Chalmers Innovation et al. sell Admeta

Chalmers Innovation fund manager Håkan Krook told unquote" that the fund held a 25% share of Admeta at the time of the sale.

Other exiting investors include KL Ventures, KTH Seed Capital and Layline Partners, as well as a number of smaller backers.

The exit comes 12 years after Admeta was founded at Chalmers Innovation, the technology incubator of Chalmers University of Technology, and supported by capital from Chalmers Innovation Seed Fund.

WideOrbit is a provider of advertising management software for media companies; the Admeta acquisition is the latest in a line of purchases aimed at expanding the company's digital offering.

Going forward, Admeta will operate as a fully owned subsidiary of WideOrbit.

Previous funding
The company received SEK 5m of expansion funding from KTH in November 2006, and saw a further $5m investment from Sixth AP Fund in July 2008, according to unquote" data.

In December 2010, Sixth AP sold its stake to a range of investors, including KL, KTH, Layline and some smaller investors for an undisclosed amount, estimated to be less than $25m by unquote" data.

Company
Spun out from Chalmers in 2002, Admeta is headquartered in Gothenburg, Sweden, and had revenues of SEK 25.43m last year, with a pre-tax profit of SEK 175m. The company has developed digital advertising optimisation software used by companies in more than 30 European countries.

It has sales offices in New York, Ottawa, Helsinki, Tel Aviv and Prague, and employs 15 staff.

People
Alexander Edström is the CEO of Admeta. Eric R Mathewson is founder and CEO of WideOrbit. Håkan Krook is a fund manager for Chalmers.

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