TimeLog was acquired by Viking Ventures in a $13 million deal.

TimeLog, a Copenhagen, Denmark-based SAAS developer of PSA solutions, announced that it was acquired by the Norwegian private equity company Viking Venture.

The overall size of Viking Venture’s investment is NOK 120 million ($13.2M) which will provide the necessary capital for further international expansion, especially through acquisitions.

TimeLog, founded in 2001 and led by CEO Per Henrik Nielsen, is a PSA (professional services automation) solution developer, aiming to help  consulting businesses plan, analyze, invoice and optimize projects. The company has more than 800 customers and 21 000 users in 12 countries. Its ARR (annual recurring revenue) is approximately NOK 43 million ($4.7M).