The Smaller Mid-Cap Fund II (“TSM II”) advised by Triton (“Triton”) has signed an agreement to acquire Neptune Software (“Neptune”), a low-code/no-code (LCNC) enterprise app development platform, from Nordic small-cap technology investor Standout Capital and founders. The terms of the transaction are not disclosed.
Founded in Norway in 2011, Neptune offers a best-in-class rapid application platform/SaaS solution to industrialize the development of custom business applications, saving customers time and money on development, integration and operations.
“Neptune Software has an attractive SaaS business, which is among the best LCNC platforms in the world. LCNC platforms could cover some 75 percent of newly developed business applications by 2025, and the fundamental scarcity of IT talent and the need for efficiencies within organizations make LCNC platforms essential going forward. With this investment we aim to back the company’s further commercial development while also expanding its presence in key geographies such as North America” says Per Frankling, Investment Advisory Professional and member of the TSM II Investment Advisory committee.
Neptune Software today employs about 100 full-time employees across offices in Norway, Germany, the UK, and US plus partners in 40 countries globally and services more than 660 enterprise customers and 3.5 million licensed users.
“Co-operating with an international investor such as Triton enables us to further develop our global business ambitions and scale important parts of our commercial organization while continuing to service our current clients with the existing product range. Furthermore, Triton’s deep experience from sectors which are at the core for us will benefit our future client offering,” said Andreas Grydeland Sulejewski, co-founder and CEO of Neptune Software.
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