14.06.2024
Nordic Option Invests in Profilence’s Growth
Oulu, Finland, June 14, 2024 - Profilence, a steadily growing company from Oulu, has started a partnership with the venture capital firm Nordic Option. In the recently executed arrangement, Nordic Option becomes a significant minority owner of Profilence, while the early-stage investors who were involved in the initial phases are exiting the company.
"Profilence has a strong desire to grow, and we have already demonstrated our capability to succeed beyond the Finnish market. Going forward, we will focus even more on international expansion, especially in the automotive and smart devices segments," says Sami Utriainen, CEO of Profilence. "We would like to thank our previous investors and warmly welcome Nordic Option, a partner from Oulu that aligns perfectly with our team's deep regional roots.”
"Profilence is an award-winning growth company that has been systematically built step by step. The company possesses a clever technology solution and an excellent team. In its new strategy, the company has set a goal for stronger international growth, and it is both an honor and a pleasure for Nordic Option to be involved in this effort," adds Teemu Puumalainen, Investment Director at Nordic Option.
Founded in 2014, Profilence is an IT company based in Oulu employing over 20 people. The company's software solutions are designed to analyze and optimize the stability, performance, and energy consumption of Android-based devices. Profilence has customers, partners, and professionals globally.
Nordic Option is a venture capital fund investing in growth companies in Northern Finland, with major shareholders including Arvo Investment Cooperative, Partnera Plc, and the City of Oulu. The company aims to provide a northern alternative to enable growth and internationalization for small and medium-sized enterprises.
For further information:
Sami Utriainen, CEO, Profilence, +358 50 486 9761
Teemu Puumalainen, Investment Director, Nordic Option, +358 40 631 8362
