Admincontrol, the leading provider of cloud based board portal and virtual data room solutions in the Nordic countries is sold to the Norwegian Software company Visma.During Herkules’ ownership, Admincontrol has transformed from being a Norwegian contender to the leading Nordic supplier of cloud based board portal and virtual data room solutions. The company currently has over 2 000 customers and close to 40 0000 active users in Norway, Sweden, Denmark, Finland, the Netherlands and the UK.In April 2015, Herkules acquired a majority stake in Admincontrol.As part of the value creation plan to accelerate growth outside Norway, Admincontrol acquired its Swedish and Danish agents. Following the acquisitions, Admincontrol increased investments in local sales and customer support resources. This has boosted the number of new customers and revenue per customer. The recently introduced pricing model has grown revenue retention to 101%, all while growing revenue per customer by 11%. To ensure the company’s growth prospects, Admincontrol has doubled its R&D organization and continuously introduced new features and functionality to its solution offering. In addition, a plan for a broader international launch has been prepared.Revenues have almost doubled and EBITA almost tripled during Herkules’ ownership period. Revenues have grown from NOK 50 million in 2014 to NOK 97 million LTM as of Q2 2017. During the same period, EBITA has grown from NOK 8 million to NOK 22 million.Signing took place on 25 September 2017 with closing on 3 October 2017.The Admincontrol investment yielded an IRR of 61% and a money multiple of 3.2x to the Herkules Fund IV investors.
Contact information:Christian Petersen, CEO at Admincontrol, Telephone: +47 98 25 50 52Eilert Giertsen Hanoa, Director Visma SMB Software Unit at Visma, Telephone: +47 92 83 29 05Gaute Gillebo, Partner at Herkules Capital, Telephone: +47 45 83 00 00