STAVANGER, Norway, October 19, 2016 /PRNewswire/ --
Viking Venture invests in the Norwegian company Xait AS. The company has developed XaitPorter, a document collaboration and production tool used by major corporations globally.
Xait AS was founded by CEO Owe Lie-Bjelland and CFO Arnt Jørund Andreassen in 2000 and has grown to be a major player in the market for production of complex documents. The company has implemented a cloud based offering with a subscription based business model. XaitPorter is used by corporations when producing complex documents such as tenders, proposals, reports, governing documents and project documentation. The software supports both the production and formatting dimension as well as the project management, review and approval dimension of document production.
- We are impressed by the quality of the team, the product and the customers they have attracted. With more than 30% growth and 90% recurring revenue, this company is ideally positioned for further international expansion, commented, Eivind Bergsmyr partner in Viking Venture and chairman of Xait.
Xait has its headquarters in Sandnes, Norway and its US operation in Austin, Texas. Group CEO Owe Lie-Bjelland has recently relocated to Austin to drive further growth in the huge American market.
- Through years of commitment and innovation, we have demonstrated that forward-looking companies can be much more efficient and productive if they modernize their document collaboration techniques by paying attention to their processes and their collaboration platform. A knowledgeable and experienced partner such as Viking Venture is vital for Xait to continue our international growth, says Owe Lie-Bjelland, Group CEO of Xait.
Viking Venture owns 43% of Xait after the investment and is adding experience and best practice knowledge from other companies in its portfolio.
- Companies with subscription based revenue models are among our investment favorite themes. We see strong synergies between our different investments and look forward to contributing to the continued growth of Xait, said partner Jostein Vik of Viking Venture.
Xait is a software company helping its customers optimize their complex document centric business processes resulting in increased efficiency, quality, security and control. More information at: xait.com.
About Viking Venture
Viking Venture is a leading Nordic venture fund. Viking Venture invests in growing IT companies with international potential. The manager advises nine funds with a total of 1.5 billion NOK under management and has its headquarters in Trondheim, Norway. More information at: vikingventure.com.