Kongsberg Digital to Become the Majority Owner of the Software as a Service Company FutureOn
Kongsberg Digital has significantly increased its investment in FutureOn, a Norwegian software company. FutureOn provides cloud-based digital transformation tools that deliver collaborative working environments with access to distributed data, best-in-class industry software and geospatially accurate data visualization.
The value propositions of FutureOn and Kongsberg Digital are highly complementary, as FutureOn is a frontrunner in subsea life-of-field and the project delivery phase of an energy asset life cycle, while Kongsberg Digital focuses on the operational and maintenance phase.
Following the investment, Kongsberg Digital will hold the majority stake of FutureOn, with Bentley Systems (NASDAQ: BSY) and FutureOn's management as other key owners. This will strengthen Kongsberg Digital's position as a leading industrial software as a service (SaaS) company ensuring an end-to-end value proposition from planning to decommissioning.
Since it was founded in 2016, FutureOn has gained a significant market position within key industry segments by providing engineers and decision-makers with a collaborative common data platform for energy projects and subsea assets through the life of a field. The software optimizes cost control, resource management, and project development acceleration. FutureOn's FieldTwin technology provides cutting-edge solutions for the energy industry across FutureOn's strong customer and partner portfolio.
“This is a fantastic milestone and strategically important step in the Kongsberg Digital and FutureOn partnership. FutureOn is a frontrunner in developing technology towards the early phase of an asset life cycle, making its technology a perfect fit for our Industrial Work Surface. Building on an already close partnership, Kongsberg Digital will continue to develop and incorporate new technology to enable a true end-to-end delivery throughout the lifetime of an asset. This partnership also plays a key role in extending our offering into the renewable market. Today we have a strong offering for carbon capture and storage and hydrogen. FutureOn's technology will play a key role in Kongsberg Digital's strategy towards green energy field developments like offshore wind”, says Shane McArdle, CEO of Kongsberg Digital.
“FutureOn and Kongsberg Digital are a good match, and our latest cooperation builds on a strong and established partnership. I am very proud of what FutureOn has achieved since we started in 2016, and we look forward to working together to further strengthen Kongsberg Digital's ambitions of shaping the future of work”, says Pål Roppen, CEO of FutureOn.
Before this investment, Kongsberg Digital held a 17 percent ownership of FutureOn. Shane McArdle has been a board member of FutureOn since Kongsberg Digital made its first investment in FutureOn in November 2021. The company has 38 employees located in Oslo, Norway, with further presence in Houston, London, Dubai, Lyon and Perth. The company will continue as a stand-alone company.