CIBT and ClearView Trade Announce International Trade Technology Partnership

As co-founder and investor in ClearView Trade we are pleased to announce that CIBT, the leading global provider of visa, immigration, and legalization services, operating under the CIBTvisas and Newland Chase brands, has announced a technology partnership with us at ClearView Trade. We are the market leader in export documentation management software and together we will digitalize and streamline export trade, regulatory affairs documentation and certificates for international shippers and exporters moving goods worldwide.

The technology partnership combines CIBT’s unparalleled global consular services and legalization capabilities with ClearView Trade’s innovative export document software to provide clients with a unique online platform to facilitate global trade compliance with digital verifications of document data, document templates and certificates.

Clients can more efficiently process and manage export documents reducing document lead-time and errors related to manual processes through a complete digital solution from order to delivery that connects all partners in international trade within a single window environment.

And as Florent Frapolli, Managing Director – EMEA, CIBT states: “We are excited to partner with the market-leading software solution for managing export documents. Our new and existing clients will benefit from the unique combination of services and software. We believe this partnership will allow us to bring a service offering to our client base that is unmatched in the document legalization market.”

Proud to be co-founder and investor through Lanell.

Lanell to support Aperitia in First Round Financing who are combining AI and legal content and turning paradigms on its head.

Lanell are pleased to announce its status as co-founder and equity partner in Aperitia that combines AI and legal content. The thesis is simple; when it comes to responding to customer demands when developing and deploying workflows, service providers and developer have always been one step behind. They analyzed requirements, request, and trends and responded to them. But the time lag is significant, and often costly. Aperitia is all about changing this.

Niels Stenfeldt explains: “Although Aperitia still are operating in stealth mode, the company have proven that it with Artificial intelligence (AI) can turn the paradigms on its head, ushering in a whole new era for the legal tech industry, so it was an easy solution to support the company“. The ambitious goal is to transform the way companies operate, the services they offer, their relationship with customers and the ability to make decisions.

The emergence of AI is nothing less than a major disruption for our industry and was recognized at the World Economic Forum 2017 as the driving force behind the fourth industrial revolution.

Co-founder and industry veteran, Jens Sømod Birk, is pleased with the current progress; “We are right now combining the tools with legal content and that will move from processes to analytics to actionable cognitive intelligence. The combination of analytics, artificial intelligence and automation will have a disruptive and transformative impact on our industry“.

AI is unique in its ability to extract and apply insights from data in real time. We will enable business’s ability to automate and optimize decisions and actions, and at the same time, deliver ongoing improvements through self-learning and automatic tuning. AI can therefore serve as a powerful tool to evolve business process efficiency and effectiveness, drive new revenue streams and deliver a “wow” customer experience.

Jens, who also is a lawyer continues: “We will lead the trend for all service providers to incorporate AI and our unique process tools, together with machine learning, and cognitive computing into all of their core business processes in order to improve processes relating to customers, networks and operations“.

Lanell drove the creation of the brand narrative as part of the first founding round and Niels Stenfeldt adds; “Aperitia is all about how practical knowledge gained by experience will drive and guide users in the future. Peritia is the Latin word for experience; practical knowledge (gained by experience); expertise; skill and we have then added an “a” for assisted, artificial or augmented in front and this is the name of the next unicorn: aperitia“.

Lanell served as strategic buy-side advisor to Ferd Capital in their DKK 270 M commitment to subscribe shares in the contemplated Trifork IPO

Overview of Transaction

  • On May 4th 2021, Trifork announced its intention to launch Initial Public Offering on Nasaq Copenhagen with first expected trading day on June 1st, 2021.
  • Today, on May 17th, the offer period commenced and will close no later than 31 May 2021 at 2:00 p.m. CET, but may be closed in whole or in part at the earliest on 26 May 2021 at 00:01 a.m. CET. The Offer Period for orders up to, and including, DKK 3 million may be closed before the remainder of the Offering is closed. Any such earlier closing, in whole or in part, will be announced through Nasdaq Copenhagen. 
  • Ferd Capital have committed to subscribe for shares in the contemplated IPO for DKK 270 million based on a post-money equity value of up to approximately DKK 2.96 billion.
  • More information can be found here.

Significance of Transaction

  • Trifork is a next-generation IT and business service provider, founded in Denmark in 1996 and now headquartered in Switzerland. Trifork is striving to be at the forefront of technological innovation by inspiring and teaching customers about new technological possibilities, building innovative software solutions and operating and maintaining these solutions, matching the strength of Ferd’s other shareholdings in listed companies.
  • Long-term relationships with blue-chip and other customers driving growth through repeat business.
  • Innovative approach to R&D by investing in promising technology start-ups trough the Trifork Labs segment.
  • Full-year 2021 financial targets: Revenue of EURm 140-150 and Trifork segment adjusted EBITDA of EURm 23.7-28.5.

