The software company WorkPoint A/S is sold to Viking Venture

With a license-based document management solution in Microsoft 365, WorkPoint has great scalable potential, and the investment of DKK 110 million in the company is the largest to date for Norwegian software investor Viking Venture.

Software as a service

26 years ago, WorkPoint was established in Esbjerg with a vision of developing software for a common database that could intelligently help companies 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 for document management and process automation for Microsoft 365.

Hanne and Peter Jørgensen founded the company, and it has been an exciting journey where business understanding and product development always have been in focus. They became Microsoft resellers 20 years ago, and they were first movers on cloud solutions. In recent years, WorkPoint has invested heavily in internationalization, primarily through the development of partners.

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 network has been set up in 10 countries. They are supported by approx. 40 employees from the headquarters in Esbjerg and the offices in Copenhagen and Dublin. However, Hanne and Peter Jørgensen have a more ambitious vision and for several years 2022 has been a milestone for them.

CEO Peter Jørgensen states,

“We are a typically owner-managed business, where we have expanded our company to a certain size with the help of our skilled and talented employees. If we are to really expand internationally, we need help from someone who specializes in this. Also, we are both turning 60 in 2022, and we have long planned for a change in ownership at that milestone”.

A good personal connection is crucial

After a long and good process of meetings with several potential buyers, Norwegian Viking Venture was chosen. They have successfully invested in numerous software companies similar to WorkPoint.

“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“

Concludes Peter Jørgensen, who continues as CEO with a significant ownership of WorkPoint. 

International expansion with Viking Venture

The employees at WorkPoint have responded positively to the news of the new ownership and are looking forward to the 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 number 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 Ventures’ fourth investment in Denmark and will be part of the investment company’s 15 active portfolio companies. 

Contact

For further information, please contact

Peter Jørgensen

CEO

pj@workpoint365.com +45 4037 0833

Eivind Bergsmyr

Partner Viking Venture, and Chairman of the Board WorkPoint A/S

eivind@vikingventure.com +47 920 99010

Facts about WorkPoint A/S

Established:         WorkPoint A/S is established in 1996 under the name Vest Consult

Name:                  WorkPoint is the company name, and the product is named WorkPoint 365

Sold:                    December 23, 2021, to Viking Venture

The product:       WorkPoint 365 is a user friendly, scalable and evergreen document
                            management solution – a platform in Microsoft 365 for information and
                            knowledge management for dedicated business solutions for project-, case-,
                           contract-, and quality management and more – in all parts of a business

Employees:          40

Partners in:          Denmark, The Netherlands, Belgium, England, Iceland, Ireland, Sweden, Norway, USA,
Hong Kong and Australia

High seniority:    Numerous employees have been part of WorkPoint for more than 15 years

Customers:         Grundfos, TV2, RES-Group, Siemens, Arkil, Årslef, Systematic, Borgarver,
Palsgaard, Esvagt, Esbjerg Municipality and more

Recognitions:    

• Microsoft Gold Partner
• Won Microsoft ISV Partner of the Year in 2015
• Nominated “Microsoft ISV Partner of the Year” in 2011, 2012 and 2015
• Member of Microsoft ISV-board
• AAA-credit rating
• WorkPoint is recognized as one of the 20 most promising SharePoint distributors by the American magazine CIO Review

Facts about Viking Venture

Established:         2001

Owners:               Partner owned

Investors:            App. 150 private investors from Norway, Sweden, Denmark, the Netherlands, USA, etc.

Purpose:              Invests in Nordic software companies and helps them scale

Portfolio:              15 active software companies, including:

• Timelog
• Tamigo
• Encode
• Mercell (Listed)
• Ørn Software (Listed)
• Flowbox
• Keystone Education Group
• House of Control (Listed)

Board of directors

Claus Jul Christiansen, former Partner Manager in Microsoft, New 
Niels Erik Hedager, Continuing 
Eivind Bergsmyr, Partner Viking Venture, Chairman of the Board 
Erik Fjellvær Hagen, Managing Partner Viking Venture 
Martin Senning Eriksen, Investment Manager Viking Venture