Index, Teknoinvest and NorthZone complete final exit from listed Trolltech

01 February 2008

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Trolltech, a Norwegian cross-platform software developer, previously backed by Index Ventures, Teknoinvest and NorthZone Ventures, has signed an agreement to be acquired by Nokia for NOK 843m, corresponding to NOK 16 per share. Trolltech is listed on Oslo Bors, but Index Ventures held an 18.37% stake in the business, while Teknoinvest held about 5.5% and NorthZone controlled a small stake of approximately 2.46%. A total 35,024,830 shares, representing 66.43%, are issued Trolltech shares, while Haavard Nord (co-founder) and Vuonislahti Invest AS (controlled by Eirik Chambe-Eng, co-founder), Index Ventures, Teknoinvest and NorthZone control the remaining of the share capital and have all agreed to sell to Nokia. It is anticipated that the two founders will receive NOK 116m and NOK 115m respectively, and Index will receive NOK 155m.

The board of directors has unanimously recommended acceptance of Nokia's offer.

Trolltech floated on Oslo Bors in July 2006 for a market cap of more than NOK 818m and at a price of NOK 16 per share (July/August 2006, page 45). Since then the share price has fallen. On 25 January, the share price was down to NOK 10, so the purchase price represents approximately 60% above this trading price.

Prior to the listing Index owned 22.3% of the shares, Teknoinvest 11.1% and NorthZone Ventures 4.8%.

Trolltech received its first venture injection in 1999 which brought in $2.4m and the second $6m in 2000. Index Ventures has been a shareholder since 2005 when the business raised $6.7m where existing investors Teknoinvest and Orkla also contributed (July/August 2005, page 24).

CEO Haavard Nord, and the president of the company Eirik Chambe-Eng, founded Trolltech in 1994. The Oslo-based firm focuses on both software development tools and platforms for mobile devices, and customers include, among others, Adobe and IBM.