Verdane invests in a portfolio of two Norwegian energy technology companies
Trondheim — Trondheim-based Verdande Technology and Aptomar will receive funding from Verdane Capital Funds (Verdane) to drive international growth. Current shareholders Investinor, Statoil Technology Invest and ProVenture, are also contributing further capital and will continue to be involved in the companies alongside Verdane.
Verdande Technology and Aptomar serve the oil & gas industry with software and hardware solutions. Verdande Technology’s EDGE software identifies and analyzes data patterns real-time, using past events to predict future problems. Aptomar provides products for marine surveillance and oil spill detection and has a strong position in Norway, the Gulf of Mexico and Brazil. The two companies were founded in 2005 and 2004, respectively, and are both headquartered in Trondheim.
“We have been active in the Trondheim region, which is known for great entrepreneurship and technology spinouts, for nearly a decade. Verdane funds have invested in companies such as Reslab, Smartmotor, Resman and Industriverktøy in the area, and we are looking forward to working closely with Verdande Technology, Aptomar and the other owners to make them even stronger. We have developed 100-day plans for both companies that already are being put into action,” says Lars Ekström, Investment Manager at Verdane Capital Advisors.
Verdane funds have invested in a number of energy technology companies in Norway and most recently sold SmartMotor to Rolls Royce Marine in August 2013. During Verdane Capital V’s ownership, SmartMotor increased revenues six-fold and moved from being a small Norwegian technology company to a global leader in customised Permanent Magnet (PM) machines. Verdane Capital V has also invested in the Trondheim-based company Resman, which offers wireless reservoir surveillance technology to the upstream oil & gas industry.
“We are very pleased to bring Verdane in as a new investor in both Aptomar and Verdande. We know Verdane as a value adding co-investor in Resman, and are confident that they will add value in Aptomar and Verdande also,” says Ståle Myhre, Investment Director of Statoil Technology Invest.
Investinor also welcomes Verdane as co-investor.
“Investinor is pleased to have another competent co-investor in Aptomar and Verdande Technology. Verdane Capital Advisors is a well-funded, experienced and competent group which has, many times, proven its capacity to create global growth companies,” says Geir Ove Kjesbu, CEO of Investinor.
Alongside Investinor, Statoil Technology Invest and Verdane, ProVenture will continue its involvement in the two companies.
“ProVenture is looking forward to work with Verdane as co-owner in Aptomar and Verdande Technology. These investments will give necessary resources and add knowledge and competence to develop the potential of both companies” says Thor Egil Five, Senior Partner of ProVenture.”
Verdane Capital Advisors is the leading advisor in portfolio transactions (i.e., secondary directs) in the Nordic region. The transaction is the 21st portfolio transaction by Verdane funds over the past ten years.
We are very pleased to bring Verdane in as a new investor in both Aptomar and Verdande. We know Verdane as a value adding co-investor in Resman, and are confident that they will add value in Aptomar and Verdande also.