Lanell’s Role

  • Lanell served as strategic buy-side advisor to Ferd Capital supporting the creation of a 360 degree perspective on Trifork.
  • Lanell continue to serve as strategic advisor for Ferd Capital covering the Nordics.

Lanell facilitates Domani Business Solutions acqusition of Boyum’s direct Produmex customer team in Belgium

SAP service provider Domani Business Solutions will be responsible for Boyum’s SAP Business One Produmex team as of May 1, 2021.

With this, employees and SAP customers of Produmex join the portfolio of Domani Business Solutions. Produmex WMS is Boyum’s Warehouse Management System with which SAP Business One users control their logistics processes and support warehouses. The solution supports the supply chain of companies, ensuring speed, agility, traceability and the timely delivery of goods. Partly due to barcode scanning, a standard part of the WMS solution, users achieve enormous time savings.

As of May 1, the team, which within Boyum was responsible for implementations and support of SAP Business One and Produmex WMS, will join Domani Business Solutions. This will further expand the expertise of WMS and Beas within the Domani Business Solutions team, allowing all Produmex SAP Business One customers in the Benelux to benefit from an even broader knowledge of SAP Business One and SAP HANA.

The Domani Business Solutions team has been active as an ICT service provider since the end of 2003 with SAP Business One in the Benelux. This SAP Gold Partner was involved in hundreds of implementations, known for innovative achievements and won several SAP Awards including Partner of the Year, highest customer satisfaction and SAP Quality Awards. The company was also the first in the world to implement SAP Business One on HANA.
By merging the SAP Business One team of Produmex and Domani Business Solutions, customers can also count on the very best service in the future for issues related to WMS and Production in combination with SAP Business O

Lanell was the sole advisor for this transaction.

More information in Dutch can be found here.

BitPeople A/S completes the acqusition of Adiles AS with support from Lanell

Buying a company outside Denamrk with travel restrictions is not easy. So today, Lanell is pleased to announce the completion of the acqusition Lanell have been working on for BitPeople A/S.

With the acquisition of Adiles AS, the IT consulting house BitPeople continues its Nordic acquisition strategy and thus becomes an even stronger player in the Nordic market. At the same time, we at BitPeople can now offer local service and expertise in the western part of Norway with the company’s new office in Bergen.

The financial statements for 2020 have not yet been completed for BitPeople, but the company will continue in 2021 in the same high gear with new customers and another acquisition. It is only half a year ago that BitPeople acquired Danish Acomi, and this merger has proceeded according to plan.

Last year was an eventful year for the company’s major shareholder Mikael Boyum. The sister company Boyum IT Solutions entered into a partnership with English Volpi Capital and before that, BitPeople had undergone a name change and the hiring of a new Nordic director. “So yes, it has been an eventful year. All changes must be anchored, and we have simultaneously had to navigate with the influences from Covid-19, but the board and management have kept their eyes firmly on our customers and towards integration and hiring new employees – this is where value is created, and we close 2020 with solid growth – both organic and non-organic “, says Mikael Boyum.

The acquisition of Adiles takes place 10 years after BitPeople made its first acquisition in Norway. At the time, it was the SMB Group in Oslo and it is this platform that is now being further consolidated. But buying with travel restrictions is not easy. Niels Stenfeldt from the company’s board and CEO in Lanell has been in charge of this acquisition and states “We have not met each other physically in this process – everything has taken place in video meetings and emails. But we can not sit down and wait for a vaccine to save us; we have to adapt our way of working, but it will be a little strange to celebrate a signature with champagne via Teams ”, concludes Niels Stenfeldt.

Adiles has many years of experience in offering ERP solutions to small and medium-sized companies and Geir Heggertveit and Jan Gerhard Nilsen, who have headed Adiles, are both looking forward to the future and comment on the new joint activities: “We look forward for Adiles to become part of something bigger, and I see BitPeople as the right buyer compared to our original strategy. With the larger company, both parties get access to critical mass on solutions, customers and employees. In other words, we get more competent pieces that we can bring into play to become the ERP partner that gives the customer the best experience. Thus, the change of ownership will not lead to significant changes for our customers ”.

With the acquisition of Adiles, BitPeople expands the product catalog for the company’s customers and BitPeople’s Nordic director, Filip B. Andersen, is also incredibly happy. “With the acquisition of Adiles, we are even stronger because the two companies have competencies that complement each other and match customers’ requirements and needs further,” says Filip, who is very optimistic about 2021 and continues. “We are very happy to welcome the employees from Adiles, who all continue their work with us. Together with the rest of our talented team, we are extremely well positioned to create additional value for our customers in the coming years ”.

