Viking Venture acquires Danish software company TimeLog. The investment will accelerate European expansion in the market for Professional Services Automation (PSA).
TimeLog, founded in 2001, offers PSA solutions which help consulting businesses plan, analyze, invoice and optimize projects. The company has more than 800 customers and 21 000 users in 12 countries. Its ARR (annual recurring revenue) is approximately NOK 43 million.
The overall size of Viking Venture’s investment is NOK 120 million which will provide the necessary capital for further international expansion, especially through acquisitions.
– We have already started our growth journey and by getting Viking Venture onboard we can speed up our strategy towards greater market share. We are well prepared for the journey and it feels good to be backed by an investor like Viking Venture, in addition to being part of their portfolio of software companies who are on the same journey, says Per Henrik Nielsen, CEO of TimeLog (right in picture above).
– Viking Venture is the leading software investor in the Nordics. Their portfolio of 16 software companies gives us a unique opportunity to engage with other companies with similar challenges and ways of operating. We are also happy to have tamigo, another Danish software company close by, which Viking Venture invested in last year, Per Henrik continues.
– The market for PSA is really exciting and we see TimeLog as a market leader. The company provides its customers great value through digitizing their work processes and ways of operating to become more profitable. We are excited to begin this journey with TimeLog, says Eivind Bergsmyr, Partner at Viking Venture and Chairman of TimeLog.
TimeLog will be a great asset for the Viking community of Nordic software companies and we are very excited to start sharing expertise and best practice.
TimeLog PSA is targeted at consulting and advisory companies who aim high and have the ambition to develop their business and optimise internal workflows all the way from the initial contract to the final invoice. Over the past 20 years, TimeLog has grown from a basement to offices in Denmark, Sweden, and Malaysia. From the goal to create the world’s best time tracking tool to wanting to be the world’s best Professional Services Automation (PSA) software.
Picture: TimeLog management team. From left Søren Lund, founder, Christoffer Lanstorp, CPO, Sascha Skydsgaard, COO og Per Henrik Nilssen , CEO. / Timelog