Aeternum Capital invests in the two leading IT companies in the funeral industry in Norway and Sweden.
The founders of Adstate AS and Timecut AB (Simon Hansen Elvestad and Niklas Lundell) will continue to be both owners and CEOs of their respective companies. The investment is made through the establishment
of a new company, Legatech Holding AS, where Aeternum Capital becomes the main owner. Adstate and Timecut will continue as two individual companies and offer their unique services to the agencies just as today.
There is a significant consolidation among the agencies in Norway and Sweden with large business groups and associations such as Fonus, SBF and Klarahill in Sweden and Jølstad, Heder, Fonus and Far Vel in Norway.
"Consolidation places greater demands on us as IT suppliers. If we are to succeed in delivering in areas such as security, GDPR, operation and development of the entire digital journey for relatives and authorities, we must gather resources and expertise that can work together in several areas ", say the two leaders of Adstate AS. and Timecut AB, Simon Hansen Elvestad and Niklas Lundell.
Aeternum is a long-term investment company, where John Fredriksen and his family are the main owners, and the company focuses on high-quality companies in the Nordic region.
Aeternum's ambition is to build a strong company that is even better equipped for the future to meet customers' ever-increasing demands, says Aeternum's partner, Gaute Gillebo. This will be done by further developing the services the companies offer with increased expertise and faster product development to create even better customer experiences in existing markets. In addition, there is great potential in being able to sell the solutions to customers in European countries where the digitalization of the funeral industry has not come as far.
Adstate / Timecut has signed an agreement to sell the majority of the shares to Aeternum.
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Aeternum is a long-term investment fund with a focus on high-quality companies in the Nordic region.
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The founders reinvest for significant amounts, and the company management is unchanged.
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Adstate and Timecut will remain as they are today in their respective markets.
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The background to the purchase is:
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Adstate and Timecut have good digital solutions that can be further developed to provide even better customer experiences in Norway and Sweden respectively (faster development, increased integration and broader services)
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There are many small suppliers in a relatively small industry that invest resources in overlapping functions. Together you can make better use of resources.
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Great potential in being able to sell the solutions to customers in European countries where the digitalization of the funeral industry has not come as far.
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- No planned changes for today's customers and in the long run we hope to be able to offer better products and service.