The Norwegian venture‐backed company GasSecure AS is sold to Dräger Holding International GmbH for approximately 500m NOK (£40.7m).
The company will strengthen Dräger’s portfolio within gas detection with its wireless gas detector for the oil and gas industry. The sale is the proof of GasSecure’s success both in the market and as a venture backed investment.
GasSecure was founded by Knut Sandven and SINTEF in 2008 based on core technology from SINTEF, with R&D Director Håkon Sagberg joining the company in 2009, and has been financially supported by Viking Venture, Investinor, ProVenture Seed and SINTEF since 2010.
Chairman of the Board, Eivind Bergsmyr from lead investor Viking Venture commented, “Dräger is in our opinion the ideal buyer of GasSecure. They have the capability and distribution power to scale the unique and promising products of GasSecure with their worldwide distribution network. Dräger understands how to develop an innovative company further and has been willing to offer a competitive price acknowledging the outstanding achievements.”
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