View Software have strengthened their position in the Nordic countries through the acquisition of MainManager, an Icelandic software company. With this acquisition, View Software will expand their customer portfolio to eight countries and open offices in Reykjavik and Copenhagen.
“Facility Management is a business area that is experiencing rapid growth globally. The future requires better solutions to ensure sustainability and cooperation across different subject areas, roles and systems. With this acquisition, we are strengthening our position as a provider of a sustainable facility management system. This is also a great stepping stone towards further growth in Europe”, says Sten-Roger Karlsen, CEO of View Software.
View Software has high ambitions within this sector and has gone from 43 to 94 employees in 2020. By acquiring MainManager, the company is adding a great customer portfolio and 18 highly competent employees in Iceland, Norway and Denmark.
Buildings make up 40% of all CO2 emissions globally. 11% of this is embodied carbon from production of materials and construction work. The world is currently going through the largest wave of urban growth in human history. We are adding about 1,5 million people to cities every week. As a result, CO2 emissions in the building sector have continued to rise by nearly 1% each year since 2010.
Approximately two-thirds of the building area that exists today will still exist in 2050. At the same time, building renovations affect less than 1% of the building stock annually. This is a huge climate challenge, but also a great opportunity to ensure efficient measures are taken and to make a difference.
“To ensure we succeed with the targets outlined in the Paris Agreement, we need to substantially speed up our renovations in terms of energy efficiency. We need to optimize maintenance to increase the lifetime of existing buildings and continuously work to increase energy and environment efficiency. This is impossible without the right tools. View’s software makes sure that the players in the industry have the right solutions to succeed”, says Karlsen.
When we enter 2021, View Software will be the next largest player in the Nordic countries within its sector. Annual recurring revenue (ARR) has grown by 400 % in three years and the company is the market leader within several verticals.
“Through the last few years, we have been working hard to ensure that our organization and work processes are scalable. This puts us in a great position for further European growth. We believe there will be a shift in value chains in the upcoming years. This requires us to be set up in a way which allows us to compete, and ensures that we acquire the resources we need to become the leading player. MainManager is a modern, user friendly, flexible and open solution that fits well in our product strategy”, Karlsen continues.
“The MainManager team is very excited to get on board with the View Software and Viking Venture family. We have found a perfect match to our vision, and ambition, to become a leading company in Facility Management in the Nordics and in other countries. We are experiencing a large shift in the building industry, where professional building owners are gaining more knowledge about the performance of their building portfolio. Using our tools will enable them to make more accurate decisions regarding new facilities, and more sustainable solutions”, says Gunnlaugur B. Hjartarson, the founder of MainManager.
“MainManager is a great company that fits well with View Software and its strategy for further growth in the Nordic countries and in Europe. This is also a major step in becoming the leading player within sustainable facility management solutions. Viking Venture is excited to continue the work with View Software on strengthening their international footprint”, says Joar Welde, Partner at Viking Venture and board member of View Software.
View Software has raised NOK 41 million in equity and has a framework agreement in terms of loan of SEK 500 million that ensures capital for further acquisitions.
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MainManager’s revenue was NOK 21 million in 2019 and has grown 20 % in 2020. The company has 18 employees in Reykjavik, Oslo and Copenhagen, and customers in 8 countries.
About View Software
View Software’s revenue was NOK 68 million in 2019. The company has shown strong growth over the last years, and is a leading software company within industrial maintenance, real estate and aquaculture.