August 28, 2020

Red Ocean Technology acquired by Adelis Equity Partners (Adelis)
Analytics service provider Red Ocean brings in new majority owner Adelis Equity Partners. Red Ocean is changing its name to Kanari and aims to expand geographically within IT system stability and performance analysis. Now the company’s founders are taking in the private equity firm Adelis to help accelerate its growth and expand geographically.

Over a period of ten years, Red Ocean has built up a solid presence, both in Norway and the broader Nordic region, in the rapidly growing niche Stability and Performance Analytics (SPA). The company analyses the performance of large data systems for around 400 companies, across multiple industries including finance, industrials, retail, and energy. Red Ocean’s managed service helps customers to derive insights from their IT applications’ performance and then optimize these applications. Last year, Red Ocean had a turnover of NOK 130 million. In connection with the transaction, Magnus Sjöqvist will become the new chairman of Kanari.

The financial terms of the deal were not disclosed.

Exsitec headed for listing on Nasdaq First North (Exsitec)
Exsitec, the Swedish IT consultant and software distributor, is headed for listing on Nasdaq First North. The company is planning to raise up to MSEK 70m (MEUR 6.8) via a share issue. Based on the issue price and the existing number of shares before the completion of the offer, the company is valued at approximately MSEK 357 (MEUR 34.6). The offering comprises a total of 2,000,000 shares in Exsitec, of which 1,500,000 are newly issued and 500,000 consists of existing shares, which are offered for sale by the Company’s largest owner Standout Capital I AB. The price in the Offer amounts to SEK 35 (EUR 3.39) per share

Creades, Cliens Smabolag and Syringa Capital have undertaken to, subject to certain conditions, acquire shares in the Offer for a total of MSEK 45.1 (MEUR 4.4), corresponding to approximately 64% of the shares in the offer.

The preliminary first date for trading on 16 September 2020.

Supermetrics secures MEUR 40 funding led by Highland Europe (Supermetrics)
Supermetrics, the Finnish software company, has secured MEUR 40 in a funding round, led by Highland Europe who have helped build businesses like Smartly and Wolt. IVP, one of the leading venture capital firms in the US with companies like Slack, Twitter, ZenDesk, and Dropbox in its portfolio, also took part in the funding round.

Supermetrics, who are helping over half a million users in over 14,000 businesses around the world grow with data, has grown fast. The company has been profitable since it was founded in 2013 and have doubled their revenue every year. Hence, the funding round was more about acquiring skill than scooping funding according to CEO Mikael Thuneberg.

Esports platform Challengermode raises USD 12m led by the global investment arm of Alibaba (MyNewsDesk)
Swedish esports platform Challengermode has announced that it has successfully closed an external financing round of $12 million. Led by eWTP Innovation Fund, the global investment arm of the Alibaba Group, the investment will be used to enable further growth, international expansion, and accelerated monetization. Telia Ventures, GP Bullhound, Back in Black Capital, and Swedish soccer legend Zlatan Ibrahimovic also took part in the round.

With this additional funding, Challengermode will focus on enabling a growing number of brands, content creators, game developers, and professional tournament organizers to reach, engage, and monetize their target audiences through esports. Further technology development will enable the business to make the competitive gaming experience as seamless as possible, by offering ways for game developers to access its technology and new partnerships. It will also enable expansion into North America, accelerating Challengermode’s already strong user growth and leveraging new monetization opportunities.

Swedish open banking platform raises MEUR 3 (OpenPayments)
Sweden FinTech Open Payments has raised a MEUR 3 seed round. The round was led by Industrifonden and it was joined by Brightly Ventures and Luminar Ventures. The capital will be used to continue to grow the team and establish the platform in the Nordic and European market.

Open Payments is one of the leading Open Banking platforms in the Nordic region to offer genuine PSD2 API aggregation via a single and secure API. Open Payments is an FSA licensed Payment Institute that provides a cutting edge modular Open Banking Platform that enables businesses to easily and efficiently integrate with banks and other financial services through pure APIs. The platform has allowed third-party providers and business partners to develop their own products and services under their own brand-name and still own their user journey. The platform supports an ecosystem where third-party providers and business partners will further enhance the development of the platform going forward.

Open Payments last closed a pre-seed investment of MSEK 1.3 in May 2019. With the new funding, Open Payments will continue to grow the team expand the platform to drive and enable Open banking in the Nordic and European markets.

