Kongsberg Digital said Tuesday it had "significantly" increased its investment in FutureOn, a Norwegian software company that provides cloud-based digital transformation tools for the offshore energy industry.
"The value propositions of FutureOn and Kongsberg Digital are highly complementary, as FutureOn is a frontrunner in subsea life-of-field and the project delivery phase of an energy asset life cycle, while Kongsberg Digital focuses on the operational and maintenance phase," Kongsberg Digital said.
Following the investment, Kongsberg Digital will hold the majority stake in FutureOn, with Bentley Systems and FutureOn's management as other key owners.
Kongsberg Digital said the move would strengthen its position as "a leading industrial software as a service (SaaS) company" ensuring an end-to-end value proposition from planning to decommissioning.
"Since it was founded in 2016, FutureOn has gained a significant market position within key industry segments by providing engineers and decision-makers with a collaborative common data platform for energy projects and subsea assets through the life of a field. The software optimizes cost control, resource management, and project development acceleration," Kongsberg Digital said.
FutureOn's FieldTwin technology provides cutting-edge solutions for the energy industry across FutureOn's strong customer and partner portfolio., the company added.
Shane McArdle, CEO of Kongsberg Digital said: "This is a fantastic milestone and strategically important step in the Kongsberg Digital and FutureOn partnership. FutureOn is a frontrunner in developing technology towards the early phase of an asset life cycle, making its technology a perfect fit for our Industrial Work Surface. Building on an already close partnership, Kongsberg Digital will continue to develop and incorporate new technology to enable a true end-to-end delivery throughout the lifetime of an asset. This partnership also plays a key role in extending our offering into the renewable market.
Today we have a strong offering for carbon capture and storage and hydrogen. FutureOn's technology will play a key role in Kongsberg Digital's strategy towards green energy field developments like offshore wind."
“FutureOn and Kongsberg Digital are a good match, and our latest cooperation builds on a strong and established partnership. I am very proud of what FutureOn has achieved since we started in 2016, and we look forward to working together to further strengthen Kongsberg Digital's ambitions of shaping the future of work”, says Pål Roppen, CEO of FutureOn.
Before this investment, Kongsberg Digital held a 17 percent ownership of FutureOn. While it said it now held the majority stake in FutureOn, Kongsberg Digital did not say what percentage exactly it would hold. Financial details were not disclosed.
Shane McArdle has been a board member of FutureOn since Kongsberg Digital made its first investment in FutureOn in November 2021.
FutureOn has 38 employees located in Oslo, Norway, with further presence in Houston, London, Dubai, Lyon, and Perth. FutureOn will continue as a stand-alone company.