Happy New Year

Last year’s words belong to last year’s language. And this year’s words await another voice.

In 2020 Danes learned to say ‘samfundssind’ that as such do not have a English translation yet it speaks to how we are supposed to behave in ‘the spirit of the greater good’.

Now ‘Greater good’ was defined by Aristotle in terms of a communally shared happiness, whose key constituents were wisdom, virtue and pleasure. Unfortunately 2020 was the year where wisdom was replaced by politics and pleasure and virtue was all about promoting the individual greatness of our politicians.

A new year is a powerful occasion where we can reflect on our learnings from the past and our hopes for the future.

Let us in 2021 listen to the wisdom of our health care workers repeating that the root course of a stretched health care system is weak management, poor political prioritization and lack of willingness to listen to the front line for decades. Not Covid-19.

And I hope for all in the travel and hospitality industry that wisdow will prove that; it is not who we are or where we are – it is how we behave where we are. This will also benefit our climate.

Let 2021 be the year where we hear the voice of wisdom that provides facts – not the voice of politicians that spread fear.

At Lanell & Stenfeldt Capital 2020 was a very good year with a record result and a strong development in the portfolio companies.

And in 2021 we will prove that wisdom is far better than politics.

‘Schrems II’ to put a rocket on the data protection software market

When the Court of Justice of the European Union (CJEU) invalidated the EU-U.S. Safe Harbor framework in 2015 we could hear there was a clear path for organizations to take to maintain transborder data flows. Safe Harbor was gone, and it was time to use standard contractual clauses (SCCs).

Here five years later, the CJEU made another landmark decision when it invalidated the EU-U.S. Privacy Shield agreement with its “Schrems II” ruling. The SCCs remained legally valid, but additional safeguards would be needed for them to still be used.

While the sense of shock isn’t as striking as it was compared to the initial “Schrems” ruling, reality is that privacy professionals have faced a far murkier path following the court’s determination this past summer.

Sure, there are actions in terms of assessing your transfers when you then come and look at the safeguards that might be appropriate, it is now even harder to implement those. It is also less certain what to do. If you are looking at contractual safeguards, for example, organizations only want to negotiate once. The added transaction cost in doing it now and then as one discovers that the standards have changed slightly will be high.

The confusion over the lack of guidance in the days after the court struck down Privacy Shield was a concern for privacy professionals. At Lanell we are monitoring the level of uncertainty that assuaged when the European Data Protection Board published its recommendations for post-“Schrems” data transfers in November. The road ahead may be tenuous for a large number of entities; however, there are steps organizations can take to avoid legal issues down the line.

Consequently, we are at Lanell Equity evaluating companies in the data security industry as organizations will need to look at encryption and pseudonymization as tactics to implement for certain data transfers. For those organizations with a heavier volume of global data flows, it may require a far deeper dive.

Especially organizations that are very dependent on data transfers, now have to look at what it would take to alter things in the next steps, because this is not something that you can change overnight. As companies will begin to realize that this might take them to actually rearchitect their solutions, looking at the impact on services and looking at whether there are actually alternative service providers for them to move to are all things the market will be looking for.

Part of the reexamination will be vetting cloud service providers that act as data processors. The simple advice is for companies to avoid cloud services providers that need to access data in plain text. Providers that need to interact with data in a meaningful way will ultimately need plain text data but finding an infrastructure-as-a-service cloud is one way to comply with the decision. The plain text issue was noteworthy enough for the European Data Protection Board (EDPB) to include a section on the topic in its recommendations.

One of the points the EDPB mentioned in its recommendations is that when an organization needs access to the data in plain text, it is very difficult to have effective safeguards. In fact, if there is an ability for national security agencies or law enforcement agencies to access that data and the organization has the data in plain text, it is very difficult to preclude that.

The “Schrems II” case may have focused primarily on U.S. surveillance laws, but it doesn’t mean everyone else should assure they are not affected: Any entity importing or exporting data to a country where law enforcement has the ability to access exported European data must adhere to the ruling. The EDPB notes it is not just the initial data transfer that needs attention, but also every single transfer afterward. It is also why vetting cloud service providers have become an even more vital practice.

A company might transfer data to a parent organization for administrative purposes and that parent organization might not be subject to these particular laws. However, it is worth noticing that if that parent organization uses a service provider, who in turn uses another service provider, who in turn ends up using a cloud service provider then the decision is suddenly relevant for that company too. And because almost all processing of data, at some stage, ends up with a cloud service provider and therefore the decision is almost universally relevant.

