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.