Continued growth for Addovation
This Norwegian gazelle of a software company expands by leaps and bounds
Addovation is one of Norway’s fastest growing companies. In December they were named a gazelle company for the third time. They fulfilled the gazelle demands by increasing their revenue by at least 20 percent annually for four years or more, meaning that they have doubled their revenue over a four-year period. When the company was awarded the title in 2012, they had 10 employees with revenue of NOK 11.6 million; in 2016 they were 70 employees with revenue of more than NOK 65 million.
The company was founded by Per Inge Sævareid and Kenneth Smith in 2008 in Drammen. According to the founders, they have always focused on providing their customers with functional technology while making sure that they specialize within areas with high demand. At the same time, the company has adapted to changes in society to ensure continued growth.
In 2012 they moved to the brewery house at the local Aass Bryggeri, which had been converted into offices. The brewery was founded in 1834 and is Norway’s oldest; today it is run by the fifth generation and has about 100 employees.
Later Addovation grew out of space and had to take over another floor. And they are still hiring. They represent the Swedish IFS Applications with systems for small- and medium-sized enterprises. IFS Applications is a single integrated application that enables global demanding businesses to successfully handle service and asset management, manufacturing, projects, and supply chain management. In addition, Addovation in involved in consulting.
By combing services, products, and consulting, Addovation is a one-stop shop for applications. They can provide professional management, consulting, and technical services that are required in an implementation process. With their unique methodology and tools, they can quickly identify processes and implementation tactics that work well.
One of their customers is the oilfield services company Petro Well Services, a provider of a cost-efficient and innovative rig concept for Plug & Abandonment of offshore oil wells, significantly reducing the total platform decommissioning costs for oil operators. They bought the system to streamline operations. Following a thorough evaluation, the company decided to implement IFS Applications in Norway and Scotland to optimize key processes within the company, creating a more effective and transparent supply chain and building a closer connection to the customers.
Addovation’s goal is to reach NOK 100 million in revenue by 2020. They are in it for their customers to win it!
Rasmus Falck is a strong innovation and entrepreneurship advocate. The author of “What do the best do better” and “The board of directors as a resource in SME,” he received his masters degree from the University of Wisconsin-Madison. He currently lives in Oslo, Norway.
This article originally appeared in the June 16, 2017, issue of The Norwegian American. To subscribe, visit SUBSCRIBE or call us at (206) 784-4617.