August 21, 2020

Danish-owned Spotify competitor to be listed on Nasdaq First North (WeeTracker)
Mdundo, a Danish-owned music streaming service in Africa, plans to list on the Nasdaq First North exchange in September. Mdundo is a music streaming platform focused on sub-Saharan Africa. The platform has 5 million monthly active users and 20 million monthly downloads on its website and Android app. The company, which is backed by more than 40 Danish business angels, wishes to raise MEUR 4-5.4 by issuing 3-4m new shares before the IPO at a price of EUR 1.3 per share. The proceeds from the IPO will be used to accelerate Mdundo’s current growth in sub-Saharan Africa.

CEO Martin Nielsen commented: “With a steep growth curve and a very scalable solution, we plan to invest further in user growth to increase our market coverage in sub-Saharan Africa and within approximately three years establish Mdundo as the leading Pan-African music service for consumers and musicians. We want to achieve in Africa what Spotify has achieved in the West and what Tencent has achieved in Asia.”

Mdundo is set to start trading on 4 September.

Devoteam acquires majority stake in Inviso (Devoteam)
The French-based technology consultancy Devoteam has acquired 70% of the Danish-based IT-company Inviso for a double-digit million (DKK) amount. The vendors are the two founders of the company Simon Kvistgaard and Peter Juel Jensen, who combined owned 80% of the business prior to the acquisition. Inviso, who helps companies optimize their business using data , had revenues of DKK 80.7m and EBIT of DKK 12.1m in 2019.

The acquisition expands Devoteam’s digitalisation competencies, which will help the consultancy company provide their clients with better data driven advise, and allows Inviso to gear up for further growth and internationalisation.

Cobalt.io grabs $29M Series B to continue building out pen testing platform (TechCrunch)
Cobalt.io, the Californian start-up focused on automating pen testing, the process of testing an application for security vulnerabilities before it goes out the door, has raised a $29 million Series B led by Highland Europe. The company’s platform provides a way to move beyond traditional pen testing consultancies to connect pen testing professionals with companies who need their services. Beyond being a pure employment connection platform, the reports those pros generate, and the issues that need to be fixed, get incorporated into the tools developers are using, like Jira, to help resolve them in their existing workflow.

As the company grows, it wants to put more resources into engineering with the goal of making the process of signing up, getting a subscription, and using the service to be even simpler. Cobalt.io also hopes to build many more integrations into the platform with the broader applications security ecosystem.

Constellation Software’s Volaris Group acquires Swedish software provider (GlobeNewswire)
Volaris Group, a Canadian software holding company owned by Constellation Software, has acquired Symbrio AB, a Swedish provider of software for the installation industry. Symbrio has recently transformed itself into a cloud-native SaaS solution to allow rapid onboarding of customers into a ready-made and connected supplier ecosystem.

Symbrio will add an installation software business to Volaris’s portfolio which will complement existing portfolio companies and provide further mission-critical software capabilities to Volaris’s ecosystem. Volaris will provide Symbrio with access to capital, business guidance, and best practices to accelerate their business. As a part of Volaris’s acquisition principle of ‘buy and hold forever’, Symbrio continues to operate autonomously under the same corporate identity and entertain future M&A of their own.

Norwegian neobank completes successful IPO (Oslo Børs)
The Norwegian neobank, Instabank, has been listed on the Norwegian Merkur Market. The first day of trading was on the 17th August 2020. Instabank is a full-service digital bank with customers in Norway, Sweden, and Finland.

Oslo Børs opened Merkur Market in January 2016 with the aim of offering listing and electronic trading of shares and equity certificates for smaller and medium-sized companies. Merkur Market has admission requirements that are less comprehensive than those associated with the established marketplaces operated by Oslo Børs.

Bilot and CastorIT to merge (Bilot)
Finnish software and IT service company Bilot signed an agreement to purchase all the shares in CastorIT, a company that specializes in SAP solutions. With the merger the companies will strengthen their market position as a full-stack developer of digital business and a recognized SAP expert. After the merger, the company’s name will be Bilot Oyj.

The combined customer base of CastorIT and Bilot and the extended service selection will create new opportunities for Bilot’s growth in the development of core business processes for both Finnish and international SAP customers. After the merger, Bilot will have over 200 employees, who will have improved opportunities for professional development and new career paths.

August 14, 2020

Tofte & Company advises Practio on its 8.2 MEUR financing led by Spintop Ventures (Tofte & Company)

Tofte & Company is pleased to have acted as exclusive advisor to the digital health care platform company Practio on its 8.2 MEUR financing led by Spintop Ventures and joined by PHOENIX and Carl Westin, the international investment company with a focus on digital health.

