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Sampo CEO signs up for software firm Efecte's planned IPO
November 15, 2017 / 8:32 AM / 6 days ago

Sampo CEO signs up for software firm Efecte's planned IPO

HELSINKI (Reuters) - Kari Stadigh, the chief executive of Nordic financial holding company Sampo (SAMPO.HE), has signed up as one of the largest investors in software company Efecte, which on Wednesday announced its plans for initial public offering.

Efecte, which makes cloud-based service and identity management software for companies and public organizations, is looking to raise about 5.7 million euros ($6.7 million) in the planned IPO, and to list its shares in Helsinki bourse’s First North list for growth companies.

Sampo, 12 percent owned by the state of Finland, is known for successful M&A moves, including selling its banking business to Danske Bank (DANSKE.CO) just before the financial crisis and buying Nordea shares at low levels in 2008 and 2009.

Stadigh has committed to personally invest 2.5 million euros in the IPO in which some owners will also sell shares, Efecte said.

The company’s biggest owner is currently First Fellow Partners, a venture capital firm founded by Nokia (NOKIA.HE) chairman Risto Siilasmaa.

Efecte had sales of 8.3 million euros last year and it targets organic average growth of more than 20 percent annually through 2022 by international expansion.

Reporting by Jussi Rosendahl, editing by Louise Heavens

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