Viking Venture acquires FotoWare
Viking Venture acquires Norwegian software company FotoWare AS. The investment will accelerate European expansion in the market for Digital Asset Management (DAM).
FotoWare, founded in 1997, offers digital enterprise asset management software solutions either on-premise or through a Cloud Based system, which enables people and organizations to exploit their content even more. The company has over the past 20 years become a global pioneer and innovator in Digital Asset Management with more than 250,000 users and 4,000 customers in a wide range of industries worldwide. Their annual recurring revenue (ARR) has reached NOK 44 millions (2019) and this investment is a great opportunity to take the next step in their journey towards greater market share.
Viking Venture, the leading software investor in the Nordics, has acquired 100% of the company.
–Since its launch in 1997, it is amazing to see how the company has evolved to become a market leader within Digital Asset Management. This is the right time to take FotoWare to the next level and we are confident that Viking Venture are the right partner to act as a catalyst for this growth, says Ole Christian Frenning, Founder and Chairman of FotoWare.
–The use of Digital Asset Management solutions is widespread in the media industry where FotoWare have a stronghold, however we are now seeing the demand for DAM solutions grow steadily regardless of industry, says CEO Anne Gretland (picture).
–We can draw parallels to the evolution of CRM. In its early stages this was something only large enterprises saw a need for, however today virtually all companies crave an overview and control over their customers, contracts etc. We predict the same journey for FotoWare and Digital Asset Management as an industry, and we expect FotoWare to remain a driver of this growth and at the forefront of innovation, she concludes.
–We are very pleased with the acquisition of FotoWare and look forward to building on the solid foundation that has already been created. Viking Venture have a specialized focus on Nordic business to business software companies and FotoWare naturally fit into this category. The company already has a strong international presence and the opportunities that this brings really excites us. They have built a solid customer base which includes NBC Universal, Financial Times, The Economist and London Metropolitan Police. We are excited to build upon this strong foundation and see great potential to really accelerate the company’s growth rate, says Jostein Vik, Partner at Viking Venture.
Viking Venture are very excited to add another great company into Viking’s community of Nordic software companies for sharing expertise and best practice.