Practio has developed and deployed a digital healthcare platform, which enables pharmacies to become central points-of-care. Initial Practio services include vaccinations and COVID-19 antibody testing, but the company is planning to roll out broader platform services over time. Practio has deployed its platform across Denmark since 2015 and started its rollout in the UK in 2019. The latest funding will be used to speed up the deployment in the UK and to enter the German market later this year with other countries to follow from 2021 onwards.

“We are truly impressed by the Practio team and the platform they have built over the last couple of years. The modular technology architecture of the Practio technology platform will enable rapid scaling into the next countries and services – incl. opportunities to combat the corona-crisis.  We are looking forward to follow the journey of Practio,” says Poul Kotiah Hansen, Senior Associate at Tofte & Company”.

Practio co-founder & CEO Mads Mikkelsen further adds: “We have been very satisfied with Tofte & Company during this fundraising process. They have provided valuable advice in every phase of the process. The fundraising process was very streamlined and with their comprehensive understanding of tech startup businesses and insight into the healthtech startup fundraising scene they managed to secure a strong investor match”.

You can read the full announcement here.

KMD owned fintech company to acquire Norwegian software company, Concent (Banqsoft)

Nordic technology company Banqsoft, specialized in software for the financial services sector, has entered into an agreement to acquire Norwegian software company Concent. The acquisition will enhance Banqsoft’s capabilities, offer an additional product line within credit management and debt collection, and expand the customer base.

The strategic acquisition is part of an international growth strategy supported by Banqsoft’s owner, Danish IT group KMD, part of NEC Corporation, a global leader in the integration of IT and network technologies. Banqsoft will take over customer relations, software, and 85 employees located in Norway, Poland, and Sweden. The two companies will join forces and continue to grow as one Banqsoft. The acquisition is expected to be completed in September once all the preconditions for the transaction are satisfied.

The financial terms of the deal were not disclosed. However, the Norwegian business daily reported that the price of Concent, which had a turnover of MEUR 11.2 in 2018, is around MEUR 28.

Qentinel Finland to be acquired by Gofore for EUR 8.9m (GlobeNewswire)

Gofore has today agreed to acquire Qentinel Finland Oy, a specialist in software testing automation. The deal is estimated to be completed on 1 September 2020. The debt-free purchase price is MEUR 8.9. An additional purchase price has been agreed based on the EBITDA as stated in the current year’s financial results. Gofore expects the additional purchase price to total MEUR 1–2.

Gofore provides services needed by its clients in their digital transformation. The digital quality assurance services of Qentinel Finland will complement Gofore’s professional services offering. In addition, Qentinel’s superior testing automation and quality assurance expertise will improve Gofore’s ability to act as a provider with principal responsibility in large scale software projects.

ROOM raises MUSD 12.5 led by Silicon Valley venture funds (TechSavvy)

In 2018 the Danish serial entrepreneur Morten Meisner-Jensen founded ROOM. The company creates soundproof phone boots for office use and thus ties into the global trend of short-term office renting, co-working, and flexible work environments. This trend has only been accelerated by COVID-19 and ROOM already has 3.400 customers including Google, Nike, Apple, Uber, and WeWork.

The company has raised MUSD 12.5 led by venture funds from Silicon Valley. Danish architect Bjarke Engels has also contributed to the cap raise and he will now join ROOM’s Advisory Board.

The capital will be used to expand ROOM’s product offering. Already within the next month ROOM will launch two new products: a soundproof meeting room and a private office designed to enable social distancing.

Embracer Group announces three acquisitions to strengthen its position within the gaming industry (Embracer)

Embracer Group, through its wholly-owned subsidiary Saber Interactive, has entered into an agreement to acquire Malta-based 4A Games Limited, a top-tier independent AAA PC and Console developer. Through the acquisition, Saber Interactive onboards a reputable team of 150+ people across two studios in Malta and Ukraine as well as best-in-class internally developed and owned First-Person-Shooter technology to the Group. The upfront purchase price amounts to approximately MUSD 36 on a cash and debt-free basis and is paid in cash and in newly issued B shares, plus an earn-out consideration, subject to fulfillment of agreed milestones, of a maximum MUSD 35.

