House of Control in a NOK 650 million pre-IPO capital raise.

House of Control, an Oslo, Norway-based B2B operator of contracts and other liabilities, announced that it enetered into an investment agreement for securing a private placement with a total transaction of about NOK 650 million ($70M).

The deal is made with US, UK, European, Nordic and Norwegian institutional financiers, including backing from five cornerstone investors, Luxor Capital Group, Berenberg Bank, Consensus Asset Management, Handelsbanken Fonder and DNB Asset Management.

The transactions involves a capital raise of NOK 350 million ($37.7M), which will be used for new acquisitions, while NOK 300 million represents a sale of shares by existing shareholders.

Pre-agreement, Viking Venture was controlling 56% of the shares, which it acquired in 2015.

The deal is made as the company expects it first day of trading on Merkur Market to be around October 20th, 2020.

House of Control, founded in 2006 by CEO Lasse Sten, built a business selling cloud-based software for CFOs with a Software-as-a-Service (SaaS) model. The solutions give the clients overview of legal and financial details and liabilities on contracts and assets.

The company has about 1,200 customers across the Nordic region. The subscription revenues represented 94 per cent of the company’s total revenues, and by August 2020, the total portfolio passed NOK 132 million.