Oslo, 29 March 2021 – The Norwegian software company Ørn Software has today been admitted to trading on Euronext Growth (ticker code: ORN).
Ørn Software is a Nordic provider of SaaS (Software as a Service) solutions enabling efficient operations and maintenance across a wide range of asset-heavy industries.
“We are experiencing a significant demand for digital solutions that contribute to increasing efficiency, improving collaboration, and reducing the environmental footprint. Our software solutions have been adopted by almost 1,200 businesses in the Nordic region, and we see a significant untapped market potential for this type of software solutions,” says Sten Roger Karlsen, CEO of Ørn Software.
The company wants to grow, and prior to the listing, the company raised NOK 250 million by issuing new shares. "In a few years, Ørn should be positioned as a leading European player in our segment. By including more companies in the Ørn family, we strengthen our product portfolio and can meet an even broader need among our customers. It also gives us access to new customer groups, and thus opportunities for organic growth through cross-selling. With a strengthened capital base and solid new owners, we have the framework in place to be able to succeed with growth going forward,” Karlsen continues.
The share issue totalled NOK 350 million, and included NOK 250 million in new shares and NOK 100 million in sales of existing shares. In addition, there was an over-allotment (greenshoe option) bringing total proceeds raised in the offering to NOK 385 million, announced the company.
“We are impressed by what the Ørn-team has achieved, and we think they are well positioned for future growth as they have a strong technology and financial platform,” says Joar Welde, Chairman of the Board of Directors of Ørn Software.
The shares in the new issue were sold at NOK 10.50 corresponding to a market capitalisation of NOK 902 million.
About Ørn Software Ørn Software develops SaaS (Software as a Service) solutions. Strong organic revenue growth is supported by M&A, and approximately 85 percent of sales are annual recurring revenues. Asset-heavy industries use the software to increase efficiency, reduce environmental footprint and comply with regulations. A broad portfolio of digital tools lets the users improve operational efficiency and sustainability, resulting in reduced costs, increased uptime and extended asset lifetime.