In a similar vein, Embracer Group announced that it has entered an agreement to acquire 100 percent of the shares in US/Canada based New World Interactive, an award-winning creator and developer of First-Person-Shooter IPs for PC. Through the acquisition, Embracer Group adds its first studio in Canada and establishes a strong foothold for further growth.

Furthermore, Embracer Group has entered into an agreement to acquire Germany-based Deca Live Operations GmbH, a mobile asset care and live operations expert within the Free-to-Play games segment. Through the acquisition, Embracer Group adds a strong team forming a key pillar in building a growing and profitable mobile and FTP business within the group while DECA will benefit from Embracer’s IP catalog, access to capital and deal flow. The upfront purchase price amounts to approximately MEUR 25 and is paid in newly issued B shares, plus an earn-out consideration, subject to fulfillment of agreed earnings targets, of a maximum of approximately MEUR 60.

Bolero acquired by NetNordic (NetNordic)
Bolero, an established Swedish provider of services related to cloud, cybersecurity, analytics, network, data center, and system development has been acquired by Norwegian system integrator NetNordic. Both companies work primarily with large and medium-sized customers in both the public and private sectors.

NetNordic has the ambition of becoming the leading Nordic system integrator, and through the acquisition of Bolero it will add competence and capacity to deliver value-added services and solutions within system integration in the Nordic market.

The financial terms of the deal were not disclosed. The management shareholders in Bolero are reinvesting in NetNordic and will continue to focus on developing the business in Sweden and the Nordics.

EG acquires Altiplan (EG)
EG’s subsidiary Silkeborg Data A/S acquires the Danish software company Altiplan Aps. The company provides a unique rostering system, HosInfo, that is used on more than 70 hospital wards in Denmark.

With this strategic acquisition, EG is strengthening and expanding its strong suite of payroll and rostering solutions to the public sector. Altiplan’s core solution, HosInfo, automatically prepares work plans and ensures that the resources of each department are utilized optimally. The solution is a good fit with EG company Silkeborg Data’s own market-leading planning and rostering solutions.

The seller and the buyer have agreed not to disclose further details concerning the sales price and other terms of the transaction.

Tofte & Company advises Practio on its 8.2 MEUR financing led by Spintop Ventures

Tofte & Company is pleased to have acted as exclusive advisor to the digital health care platform company Practio on its 8.2 MEUR financing led by Spintop Ventures.

Copenhagen based digital healthcare platform company Practio ApS completed its equity funding round, which, together with loan conversion and debt financing, raised 8.2 MEUR for the company.

Practio has developed and deployed a digital healthcare platform, which enables pharmacies to become central points-of-care. Initial Practio services include vaccinations and COVID-19 antibody testing, but the company is planning to roll out broader platform services over time. Practio has deployed its platform across Denmark since 2015 and started its rollout in the UK in 2019. The latest funding will be used to speed up the deployment in the UK and to enter the German market later this year with other countries to follow from 2021 onwards.

Since 2018, Practio has been supported by PHOENIX group, a leading healthcare provider in Europe, which has now become a shareholder of Practio. Both companies share the ambition to strengthen the role of local pharmacies as direct, close-to-home healthcare providers. Spintop and PHOENIX were also joined in the investment round by Carl Westin, the international investment company with a focus on digital health.

Practio co-founder & CEO Mads Mikkelsen: “Recent events have clearly demonstrated the global need to fundamentally rethink primary healthcare delivery. We’re super excited about the strong support from Spintop, PHOENIX group and Carl Westin in accelerating our continued expansion, enabling better access to quality healthcare services for more people”.

Erik Wenngren, co-founder and partner of Spintop Ventures remarked “Spintop is pleased to be able to support Practio in its international rollout by leading this funding round. The company’s service platform off-loads the strained healthcare sector by enabling pharmacies to become proper points-of-care and it also brings true value to pharmacies by giving them possibilities to service their customer better and bring new revenue streams”.

Dr. Tobias Bucher, Head of Digital Transformation & Enablement at PHOENIX group, explains the company’s investment stating, “We believe that Practio’s services can transform local pharmacies into central points-of-care for their community. This benefits patients, who can trust to receive important health care services as well as products at one central place close to their home. At the same time, it benefits pharmacies, which can offer more relevant services, thus strengthening their close connections to customers“.

“We are truly impressed by the Practio team and the platform they have built over last couple of years. The modular technology architecture of the Practio technology platform will enable rapid scaling into next countries and services – incl. opportunities to combat the corona-crisis.  We are looking forward to follow the journey of Practio,” says Poul Kotiah Hansen, Senior Associate at Tofte & Company”.

