Verdane Capital has generated a 30 percent internal rate of return on the sale of Norwegian information technology company Dolphin Software, according to a statement.
Verdane acquired a 48 percent stake in Dolphin Software in 2009 via a direct secondaries deal alongside Via Venture Partners. The firm deployed its €110 million Verdane Capital Fund VI and SEK 1.5 billion ($210 million; €160 million) Fund VII.
Dolphin Software develops systems that help companies respond to customer inquiries. During the investment period, Verdane helped Dolphin Software expand in Scandinavia and Europe.
“When Verdane funds invested, the goal was to establish Dolphin Software outside of Norway, and we have succeeded with that”, Arne Simensen, an investment manager at Verdane said in the statement.
Verdane makes direct secondaries investments in the Nordic region, focusing on the energy, IT and general industries. In July, the firm acquired five companies from Norwegian family office Ferd Capital. The companies included Aspiro, which owns Norwegian music streaming service Wimp and Napatech, a Danish network adapter manufacturer.
The firm has €700 million of committed capital through its eight funds. The most recent fund closed on SEK 2 billion in June.
Verdane is headquartered in Oslo and has an equal-sized office in Stockholm and an office of two investment professionals in Helsinki. However, the firm could expand to Copenhagen in the future.
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