The Cloud Compliance Company Documaster Welcomes Summa Equity As Investor
Documaster has established one of Scandinavia's strongest competence centers for digitization, information management and archiving of valuable data. With Summa Equity joining as lead investor, Documaster positions themselves for further expansion in the private sector and scaling internationally.
Summary
OSLO, Norway, May 23, 2017 — The cloud compliance company Documaster, announced today that the Nordic private equity firm Summa Equity has invested NOK 100M in the company. It is one of three investments that Summa Equity does as they establish Summa Digital, a platform for investing in big data enabled businesses with groundbreaking technologies within their respective field.
Documaster has built its customer base as a result of the digitization and modernization of public administration. This sector has been subject to strict privacy requirements, advanced data and records management environments, and the need for efficient and compliant information retrieval and management solutions.
Documaster currently has over 80 installations in their home market, ranging from rapid and less advanced deployments at small municipalities to more complex and complete information management solutions in larger public organizations.
Data and records compliancy is a growing headache for many organizations, and can in many situations put them in risk of failure to meet regulatory standards. Documaster’s technologies offer a complete solution, from decommissioning of legacy systems, digitalization of paper documents, and gathering of all records into one application that is user friendly, fast to implement and cost efficient.
Pål Reinert Bredvei, CEO of Documaster, comments: “With additional capital and a lead investor with expertise and commitment in the field of compliance and big data solutions, we are well positioned for substantial scaling. We are looking to take the experience we have from the public sector in our home market and grow into new markets and specifically also address the escalating needs of the private sector."
Christian Melby, Partner at Summa Equity, comments: “Digital documentation is growing at an exponential rate and is rapidly phasing out physical documentation, leaving companies with outdated, underperforming systems for record management. Documaster has proved that they can deliver compliant solutions at some of the most sensitive and critical data environments that exist. We see great potential in the company based on what they have achieved so far.”
Public organizations in Scandinavia have long been committed to stringent requirements for information and data management, which is now increasingly affecting all private companies. Among the factors that accelerate the need for all private organizations to increase their focus, is the General Data Protection Regulation (GDPR) that is to be implemented in all organizations within EU/EEC, public and private, starting May 25, 2018. This regulation also affects multinational companies with presence in Europe.
According to the technology research and advisory company Gartner, legacy systems and outdated IT solutions are the top 5 concerns among IT executives worldwide. Documaster has already set up its own production line that assists companies to dispose of such systems so that they can start with a clean slate. This means substantial cost savings as companies avoid complex and expensive migration projects. Companies also regain control and search capabilities for valuable data, thereby complying with laws and regulations, thereby enabling a less troublesome process when selecting new and more suitable business solutions in the future.
Pål Reinert Bredvei continues: “Replacing legacy systems is a global challenge where we see great opportunities in the coming years. With our productized decommissioning solution, we streamline this often too complex process and lay the foundation for fully automated workflows and processes. This saves our clients both time and cost, allowing them to truly focus on the future, not the past.”
Documaster is also an enabler for organizations in fully respecting and protecting people’s fundamental rights to privacy. As consumers become more and more aware of how organizations protect and use their data, they expect organizations to act in not only compliant, but also respectful ways.
Pål Reinert Bredvei concludes: “We believe in giving consumers better insight into, and opportunities to see how information about them is being used. We also see that consumers choose to leave organizations that do not respect their privacy. By utilizing our solutions, Documaster becomes an enabler both for customer attraction and retention.”
About Documaster
Documaster is a Norwegian digital record management company that has developed a cloud-based archiving solution, allowing organisations to compliantly capture, process, preserve and instantly access data from one single application. The company offers a system agnostic archiving core that is compliant with Norwegian archiving standards and correspondent international regulations. Documaster’s technology addresses an increasing need for efficient and compliant archiving, driven by the rapid growth in digital documentation and increased regulatory focus on record management.
The company was founded in January 2014 by Norwegian venture factory Norselab, and has offices in Oslo and Ålesund in Norway, Sofia in Bulgaria and Burlingame, USA. Read more about Documaster at www.documaster.com.
About Summa Equity
Summa Equity was formed in 2016 by partners with a shared vision of building a leading specialized private equity firm in the Nordic lower mid-market, positioned to capture the investment opportunity provided by the thematic megatrends expected to drive growth over the long term. The Firm focuses on sectors related to four megatrend driven themes: resource scarcity, energy efficiency, changing demographics and tech-enabled businesses. Summa Equity closed its first fund in February 2017 with commitments of SEK 4.5 billion.
About Norselab
Norselab is a venture studio building technology companies together with skilled entrepreneurs. The company was established by Yngve Tvedt and Christian Lundvang, and is today managed by the entrepreneurs together with investor and board member Aksel Lund Svindal. The company has its roots back to 2002, contributing to the establishment and development of several technology companies in Norway and internationally, Documaster being one of these. The company has its headquarters in Oslo, with activities in London and Washington D.C.
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