Oslo, Norway, February 9th - Incitia Ventures today announced that it has exited its investment in Easy Park AS by selling all of its shareholdings to Verdane Capital VII realizing a 2-3x multiple on the investment. Easy Park is one of the leading European providers of pay by phone parking services with operations in the Nordic countries and Germany. Before the transaction Incitia Ventures was the second largest shareholder in Easy Park owning 25% of the company.
Incitia Ventures has through their first fund been investor in Easy Park since 2001 and was until 2005 the sole leading venture capital investor in the company. In 2005 Easy Park, with operations in Norway and Denmark, merged with Mint AB, with operations in Sweden and Finland to create a fully Nordic company. Together with Mint's main owners Ledstiernan and Marinvest, Incitia engaged on a strategy with the aim to develop Easy Park into the market leader of the emerging market segment of phone parking. Over the last 6 years Easy Park has defined the phone parking market in the Nordic countries and developed into a mature service organization with more than 300 000 active users.
Erik Sandersen, partner in Incitia Ventures and a long time board member in Easy Park, said: “Developing Easy Park into an established, profitable and growing company is the result of many years of hard and focused efforts from management and venture capital investors. We are proud of the development that we have been part of over the past ten years. Easy Park has grown organically and through acquisitions from a small start-up company to a leading Nordic phone parking player. It has been a good investment for us and we believe it is time for us to hand over to a new owner who can continue Easy Park’s Nordic and international expansion”.
About Incitia Ventures
Incitia Ventures is a leading independent Nordic VC fund manager based in Oslo that invests in companies with high growth potential in all technology related sectors. Incitia Ventures has helped building successful companies to become leaders within their respective market segments in several industries. Incitia Ventures currently manages two funds with a committed capital base of about NOK 450 mill.
About Easy Park EasyPark is the leading Nordic provider of mobile phone parking solutions that introduce a leap in cost efficiency and ease of use in parking. The company is present in more than 120 cities and additionally serves more than 60 commercial operators. Its services have been used by over 500,000 drivers to date. EasyPark Group has 85 employees and operates from offices in Sweden (HQ), Denmark, Norway, Finland and Germany. www.easypark.net