Practio co-founder & CEO Mads Mikkelsen further adds: “We have been very satisfied with Tofte & Company during this fundraising process. They have provided valuable advise in every phase of the process. The fundraising process was very streamlined and with their comprehensive understanding of tech startup businesses and insight into the healthtech startup fundraising scene they managed to secure a strong investor match”.

 

About Practio

Practio is a health-tech company based in Copenhagen, Denmark. Founded by Mads Mikkelsen and Jonas Nilsen (MD), Practio’s technology platform enables pharmacies to deliver healthcare services, giving more people better access to high quality healthcare.

About Spintop

Spintop Ventures is a Swedish early-stage Venture Capital company investing in Nordic software enabling technology companies. Spintop, started in 2009, is backed by the European Investment Fund, Saminvest, Sitra and many high-profile tech entrepreneurs and is currently investing from Spintop’s third fund. Spintop has a sustainable ESG investment agenda for its funds and portfolio companies.

About PHOENIX

The PHOENIX group, headquartered in Mannheim, Germany, is a leading healthcare provider in Europe and considers itself to be a link between manufacturer and patient. Active in 27 countries, it offers unique geographical coverage throughout Europe, making a vital contribution to comprehensive healthcare with more than 39,000 employees.

August 7, 2020

Visma completes another strategic acquisition in the accountancy software market (Visma)

Visma, the European leader in cloud business solutions, acquires the Netherlands-based all-in-one accounting platform, Yuki. The acquisition marks Visma’s third strategic acquisition in the accountancy software market in a short period of time. In 2016, Visma acquired the Danish accounting software company Dinero with Tofte & Company acting as exclusive advisor to Dinero. In 2018, Visma further strengthened its positioning with the acquisition of Hungarian provider of cloud-based billing and invoicing services, Számlázz.hu

With the acquisition of Yuki, Visma has immediately taken the lead in the accountancy software market.

The financial terms of the deal were not disclosed.

Consignor Group, a Norwegian software company, has been acquired by Francisco Partners for EUR 139.6m (Consignor)

Consignor Group, a leading Nordic software company focusing on delivery management solutions for the booming e-commerce industry and industrial companies, has been acquired by the global private equity firm Francisco Partners, that specializes in investments in technology and technology-enabled businesses.

Peter Thomsen will continue as CEO and a 30% shareholder in Consignor Group while Petri Oksanen and Mario Razzini will join the Consignor board.

Cisco acquires Swedish sensor and software optical tracking company, Modcam (Cisco Meraki)

In acquiring Modcam, Cisco gets a team of highly talented engineers who bring a wealth of expertise in machine learning, computer vision, and cloud-managed cameras. Currently, Cisco Meraki MV smart camera capabilities include motion detection and machine learning-based object detection, all of which run at the edge, in-camera. However, these analytics are constrained to a single camera’s view of the world. With Modcam’s technology, this micro-level information can be stitched together, enabling multiple cameras to provide a macro-level view of the real world.

The financial terms of the deal were not disclosed.

Atlassian Corporation to acquire Mindville (Atlassian)

Atlassian Corporation, an Australian provider of team collaboration and productivity software, has announced the acquisition of Swedish IT configuration management company, Mindville.

The transformation towards digital business operations has been accelerated during COVID-19 and the acquisition of Mindville will bolster Atlassian’s current IT Service Management capabilities. By combining rich contextual information from disparate development tools with infrastructure-related information, Atlassian’s IT teams can now better anticipate the impact of changes to critical business services and respond to the unexpected faster.

The financial terms of the deal were not disclosed.

Pentia, a Danish digital consultancy agency, acquires a majority stake in Klausen + Partners (Pentia)

The Danish digital consultancy agency Pentia has acquired the omnichannel marketing agency Klausen + Partners. The vision of the acquisition is to create a leading Nordic B2B full-service customer experience agency that combines strategic, creative, and technical competencies.

The financial terms of the deal were not disclosed.

Danish robotics company TinyMobileRobots raises EUR 1.75m to develop new robot (TechSavvy)

Aarhus based TinyMobileRobots, which specializes in high-precision, reliable outdoor robots for marking and stake out, has raised EUR 1.75m from current shareholders and employees. The capital will be used to develop a new robot which, according to TinyMobileRobots, will significantly increase the industry standard.

TinyMobileRobots was founded in 2017 and has already captured large market shares in Denmark, England, and the United States.