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Smartoptics Group AS (SMOP) goes public following a NOK 100 million capital raise to accelerate growth.
FREMONT, CA: As an innovative provider of business and telcos optical networking solutions, since 2017, Smartoptics has grown 27 percent annually. The company goes official on Euronext Growth in Oslo, following a successful private placement raising gross NOK 100 million in new equity, enabling the company's strong organic growth to continue.
“The IPO is a milestone in Smartoptics’ history. We have over the last year experienced tremendous traction in the market, as we have developed technology and services that are perceived as more innovative and flexible than those of our competitors. As a listed company, we now have added fuel to power our ambitions of reaching USD 100 million in revenue and 15-20 percent EBITDA margin by 2025-2026,” says CEO Magnus Grenfeldt.
Smartoptics has generated USD 34.8 million in revenue in 2020 and earned a 6% EBITDA margin. The start of 2021 has been strong, with revenues increasing 52 percent to USD 10 million and an EBITDA margin of 13.8 percent in the first quarter.
The data traffic market is booming, fueled in part by video streaming, the Internet of Things, cloud computing, and 5G. Between 2019 and 2024, global data traffic is forecast to grow at a 29 percent annual rate.
“We have positioned ourselves perfectly in this market. We have become a preferred vendor for many small and medium-sized operators and enterprises. Our technology, size and business culture make it possible for us to maneuver faster than the giants of the industry, and most of the other medium-sized players have been acquired. Hence, we face limited competition in our segment,” adds Grenfeldt.