Viking Venture, GMT et al. exit AddSecure to Abry

The Norwegian VC exits alongside co-investors GMT Communication Partners, Follum Invest and B Skaugen Private Equity. Viking told Norwegian media the exit was its largest ever, implying the deal values AddSecure in excess of NOK 750m, the value of its hitherto largest exit, from on-site ear protection company Nacre in 2007.

Abry will acquire 100% of the shares in AddSecure, providing a full exit for all previous investors.

The exit comes two years after AddSecure was formed through the merger of Norwegian companies Safetel and Securinet with GMT-owned Swedish business Multicom Security.

Previous funding
Viking backed Safetel, which would eventually form AddSecure, in 2003 when it invested alongside B Skaugen and Follum. GMT acquired Mulitcom Security in May 2005, investing €60m to back the company's MBO.

Company
AddSecure is a Nordic Internet-of-Things business providing communications services for security products such as home security alarms.

Headquartered in Stockholm, the company has four additional offices in Denmark, Sweden and Norway, employing 130 people in total.

In 2015, AddSecure presented revenues of NOK 376m with NOK 124m of EBITDA.

People
Viking Venture – Jostein Vik (partner).
Abry Partners – Rob Nicewicz (principal).

Advisers
Company – Arma Partners (corporate finance).

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• Topics
• Exits
• Buyouts
• Technology
• Nordics
• Viking Venture A/S
• GMT Communications Partners
• Sweden
• Norway
• Secondary buyout