Niels Stenfeldt have already brought this forward to the Danish “EU Business and Regulatory Forum” where he is a special appointed member in the by the Danish Minister for Industry, Business and Financial Affairs in Denmark, Simon Kollerup.

But the goes beyond Europe as another problem may be the legislative chasm between the EU and U.S. Due to the gap between U.S. surveillance laws and the standards in the EU it is hard to hard to imagine an agreement standing up to another legal challenge: There’s a lot of work that need to be done to bring those surveillance laws to the EU standard.

While the future of a Privacy Shield successor may be in doubt, we will see a new iteration thanks to the European Commission’s draft implementation decision that came out in November.

However, the final SCCs will likely not be a one-to-one match of what is currently in the draft decision. If an organization can wait until the final SCCs are unveiled, they are going to be in good shape. But for those data transfers that relied on Privacy Shield, the current SCCs must be used even though they will be reworked once again in short order.

Until then, privacy professionals will have to wait for the day when the revised SCCs come to town. But since the EDPB and EDPS will have to issue their own opinions on the commission’s draft, it is highly unlikely the revamped SCCs will be ready by the conclusion of 2020.

And regardless of when they come, the reworked clauses represent a paradigm shift in transborder data flow, and it will be imperative for organizations in the EU, U.S. and around the world to take notice.

We cannot go back to the situation before ‘Schrems II’ where companies signed SCCs, whether they are the old ones or the new ones, and not think about the broader context of the data flows. And the additional due diligence that is required by the ‘Schrems II’ decision is still going to be necessary for these new SCCs and will grow the underlying data security market substiantially in 2021 and forward.

Boyum IT Solutions today announced that UK-based Volpi Capital has acquired a majority stake in the company and will become lead investor to power the next phase of the company’s growth

As part of the transaction, Boyum IT Solutions’ management team will remain in the company with a significant ownership share and will continue to execute the existing strategy, while current investor GRO Capital, who in 2016 acquired 49,9% of the shares, is exiting.

Mikael Boyum, founder and CEO of Boyum IT Solutions looks forward to the collaboration with Volpi Capital and to creating an exciting future for the company, employees and partners”: “GRO Capital saw the strength and potential of Boyum IT Solutions’ business model and organization four years ago. We have highly appreciated their trust in us, and our cooperation has been fantastic. Now, we look forward to continuing to grow even further the business and we’re thrilled to be partnering with Volpi Capital which will strengthen our continued growth plans and business potential”.

Boyum IT Solutions has been on an impressive organic and inorganic growth path, doubling revenues from 2016 to 2020. Today, the company, with 100 employees in 7 global offices, is one of the key players in the global market for manufacturing and logistics software solutions for SAP Business One and is recognized as a strong partner in the SAP ecosystem.

We have established ourselves as the leading supplier of manufacturing and logistics software to those customers who use SAP Business One as an ERP platform globally. With the acquisition of Beas Manufacturing in 2016 and Produmex in 2018, we have scaled further our company across products and geographies. As a Tech focused PE firm and with their international platform with a Pan EU and North American team, Volpi can contribute to realizing our ambitious growth plans, including improving our software solutions, as well as strengthening our global presence,” continues Mikael Boyum.

Volpi has great faith in the macro factors in the ERP market and in Boyum IT Solutions’ strong market position, which is expected to support continued high growth in the company: “Boyum IT Solutions has shown how to create growth through a strong partner focus, technological expertise and a unique way to enable their partner channel. The potential is great for Boyum IT Solutions globally, and we look forward to accelerating their successful business model,” says Marco Sodi, partner at Volpi Capital.

We are very pleased to partner with Mikael and the management team to further build this high growth platform. The company’s’ market-leading position in the industry is based on a customer-oriented corporate culture with highly skilled and dedicated employees who have established strong relationships with partners and end-users. The competent organization combined with a robust and scalable business model, based on unique competencies in product development, high technical standards and efficient routines, are all factors that make Boyum IT Solutions an attractive partner”.

GRO Capital has been very pleased with the journey the past 4 years together with the Boyum team: “Boyum has been an exciting journey for us as well as a very good investment. We have achieved a lot together, and the company is now ready and well positioned for the next stage in its development. Boyum has an outstanding management team and it has been a true pleasure working with them and the rest of the board driving the strategic direction through successful M&A, targeted enablement of the partner network and development of a unique data platform supporting the day-to-day operational decisions”, says Lars Lunde, partner in GRO Capital.

The Chairman and owner of Lanell and Stenfeldt Capital Group, Niels Stenfeldt, will continue as chairman in the new structures.