Viking Venture acquired a majority stake in Danish software company TimeLog.
The overall size of Viking Venture’s investment is NOK 120m which will provide the necessary capital for further international expansion, especially through acquisitions.
The investment will accelerate European expansion in the market for Professional Services Automation (PSA).
Founded in 2001 and led by Per Henrik Nielsen, CEO, TimeLog offers PSA solutions which help consulting businesses plan, analyze, invoice and optimize projects. The company has more than 800 customers and 21 000 users in 12 countries. Its ARR (annual recurring revenue) is approximately NOK 43 million.
TimeLog also has offices in Denmark, Sweden, and Malaysia.