Tempo sells the majority ownership package to American PE firm Diversis.
Tempo, a Reykjavik, Iceland-based developer of productivity-enhancing project management solutions, announced that it signed an agreement with private equity company Diversis Capital as a new strategic owner with a controlling interest in the company.
The deal, which has financial details undisclosed, values Tempo at $62.5M. Former owner and founder, Origo, will retain a 45% stake in Tempo, and remains an important partner.
Diversis plans to invest and accelerate growth of the company in cooperation with Origo, as Tempo’s immediate focus will be international growth, continued investment in R&D, improved customer service and additional product diversification.
Tempo, founded in 2007 and led by CEO Agust Einarsson, started as an internal tool to track time utilization and management on JIRA. SInce then Tempo has grown into one of the most successful apps on the Atlassian market, serving customers across the globe and of all industries. Their solutions provide a user friendly, high performance software suite for time tracking, resource management and budgeting for 12,000 customers worldwide, ranging from small startups to the largest global enterprises including Amazon, BMW, Pfizer, HomeAway, PayPal, Hulu, Dell, and Disney.