Cyviz targets listing on the Oslo Stock Exchange
Oslo, 8 December 2020
With its unique digital and standardized solutions for control and conference rooms, Cyviz aims to grow revenues by more than 30 percent annually in the coming years. The company is now applying for listing on Euronext Growth on the Oslo Stock Exchange. The company plans to carry out a share issue raising gross proceeds of up to NOK 50-75 million in connection with the listing.
“Our ambition is to become a world leader in providing solutions for large digital control and conference rooms. Digitalization is a trend that enables collaboration with growing scope and complexity. At the same time, increased focus on sustainability provides tailwind for various forms of video conferencing solutions and remote-controlled operations, which can replace air travel. Furthermore, the coronavirus pandemic has escalated the need for good solutions for digital collaboration. Going forward, hybrid meetings will be the trend, where some participants are at their home office and others are in meeting rooms. This is where Cyviz offers the best solutions,” says CEO of Cyviz Espen Gylvik.
Cyviz designs, develops and delivers software and hardware solutions for comprehensive conference rooms, control rooms and experience centers. More than 30 companies on the Fortune 500 list are among its customers, including Accenture, Standard Chartered Bank and Chevron, in addition to the US Department of Defense. Aker BP and DNV GL are among Cyviz’ Norwegian customers. The total market for digital control and conference rooms is estimated at USD 35 billion in 2020, according to a Deloitte report.
Our customers are the most demanding in the world
“Our customers require a high degree of usability, security and quality, and they run advanced operations where they collaborate across teams and borders. In other words, they are the most demanding in the world. We will use our position to take an even larger share of this market,” says Gylvik.
Cyviz is headquartered in Stavanger and is present in 13 cities, including Oslo, Houston, Washington DC, London, Atlanta and Singapore. The company has its roots in Stavanger’s oil industry from the 1990s and the Norwegian video conferencing technology cluster.
“Norway has a long history of world-leading video conferencing technology companies, with Tandberg, Pexip and Acano as the most well-known. Cyviz is another example of Norway’s unique position in this niche. It is thus a proud Norwegian technology and industrial history that we will now continue to build on globally,” says Chairman of the Board of Cyviz Ole J. Fredriksen.
A standardized, IT-driven platform for control rooms, conference rooms and experience centers
The technology in many conference rooms is unpredictable, with poor user experiences and a constant need for maintenance. Cyviz delivers a standardized platform that makes conference rooms easier to use, upgrade, operate and integrate with third-party solutions. Next year, Cyviz has ambitions to move this technology to the cloud, which will create entirely new customer opportunities and revenue streams.
“When our technology is moved to the cloud, we will make digital control and conference rooms available to an even larger audience. We can then deliver the most efficient and best solutions to customers regardless of whether they would like them delivered on-premise, in a hybrid model or from the cloud,” says CEO Espen Gylvik.
Over the last five years, Cyviz has reported total revenues of more than NOK 1 billion. In 2019, full-year revenues were NOK 229 million, while revenues in the first nine months of the year stood at NOK 160 million. Despite somewhat weaker sales year-to-date, EBITDA has improved significantly from minus NOK 26 million in 2019 to a positive EBITDA of NOK 0.5 million for the first nine months of 2020.
“Although the reported figures for 2019 show a decline in turnover from the previous year, we had an underlying growth in the form of increased order intake and a significant increase in the order backlog. So far this year, we have a slight decline in turnover due to the corona situation. Nevertheless, we have managed to turn EBITDA positive in the first nine months of the year and are working with a larger list of customer prospects than ever before,” says Cyviz CFO Erik Fausa Olsen.
Cyviz has the ambition to grow more than 30 percent annually over the next few years.
“This is an ambitious aspiration, but with our strong portfolio of market-leading technology combined with a solid customer base and underlying growth in the market, we believe it is a realistic goal,” says Espen Gylvik.
Ahead of the listing on Euronext Growth on the Oslo Stock Exchange, Cyviz plans to carry out a share issue raising gross proceeds of NOK 50-75 million. The company has received indications from investors exceeding the minimum deal size.
“The funds will be used to further develop the technology and product portfolio, as well as increase our sales coverage significantly by hiring salespeople in the most important regions,” says Gylvik.
The planned capital increase implies a value of Cyviz’ equity of more than NOK 400 million after completion.
The book-building process will commence on 8 December 2020, with the expected first day of trading on 18 December 2020. Carnegie AS and DNB Markets, a part of DNB Bank ASA, are acting as joint financial advisers to the company in connection with the listing on Euronext Growth. Wiersholm AS is acting as legal advisor, while Corporate Communications is the advisor on IR and communications.
Cyviz is a global technology provider for standardized conference rooms, control rooms and experience centers. Since 1998, Cyviz has empowered the digital workforce to connect, visualize, and collaborate on their critical data. The IT-driven turnkey solutions are easy to deploy, manage and support. Cyviz serves global enterprises and governments with the highest requirements for usability, security and quality, that engage people, encourage collaboration, and accelerate decision-making.
For inquiries please contact:
Espen Gylvik, CEO
+47 913 30 644