Viking Venture is excited to announce the acquisition of Danish WorkPoint A/S. Workpoint is providing a low code document management and process automation solution on top of Microsoft 365. The investment of DKK 110 million is Viking Venture’s largest platform investment to date.
Software as a service
26 years ago, WorkPoint was established in Esbjerg with a vision of developing software for a common database that could intelligently help companies handle the ever-increasing amount of data, documents and emails. Today, the customer list includes large construction companies, as well as accountants and municipalities, all of which use WorkPoint 365 for document management and process automation for Microsoft 365. Hanne and Peter Jørgensen founded the company, and it has been an exciting journey where business understanding and product development always have been in focus. They became Microsoft resellers 20 years ago, and they were first movers on cloud solutions. In recent years, WorkPoint has invested heavily in internationalization, primarily through the development of partners. CEO Peter Jørgensen explains the growth,
– Enterprise companies are increasingly in need of a single document management system that can accommodate everything from contract and case management to project management and business intelligence. International IT companies have recognized that our product provides value for the end customers, while our partners also make a business of selling and implementing WorkPoint 365.
2022 as a milestone
The development of close partnerships has been important for the successful implementation of the software solution among customers, and an international partner network has been set up in 10 countries. They are supported by approx. 40 employees from the headquarters in Esbjerg and the offices in Copenhagen and Dublin. However, Hanne and Peter Jørgensen have a more ambitious vision and for several years 2022 has been a milestone for them. CEO Peter Jørgensen states,
– We are a typically owner-managed business, where we have expanded our company to a certain size with the help of our skilled and talented employees. If we are to really expand internationally, we need help from someone who specializes in this. Also, we are both turning 60 in 2022, and we have long planned for a change in ownership at that milestone.
A good personal connection is crucial
After a long and good process of meetings with several potential buyers, Norwegian Viking Venture was chosen. They have successfully invested in numerous software companies similar to WorkPoint.
– It was crucial for us to have a close dialogue and a great personal connection with the buyer of our life’s work, and it means a lot to us that Viking Venture invests in WorkPoint from day one. We have developed a scalable business model, and they have a history and know-how on the sales side to export it to many different types of companies around the world, and we’re happy that Viking Venture is our new owner, concludes Peter Jørgensen, who continues as CEO with a significant ownership of WorkPoint.
International expansion with Viking Venture
The employees at WorkPoint have responded positively to the news of the new ownership and are looking forward to the exciting future, which offers strong expansion. 15 new employees in sales and marketing will be hired already during the first year to develop the various markets. The goal is a fivefold increase in revenue within a short number of years, and it is expected that part of that increase will also come from acquisitions of other IT companies nationally and internationally. Eivind Bergsmyr, Partner in Viking Venture and newly elected Chairman of the Board of WorkPoint is excited about the investment,
– We are impressed with Peter Jørgensen and the team at WorkPoint. They have created a very good business which combines good growth and good profitability with very satisfied customers. We look forward to helping WorkPoint grow even faster through international expansion.
Viking Venture is the leading Nordic B2B software investor. WorkPoint is Viking Venture’s fourth investment in Denmark and the 31st platform investment in Nordic B2B software companies.
Facts about WorkPoint
WorkPoint A/S was established in 1996 and the product is a user friendly, scalable and evergreen document management solution – a platform in Microsoft 365 for information and
knowledge management for dedicated business solutions for project-, case-, contract-, and quality management and more – in all parts of a business.