Verdane Capital, a Nordic direct secondaries specialist, has made its sixth investment from its latest fund by acquiring a majority stake in a Norwegian education technology company.
Oslo-headquartered Verdane used its Verdane Capital IX fund to acquire an 85.5 percent stake in Lingit, with the founders keeping the remaining 14.5 percent, according to a statement. Verdane plans to launch Lingit’s technology globally.
The pricing of the deal was not disclosed.
Lingit, which provides multilingual support for dyslexics and people with reading and writing difficulties, was was founded in 2001 by academics from the Norwegian University of Technology. The company had revenues of Nkr 30.6 million ($3.6 million; €3.4 million) with an EBITDA of Nkr 9.7 million last year. It is headquartered in Trondheim, with teams of developers in Bergen and Ukraine.
This week, Verdane also announced it had used its SKr 3 billion ($334 million; €313 million) Verdane IX fund to acquire a majority stake in Swedish music technology provider Propellerhead. Limited partners in the fund include Argentum Asset Management, which committed Nkr 9.8 million, according to PEI data.
Verdane Capital has stakes in around 120 companies across the software, consumer internet, energy and high-tech industries. The firm’s funds invest in entire investment portfolios, parts of portfolios and individual assets. It has 24 employees across offices in Helsinki, Oslo and Stockholm.
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