The Belgian government has released a new compromise - Unquote
The Belgian government has released a new compromise - Unquote
The Belgian government has released a new compromise - Unquote
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expansion<br />
and Torbertra Kapital AS. Capital will be provided to the company in tranches over an extended period<br />
of time and Investinor <strong>has</strong> taken a 23% stake in the company.<br />
<strong>The</strong> deal originated from the company contacting Investinor about potential funding. <strong>The</strong> investors<br />
were primarily attracted to the company because of the patented technology it holds. <strong>The</strong> capital will<br />
help support TimeTemp’s expansion of its production facilities and increase the organisation’s size and<br />
marketing capabilities.<br />
Company<br />
TimeTemp was founded in 2001 and <strong>has</strong> developed a <strong>new</strong> technology to better estimate the best<br />
before date of food products. Durability of food depends on the average temperature it is stored in,<br />
and the <strong>new</strong> best before stamp developed by TimeTemp changes colour over time and depending on<br />
the temperature it <strong>has</strong> been stored in. It is believed that this will reduce the amount of food that is<br />
prematurely thrown away.<br />
<strong>The</strong> company, which is in its early development stages, employs five people and recorded a turnover of<br />
NOK 1.2m in 2009.<br />
People<br />
Ronny Vikdal worked on the deal for Investinor and will sit on the company’s board of directors.<br />
Advisers<br />
Equity – PricewaterhouseCoopers (Financial due diligence); AdeB Law Firm (Legal); Acapo<br />
(Patent consulting).<br />
Investinor leads NOK 22m investment in Ping<br />
Transaction<br />
Investinor, Alliance Venture and Tiger Holding AS have invested NOK 22m in broadband internet<br />
access device and software provider Ping Communications AS.<br />
Government-funded venture firm Investinor provided NOK 10m, giving it a 26.3% share in the<br />
company. Alliance Venture invested through its Alliance Venture Polaris fund, which closed in 2006<br />
having raised NOK 340m.<br />
EXPANSION<br />
Ping Communications<br />
AS<br />
NOK 22m<br />
Location Oslo<br />
Sector Internet<br />
Founded 2001<br />
Turnover NOK 10m<br />
Investinor was primarily attracted to the deal as it believed the company was an early mover in the<br />
market and that its products and logistics strategy would enable rapid growth.<br />
<strong>The</strong> investors have an option to invest an additional NOK 25m if set pre-conditions are met by the firm.<br />
Company<br />
Ping develops broadband internet access devices and software. <strong>The</strong> company was founded in 2001 and<br />
is based in Oslo. In 2009, Ping recorded a turnover of NOK 10m.<br />
People<br />
Investment director Jan Hassel managed the deal for Investinor.<br />
Advisers<br />
Equity – Arntzen de Besche (Legal); PricewaterhouseCoopers (Financial due diligence).<br />
ENTIRE CONTENTS COPYRIGHT 2010 INCISIVE MEDIA INVESTMENTS LTD UNQUOTE OCTOBER 10 27<br />
www.unquote.com/nordics
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