Viking Venture exits EcoOnline in Summa-backed SBO

The company is expected to benefit from a stricter regulatory environment within the EU. With the investment, it plans on expanding in its current markets and into more countries in Europe.

Summa will purchase shares from existing shareholders as well as a rights issue of NOK 22m. This will leave Summa owning 69% of the company while Viking will retain 23% and the firm's management the remaining 8%.

The deal is the fifth for Summa's maiden fund, which held its final close in February on SEK 4.5bn. The fund focuses on industries expected to drive growth over the long term, with investments in firms that look at resource scarcity, energy efficiency, changing demographics and tech-enabled businesses.

Previous funding
Viking Venture took a 64% stake in EcoOnline in 2014, with the company that time planning to expand mostly in the Nordic market.

Company
Established in 2000, EcoOnline has 80 staff and is headquartered in Tønsberg, Norway, with offices in Sweden, Denmark and Finland. It provides software that enables firms to track and manage their inventory of chemicals in a way that adheres to regulatory standards.

In 2016, its revenues grew by 30% to NOK 88m. It has 4,000 customers in a variety of industries across Norway, Sweden, Finland and Demark.

People
Summa Equity – Christian Melby (partner).
EcoOnline – Øyvind Robert Thorsen (CEO).

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