ExproSofts founders and the new investors will together develop the company into a leading global supplier of analyses and software for condition based and lifecycle evaluations in wells and well equipment.
ExproSoft is a world-class, independent provider of risk and reliability studies, technology qualification services and related software/database products for the upstream sector of the oil and gas industry. In its customer portfolio ExproSoft has more than 40 major oil and gas companies, e.g Shell, BP, Chevron, ConocoPhillips, Statoil and Total.
ExproSofts business areas include quantitative risk assessments, technology qualification, software development and reliability databases.
ExproSofts products and services provide stable and predictable operations, and reduce the risk of incidents such as blowouts and disrupted production from oil and gas wells.
ExproSoft is a spin-off of the the Norwegian research institute SINTEF, and has acquired all commercial rights to reliability databases previously operated by this institute. These products have since been refined and extended, creating the world’s most powerful, integrated reliability database and analysis tools for the upstream sector.
ExproSoft´s head office is in Trondheim Norway, with local offices in Sandnes, Norway and Houston, Texas. The company have had solid growth the last couple of years and reached a turnover of 16.5 mNOK in 2009. The company has reported positive net profit every year since it was founded in 2000.
”Our ambition is to make ExproSoft a global leader. It is important for us to get the people at Viking Venture and Investinor on our team, as they have documented their ability to create global winners”, said CEO and founder of ExproSoft Einar Molnes.
”Viking Venture has kept a close eye on ExproSoft for years. They have built up an impressive position within the oil and gas industry both in Norway and globally by substantial growth and profitability. The company is well positioned for further international expansion”, said Managing Partner in Viking Venture Erik Hagen.
”We like what we see here; with limited financial resources ExproSoft has taken a unique position in the market for condition based evaluations of oil- and gas wells and field developments. The company´s position and the expected growth in its market segment makes ExproSoft a perfect match for our investment focus”, said Investinor Investment Director Asle Jostein Hovda.
About the New Investors:
Viking Venture is one of the leading technology focused venture funds in Norway with 200 million USD (NOK 1.1 billion) under management. The fund focus on investment in companies within electronics, software, oil & gas, materials and clean technology. Viking Venture typically invests in companies that have passed the seed phase and is ready for the commercialization phase. The fund is a very active owner with a substantial share in the portfolio companies.
Investinor AS is a government funded investment company, which invests in Norwegian companies with international ambitions, in the phases ranging from early growth to expansion.
The company has bNOK 2,2 under management. Investinor is fully owned by Innovation Norway, which is owned by the Norwegian Ministry of Trade and Industry. Read more at www.investinor.no
For more information, please contact:
Einar Molnes, CEO, ExproSoft Tlf: +47 932 06 000
Erik Hagen, Managing Partner, Viking Venture: Tlf: +47 920 22 430
Asle Jostein Hovda, Investment Director in Investinor Tlf: +47 482 28 941
ExproSoft´s website: www.exprosoft.com