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Member

23 May 2017 by Documaster Bulgaria

The Cloud Compliance Company Documaster Welcomes Summa Equity As Investor

Documaster has established one of Scandinavia's strongest competence centers for digitization,
information management and archiving of valuable data. With Summa Equity joining as lead investor,
Documaster positions themselves for further expansion in the private sector and scaling internationally.


The cloud compliance company Documaster, announced today that the Nordic private equity firm
Summa Equity has invested NOK 100M in the company. It is one of three investments that Summa
Equity does as they establish Summa Digital, a platform for investing in big data enabled businesses
with groundbreaking technologies within their respective field.

Documaster has built its customer base as a result of the digitization and modernization of public
administration. This sector has been subject to strict privacy requirements, advanced data and records
management environments, and the need for efficient and compliant information retrieval and
management solutions.

Documaster currently has over 80 installations in their home market, ranging from rapid and less
advanced deployments at small municipalities to more complex and complete information management
solutions in larger public organizations.

Data and records compliancy is a growing headache for many organizations, and can in many situations
put them in risk of failure to meet regulatory standards. Documaster’s technologies offer a complete
solution, from decommissioning of legacy systems, digitalization of paper documents, and gathering of
all records into one application that is user friendly, fast to implement and cost efficient.

Pål Reinert Bredvei, CEO of Documaster, comments: “With additional capital and a lead investor with
expertise and commitment in the field of compliance and big data solutions, we are well positioned for
substantial scaling. We are looking to take the experience we have from the public sector in our home
market and grow into new markets and specifically also address the escalating needs of the private
sector."

Christian Melby, Partner at Summa Equity, comments: “Digital documentation is growing at an
exponential rate and is rapidly phasing out physical documentation, leaving companies with outdated,
underperforming systems for record management. Documaster has proved that they can deliver
compliant solutions at some of the most sensitive and critical data environments that exist. We see great
potential in the company based on what they have achieved so far.”

Public organizations in Scandinavia have long been committed to stringent requirements for information
and data management, which is now increasingly affecting all private companies. Among the factors that
accelerate the need for all private organizations to increase their focus, is the General Data Protection
Regulation (GDPR) that is to be implemented in all organizations within EU/EEC, public and private,
starting May 25, 2018. This regulation also affects multinational companies with presence in Europe.

According to the technology research and advisory company Gartner, legacy systems and outdated IT
solutions are the top 5 concerns among IT executives worldwide. Documaster has already set up its own
production line that assists companies to dispose of such systems so that they can start with a clean
slate. This means substantial cost savings as companies avoid complex and expensive migration
projects. Companies also regain control and search capabilities for valuable data, thereby complying
with laws and regulations, thereby enabling a less troublesome process when selecting new and more
suitable business solutions in the future.

Pål Reinert Bredvei continues: “Replacing legacy systems is a global challenge where we see great
opportunities in the coming years. With our productized decommissioning solution, we streamline this
often too complex process and lay the foundation for fully automated workflows and processes. This
saves our clients both time and cost, allowing them to truly focus on the future, not the past.”

Documaster is also an enabler for organizations in fully respecting and protecting people’s fundamental
rights to privacy. As consumers become more and more aware of how organizations protect and use
their data, they expect organizations to act in not only compliant, but also respectful ways.

Pål Reinert Bredvei concludes: “We believe in giving consumers better insight into, and opportunities to
see how information about them is being used. We also see that consumers choose to leave
organizations that do not respect their privacy. By utilizing our solutions, Documaster becomes an
enabler both for customer attraction and retention.”

About Documaster
Documaster is a Norwegian digital record management company that has developed a cloud-based
archiving solution, allowing organisations to compliantly capture, process, preserve and instantly access
data from one single application. The company offers a system agnostic archiving core that is compliant
with Norwegian archiving standards and correspondent international regulations. Documaster’s
technology addresses an increasing need for efficient and compliant archiving, driven by the rapid
growth in digital documentation and increased regulatory focus on record management.

The company was founded in January 2014 by Norwegian venture factory Norselab, and has offices in
Oslo and Ålesund in Norway, Sofia in Bulgaria and Burlingame, USA. Read more about Documaster at
www.documaster.com.

About Summa Equity
Summa Equity was formed in 2016 by partners with a shared vision of building a leading specialized
private equity firm in the Nordic lower mid-market, positioned to capture the investment opportunity
provided by the thematic megatrends expected to drive growth over the long term. The Firm focuses on
sectors related to four megatrend driven themes: resource scarcity, energy efficiency, changing
demographics and tech-enabled businesses. Summa Equity closed its first fund in February 2017 with
commitments of SEK 4.5 billion.

About Norselab
Norselab is a venture studio building technology companies together with skilled entrepreneurs. The
company was established by Yngve Tvedt and Christian Lundvang, and is today managed by the
entrepreneurs together with investor and board member Aksel Lund Svindal. The company has its roots
back to 2002, contributing to the establishment and development of several technology companies in
Norway and internationally, Documaster being one of these. The company has its headquarters in Oslo,
with activities in London and Washington D.C.