Northzone and Incitia Ventures have exited their stake in Norwegian broadcast technology company T-Vips.
The transaction was part of T-Vips' merger with fellow Norwegian broadcast tech company Nevion, which has a strong foothold in North America and will give its name to the new company. Northzone will keep a reduced stake in Nevion. The combined business has a turnover of NOK 350m, with more than 90% of sales generated outside Norway. It employs 190 people in offices around the world.
Northzone and Incitia first invested in T-Vips in a €3.38m round in 2005. They both reinvested €1.85m of expansion capital in the business in 2007 and have stayed invested since, with Northzone holding the largest stake. During the holding period the company expanded and internationalised.
T-Vips is a provider of video transport solutions, which helps its customers deliver TV services such as 3D, HDTV, live events and local content. T-Vips' customers include FoxSport in Australia and film studios in Hollywood. The company is based in Oslo and has an office in New Jersey.
Gregers Kronborg was responsible for the T-Vips investment as general partner at Northzone.
Catch up on essential features from this past week with our round-up of industry analysis
Keensight's participation marks the first external investment in the group since inception
Capiton exits the business to the American investor after following a buy-and-build strategy
British mattress manufacturer will look to expand internationally