Høvik, 21 April 2021: House of Control Group AS (HOC) announces today that the company has entered into an agreement to acquire Business Analyze AS. The acquisition will enable CFOs to gain better control over data from the entire business in a common dashboard, including the linking of House of Control's ‘best-of-breed’ tools for the CFO.
Business Analyze has established a customer base of almost 300 customers across all industries, with annual recurring revenue (ARR) in excess of NOK 10 million from Business Intelligence (BI) solutions that extract, analyze and present data from various stand-alone systems. As the CFO's best friend, it is a strategically sound move for House of Control to offer an even more complete overview of the business for faster and better qualified decisions.
"House of Control’s ambition is to provide the control panel that will be the first thing any CFO checks out every morning and the last thing she or he sees at the end of the working day. This Business Intelligence solution connects and links data from both ours and others’ solutions into a compact and complete dashboard, and this functionality is a key part of our growth ambition to reach NOK 500 million in ARR before the end of 2025," says CEO Lasse Sten of House of Control Group AS.
The acquisition is in line with the company’s growth strategy to combine ambitious organic growth and acquisition opportunities and increases House of Control’s customer base to roughly 1,600 customers.
Business Analyze AS are experts in developing BI solutions for customer relationship management (CRM) systemt and are now expanding their offer to also apply to financial management systems (ERP).
"We are a customer of Business Analyze, and we have witnessed a rapid development of the tools. This includes the transitioning of the offering to a Software as a Service (SaaS) solution with impressive revenue growth. With Business Analyze on board at House of Control, we gain access to significant development and market expertise within Business Intelligence,” says Sten.
House of Control already offers leading solutions in contract management, IFRS compliance, procurement, customer and supplier communication, and budgeting and forecasting. BI is the key to linking information from these and other solutions to a dashboard where the CFO gets a full overview and control over operational and financial data.
CEO Einar Gynnild in Business Analyze is looking forward to becoming a part of House of Control:
"We’ve built an organization with highly competent people, who have developed solutions with great value for an increasing number of customers. With House of Control’s growth ambitions and product strategy, the prospects are even better both for the customers and for our team."
"The digitalisation of the finance departments is gaining momentum and expanding into new parts of the organization. Together with new owners, we can offer both more breadth and depth. The commercial execution abilities of House of Control are unique among the technology companies in the Nordic region, and the acquisition will make a strong contribution to their growth capabilities."
The transaction values the company at 2,9x ARR and will be settled with cash at closing, plus an additional earn out element of up to MNOK 6,0 based on future performance.
Business Analyze has offices in Høvik and Lillehammer. The employees at Høvik will move into House of Control's head office.
For further information please contact:
CFO Carl Fabian Flaaten Cell: +47 90 04 31 84 Email: email@example.com
About House of Control:
House of Control develops SaaS (Software as a Service) solutions. The CFO of an organization constitutes the typical decision maker and customer. The main solution is Complete Control, which is used for managing contracts and assets, including the contracts’ financial implications for accounting, budgeting and reporting. Strong revenue growth is supported by a unique salesforce, and more than 90 percent of sales are annual recurring revenues (ARR). After acquiring DinERP and Effectplan in 2020, House of Control has expanded its scope. The company now develops best-of-breed software for procurement, invoicing, supplier and customer communication, and budgeting and reporting. With a wider scope, House of Control seeks to expand its offering to the market by building an ecosystem around the Chief Financial Officer.
About Business Analyze:
Since 2002 Business Analyze has been helping companies use data to gain insight and make better decisions, with a focus on Business Intelligence solutions for Customer Relationship Management systems. Their solutions are easy to use and fairly priced, and made for organizations of all sizes – not only large businesses or big data. From offices in Norway and Denmark, they serve customers throughout Europe either directly or through certified partners.