Viking Venture exits EcoOnline at 10 times the investment
Viking Venture, the Norwegian B2B software specialist, is happy to announce its divestiture of chemical management software provider EcoOnline AS to Summa Equity. After developing the company into a rapidly growing undisputed market leader in the Nordics, Viking Venture exits at 10 times the investment in 2.5 years. Viking Venture reinvests parts of the proceeds in EcoOnline to facilitate further growth in the Nordics and to establish a leading position in Europe.
EcoOnline is sold to Summa Equities, a leading Nordic private equity firm, in an all cash transaction valuing EcoOnline at NOK 355 million. Viking Venture owned 64% of EcoOnline prior to the transaction.
– The sale of EcoOnline is a highly successful exit, yielding 10 times return on our investment in only 2.5 years, says Erik Hagen, managing partner of Viking Venture and the former chairman of the board of EcoOnline.
– With Summa Equity as a strong partner we will continue the rapid growth in our existing markets and are ready to expand into Europe, says Jostein Vik, partner of Viking Venture and former board member of EcoOnline. – We want to take part in the continued value creation and are reinvesting a substantial sum together with management”.
Summa will own 69% of the shares after the transaction while Viking Venture retains 23%. The remaining 8% is owned by management and employees.