlsen emphasizes that the listing on Euronext Growth in Oslo will enable the company to continue its strong growth. Ørn Software raised NOK 250 million in new equity ahead of the listing, and attracted a range of high-quality investors, including Swedbank Robur, BI Asset Management, Aktia Asset Management, and Tar Heel Capital. Based on the offer price of NOK 10.50 per share, the market capitalization of Ørn Software is NOK 902 million, including the new shares.
– This means that we have an excellent toolbox for continuing to growth both organically and through M&A. With eight acquisitions the last few years, we have demonstrated that Ørn Software is a good home for B2B software companies. We know that we with our methodology can accelerate growth in acquired companies and create more benefit for our customers and increased value for our shareholders, Sten-Roger Karlsen says.
Ørn Software’s largest shareholder since 2017, Viking Venture, has during the last nine months IPO’ed four of its portfolio companies – all B2B software as a service companies with M&A driven growth.
– Euronext Growth has become a tremendous asset for Norwegian companies. It is a very efficient tool for growth stage companies to raise capital. Our four portfolio companies on Euronext Growth have in total raised NOK 3.3 billion during 2020 and 2021, predominantly from international investors, partner Viking Venture and Board Chair of Ørn Software Joar Welde says.
– The Nordics is a leader in Europe when it comes to digitizing all businesses. What we see is that this is driven by two main factors: Firstly, the high cost level incentivizes companies to start using digital tools to streamline their processes. Secondly, we are digital savvy countries, meaning that there is lots of interesting innovation going on in many small and medium sized software companies, many of which have great growth prospects ahead of them, Joar Welde says.
The private placement in Ørn Software received significant attention internationally, and 89 percent of the shares were allocated to non-Norwegian investors, including one of the of the world’s largest fund managers, based in the US.
About Ørn Software
About Viking Venture