Viking Venture is pleased to announce the sale of portfolio company AddSecure to ABRY Partners, a Boston US based private equity firm. AddSecure is the Nordic market leader providing secure mission-critical machine to machine communications for security and other applications across a wide range of verticals including healthcare, public safety, transportation and utilities.
AddSecure manages a highly secure communications platform enabling the automated control and remote monitoring and management of sensors and other devices deployed in the field.
The company was established after the merger of the Viking Venture backed company Safetel AS and Multicom Security in 2014. Safetel AS was founded in 2000 based on a fundamental belief that mobile communication networks would be well suited to provide secure critical communication. Safetel received funding from Viking Venture, B. Skaugen AS and Follum Invest and grew quickly to become a strong Nordic player.
Following the merger, AddSecure has grown into employing around 120 people, having 120,000+ active subscribers and a strong network of over 1,000+ channel partners in Norway and Sweden. The company had revenues of SEK 374 mill. in 2015 with an EBITDA of SEK 124 mill.
“AddSecure is a great example of how we can develop world class Norwegian technology into internationally leading businesses through organic and inorganic growth”, said Erik Hagen, Managing Partner at Viking Venture.
“AddSecure has managed to achieve a unique position within the Scandinavian secure communications market. Scandinavian tech companies are at the forefront of global development, and we truly believe AddSecure has the potential to establish itself as an international M2M communications player in the coming years”, said Rob Nicewicz, Principal at ABRY Partners.
About Viking Venture
Viking Venture is one of the leading Nordic venture funds and invests in growth companies within IT and Oil and Gas with a potential to grow internationally. Viking Venture is managing funds with NOK 1.4 and has invested in 40 companies. Viking Venture is based in Trondheim, Norway and has presence in the US and the UK. See www.vikingventure.com.
AddSecure is a leading Nordic company within secured critical communication systems. The business emerged at the beginning of the 1970s and has today more than 100 000 business clients and 120 employees in Scandinavia. The company’s communications services for alarm and mobile data protects life, property and public functions. The offered solutions are flexible, easy to install and increases the clients’ competitive strength. The ambition is to be the preferred choice in the Nordics and a leading player in the Northern Europe. For more information please visit www.addsecure.com
About ABRY Partners
Founded in 1989, ABRY Partners is one of the most experienced and successful media, communications, business and information services focused private equity investment firms in North America. Since its founding, ABRY has completed over $61 billion of transactions, representing investments in over 550 properties.
Erik Hagen, Managing Partner Viking Venture +47 920 22 430