Viking Venture, one of the Nordic region’s biggest venture funds, bought 55 per cent of the shares in House of Control Group AS in June 2015. Viking Venture decided to invest in House of Control in order to reinforce the company’s expansion in the Nordic market, and to improve value creation by bringing their expertise to the company. Viking Venture has many years of experience in developing subscription-based software companies aimed at the business market.
“In a short space of time, House of Control has built up a significant customer base in Norway, and is extremely well positioned for future growth in Sweden, Denmark and Finland. We are looking forward to helping to develop the company into a major Nordic software company using modern cloud-based solutions”.
Erik Hagen, Managing Partner in Viking Venture
“It’s not often that we as an investor come across such a fast-growing yet profitable IT company like House of Control. They have found a promising niche and have developed robust technological systems. Their capacity for innovation has translated into growth and profitability, through what we believe is a unique sales environment”.
Jostein Vik, partner in Viking Venture
House of Control’s founder Lasse Sten is extremely happy that Viking Venture have become a co-owner.
“The confidence from Viking Venture shows me that we as a company have got most things right, and that we still have a lot of potential. Out of all the interested investors, there were none who could offer the same as Viking Venture, in terms of management experience, technology transfer and capital for future international expansion. Viking Venture has joined us at a very exciting time. Our systems are something that companies want just as much in a downturn as in a boom. When profitability is under pressure, companies tend to show more interest in gaining control of their costs”.
Lasse Sten, founder and CEO of House of Control