Image from left: M&A Manager Christopher Solberg and CEO Sten-Roger Karlsen welcome Rapal to the Ørn Software portfolio. Photo: Ørn Software / Øyvind Nordahl Næss.
Ørn Software has signed an agreement to acquire the Finnish Real Estate Software-as-a-Service (SaaS) company Rapal. With this expansion into the Finnish market, Ørn increases its ARR by 43 percent.
“Through the acquisition of Rapal, Ørn Software continues to execute on its geographical expansion and growth plan. Rapal’s offering is highly complementary to Ørn’s real estate platform, with best-in-class solutions for lease, space and workplace management. Rapal’s Smart office solution meets the post-Covid demands perfectly, empowering companies to ensure a safe return to a more dynamic and flexible workplace”, says Ørn Software’s CEO Sten-Roger Karlsen.
The Acquisition in brief:
- Adds 250 new customers to portfolio
- 70 new highly skilled employees
- Increases ARR by 43 percent
- Ørn Software expanding into the Finnish market
The acquisition adds 250 new customers to Ørn Software’s portfolio, including not only real estate companies, but also real estate tenants and architectural offices. The acquisition also provides Ørn with 70 highly skilled employees in Espoo, Finland, and a subsidiary in San Francisco. The US business is primarily focused on workplace analytics and smart office solutions, giving consultants and architects access to tools used in the design phase of building projects to optimize space utilization.
“We believe Covid-19 has permanently changed the way most companies look at their office space. The use of hybrid solutions, including the possibility of seamlessly working remotely, is becoming the new normal. At the same time, climate friendly and sustainable solutions are essential both for companies and employees, which means that specialized tools for smart offices and space management become highly important,” says Karlsen.
“There is a clear trend in the market that Real Estate tenants want greater flexibility compared to only a few years ago. Recent analysis indicates that the number of square meters of flexible office space in Oslo will increase dramatically by 2030. However, Oslo is far behind many other European cities,” says Karlsen.
The acquisition of Rapal represents Ørn Software’s first step into Finland. After the acquisition of Rapal, we will be represented in all the Nordic countries, with huge cross-selling opportunities in each region and across borders.
“Finland is an important part of our expansion strategy. This is a major milestone on our growth path and a significant step towards achieving our strategic goals for 2025,” says Karlsen.
“I am excited to start working with Ørn. It was obvious from the very beginning that there is no overlap in our offering, neither geographically nor in terms of content, even though the customer segments are the same. This offers us great possibilities to provide our customers with a unique and versatile product portfolio. As the CEO and main owner of Rapal for over thirty years, I am particularly happy to join the Ørn family, which I find very professionally managed and share same vision as we do; to be a recognized and leading SaaS-provider in the fragmented space and occupancy management markets in Europe,” says Tuomas Kaarlehto, CEO of Rapal.
Active M&A driven growth is a pillar of Ørn Software’s strategy, and Rapal is Ørn’s seventh acquisition during the last 18 months.
“We have thoroughly developed a solid process for successful M&A activity and integration step by step. A genuine desire to invest in the acquired technology and talent is at the core of our thinking. Building personal relations and trust on both sides is key to our success in the M&A game,” says Karlsen.
For more information, please contact:
CEO, Ørn Software
Phone: +47 922 62 321
Rapal is the Finnish market leader with SaaS solutions for workplace management, lease management and infrastructure cost management. The headquarters are in Espoo, Finland, with a subsidiary in San Francisco. Rapal has 70 employees and approximately 250 customers.
About Ørn Software
Ørn Software, listed on Euronext Growth as of March 2021 under the ticker ORN, is a Nordic provider of SaaS solutions enabling efficient operations and maintenance across a wide range of asset-heavy industries, including real estate, manufacturing, food & beverages, and aquaculture. The Group's software provides customers with improved insight through data-driven operations and contributes to increased efficiency and reduced costs through digitalisation of rental processes, data-driven maintenance scheduling and energy optimisation.
All of the above contribute to the lengthening of property and equipment lifespan, a key component of Ørn Software's value proposition. Furthermore, the Group's offering enables customers to reduce their environmental footprint and provides digital tools to meet reporting and regulatory requirements.
2,000 companies and close to 280,000 employees use Ørn Software’s different SaaS-offerings every day, including a number of the biggest industrial and property management firms in the Nordic region.