What future are you building?

Get insights from our founders and portfolio news straight to your inbox.

  • Portfolio News
  • 20 March 2013
  • 14 min read
  • Words: Northzone

Northzone portfolio company Asetek goes public

March 20th 2013, OsloNorthzone is pleased to announce the successful completion of Asetek A/S’s initial public offering with its shares listed on the main list of the Oslo Stock Exchange under the trading symbol “ASETEK”. 

The bell this morning signaled the start to the first day of trading of the Asetek’s shares on the Oslo Stock Exchange. After a prompt road show and an oversubscribed offering, Asetek, the leading manufacturer and marketer of thermal management solutions used in computers and data center servers, has raised approximately USD 25 million in gross proceeds, reaching a market capitalization of USD 93 million. The net proceeds to the Company resulting from the Offering will primarily be used to support Asetek’s efforts within the data center business where the Company expects strong growth going forward.

Commenting on the announcement, Northzone General Partner Gregers Kronborg says: ”Asetek has demonstrated outstanding innovative talent over the past years, and has achieved commercial leadership within the computer cooling segments it has addressed. Recently Asetek has packaged all its old and new innovations into a data center solution portfolio that I think will soon become a market standard. I am so proud of the persistence of the Asetek team. They are making a great contribution to the industry.”

Northzone was the leading institutional investor in Asetek, having invested in the company from its A round. Northzone took the Chairmanship during the early years as the company was internationalized, working with the team on developing and executing the go-to-market strategy. This took Asetek’s technology to the next level, as it became the leader in the OEM PC cooling market, and in the Do It Yourself market. Northzone helped recruit the current chairman Sam Szteinbaum, and suggested and supported the IPO on Oslo Stock Exchange.

“Northzone has brought several quality companies to Oslo Stock Exchange, such as Nextgentel, Stepstone, Mamut and Trolltech, and therefore knows that both local and international institutional investors active in Oslo have the interest and knowledge to invest in promising small cap tech startups. And they have been rewarded in the past.”, Gregers Kronborg continues.

André S. Eriksen, Chief Executive Officer of Asetek, said: “We are very pleased with the response we have received from the investors and that we have reached this important milestone in the Company’s development. The support from existing and new investors will enable us to pursue our ambitious growth strategy that we have been presenting and the listing on the Oslo Stock Exchange will be a first step in what we foresee as an exciting journey ahead”.

2012 was a strong year for Asetek, which continued its mission as the leading supplier of liquid cooling solutions for high-end computing. The Company shipped 414 thousand units of its patented sealed liquid cooling units in 2012 alone. From inception of the Company, total shipments of this type of product have exceeded one million units. During 2012 the Company made significant progress developing and marketing its new product lines that will help to reduce the cost and environmental impact from cooling of servers and data centers. Revenues in 2012 totaled $18.7 million, a 20% increase over 2011 ($15.6 million).

Carnegie AS and Arctic Securities ASA acted as joint-lead managers and joint bookrunners in connection with the Offering. Crux Kommunikasjon AS acted as IR/communications adviser.

For further information, please contact:
André S. Eriksen, CEO: +1 408 398 7437, www.asetek.com
Gregers Kronborg, General Partner, Northzone, +45 25 13 63 20, www.northzone.com

About Asetek
Asetek is the leading provider of energy-efficient liquid cooling systems for data centers, servers, workstations, gaming and high performance PCs. The Company’s products are used for reducing power and greenhouse gas emissions, lowering acoustic noise, and achieving maximum performance by leading OEMs and channel partners around the globe. Asetek’s products are based upon the Company’s patented all-in-one liquid cooling technology, with more than 1.3 million liquid cooling units sold and deployed in the field. The Company is incorporated in Delaware, USA and headquartered in San Jose, California, USA with offices in Denmark and China. For more information, please visit www.asetek.com

About Northzone
Northzone is a technology investment fund. With four offices and nine investment professionals across the Nordics and in the UK, Northzone backs stellar teams building disruptive companies in attractive markets. Since its inception in 1996, Northzone has invested in over 85 companies, injecting some 110 years of collective operational and investment experience into businesses that truly make a difference. Notable investments include Asetek, Napatech, Spotify, Nimsoft, Lastminute.com, Pricerunner, Avito, Stepstone, TrustPilot and Nextgentel. For more information, please visit www.northzone.com