Progressus II enters as majority shareholder in Safran Software Solutions AS
The Stavanger based Private Equity company Progressus has through their fund Progressus II together with local investors acquired Safran Software Solutions AS (Safran) from Finnish stock listed company Dovre Group plc.
Safran is a software company recognized as an innovative and dedicated provider of project management and enterprise project solutions. Leading companies within oil & gas and other industries rely on their Safran implementation to improve business performance and to manage their projects, programs, portfolios and initiatives.
Safran Project is the leading commercially available project management software solution designed specifically for large, complex capital projects. Safran Project excels during project execution, giving the user unparalleled overview of project status and early warnings of emerging deviations from planned schedule and budget.
Safran software is developed by professionals for professionals within the project management space and has been built with a strong client focus and interaction.
Per Arne Jensen, Partner in Progressus says: “The intention of the investment is to further enhance Safran’s position and growth in Norway and internationally. Safran will in particular seek to grow the international presence within the oil & gas space and scale up the organization to leverage on the company’s excellent software. Safran will also further develop it’s excellent position within US Aerospace & Defense.”
Inge O. Nilsen, Operations Director in Safran says: “The new owners have strong insight in Safran’s business areas and our existing and potential markets. We foresee a strong positive mutual cooperation with the owners going forward.”
Progressus II holds a 75 % ownership position in Safran after the transaction. The remaining shares are owned by companies controlled by Steinar Dalva, IPark (with co-investors) and Ståle Nilsen who jointly have taken the initiative versus Progressus for this acquisition. The employees of Safran will be invited to invest in the company alongside Progressus. Per Arne Jensen will take position as Chairman in Safran.
About Safran Software Solutions:Safran Software Solutions AS (Safran) delivers world-class Project Management software solutions and professional services as consulting, training and support.
Safran was established in 1997 and is headquartered in Stavanger, Norway. The company also has a department in Oslo. Safran has 27 employees.
Safran serves international customers from around the world in various business segments either directly or through partners.
The company had revenues of MNOK 36,7 (20 % growth) and EBITDA of MNOK 5,5 in 2012.