Deal

Ping Communications attracts new funding

Ping Communications (PingCom) has successfully raised NOK 22 million in new capital. The existing owners founder Erik Syverinsen and Alliance Venture Polaris are both participating in the finance round and they are joined by Investinor as a new investor in the company.

PingCom was established in 2007 and the company develops and sells high-quality broadband routers (hardware and software) to broadband and Internet suppliers in the private market. The company had a turnover of NOK 10 million in 2009 and has signed contracts for a total of NOK 10 million so far in 2010.

Investinor invests NOK 10 million in the company and will own 26.3 percent of PingCom following the transaction. The investors have an option to invest another NOK 25 million in PingCom.

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FundAlliance Venture Polaris
Portfolio CompanyPing Communications
Date of Transaction2010-08-31
TransactionFinance round
Seller
Buyer
Size of TransactionNOK 22.0m
Ind. FocusICT
GeographyNorway
StageVenture
 

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