The software company WorkPoint A/S is sold to Viking Venture
With license-based document management solutions built on top of Microsoft 365, WorkPoint has great potential to scale.
Norwegian software investor, Viking Venture, places their largest investment to date in WorkPoint A/S amounting to DKK 110 million.
Software as a Service
26 years ago, WorkPoint A/S was established in Esbjerg with a vision of developing software for a simple database that could intelligently help organisations handle the ever-increasing amount of data, documents, and emails. Today, the customer list includes large construction companies, as well as accountants and municipalities, all of which use WorkPoint 365 solutions for document management and process automation in Microsoft 365.
Hanne and Peter Jørgensen founded the company, and it has been an exciting journey where business understanding and product development have always been the focus. They became Microsoft resellers 20 years ago, and they were first movers on cloud solutions. In recent years, WorkPoint has invested heavily in international geographical expansion, primarily through the development of partnerships.
CEO, Peter Jørgensen, explains the growth:
Enterprise companies are increasingly in need of a single document management system that can accommodate everything from contract and case management to project management and business intelligence. International IT companies have recognized that our product provides value for the end customers, while our partners also make a business of selling and implementing WorkPoint 365.
2022 as a milestone
The development of close partnerships has been important for the successful implementation of the software solution among customers, and an international partner community has been established in 10 countries. They are supported by approx. 40 employees from the headquarters in Esbjerg, Denmark and the offices in Copenhagen, and Dublin, Ireland. However, Hanne and Peter Jørgensen have a more ambitious vision and for several years, 2022 has been a special milestone for them.
CEO, Peter Jørgensen, explains that WorkPoint is a typically owner-managed business, where Hanne and himself have grown the company to a certain size with the help of their skilled and talented employees. If they are to fully expand internationally, they will need help from someone who specialises in doing exactly this while scaling the organisation. Also, both Hanne and Peter are turning 60 years old in 2022, and they have long planned for a change in ownership at that special 2022 milestone.
A good personal connection is crucial
After a long and good process of meetings with several potential buyers for WorkPoint, Norwegian software investor, Viking Venture, was chosen. They have successfully invested in numerous software companies similar to WorkPoint, and shared with Hanne and Peter the ambition of scaling and globally expanding the organisation.
It was crucial for us to have a close dialogue and a great personal connection with the buyer of our life’s work, and it means a lot to us that Viking Venture invests in WorkPoint from day one. We have developed a scalable business model, and they have a history and know-how on the sales side to export it to many different types of companies around the world, and we’re happy that Viking Venture is our new owner.
International expansion with Viking Venture
The employees at WorkPoint have responded positively to the news of the new ownership and are looking forward to an exciting future, which offers strong expansion. 15 new employees in sales and marketing will be hired already during the first year to develop the various markets. The goal is a fivefold increase in revenue within a short amount of years, and it is expected that part of that increase will also come from acquisitions of other IT companies nationally and internationally.
Eivind Bergsmyr, Partner in Viking Venture and newly elected Chairman of the Board of WorkPoint is excited about the investment.
We are impressed with Peter Jørgensen and the team at WorkPoint. They have created a very good business that combines good growth and good profitability with very satisfied customers. We look forward to helping WorkPoint grow even faster through international expansion.
WorkPoint is Viking Venture's fourth investment in Denmark, and will be part of the investment company’s 15 active portfolio companies.