Tempo announces new majority ownership by Diversis Capital

NOVEMBER 19, 2018

REYKJAVIK, Iceland – Nov 19, 2018 – Tempo, a leader in productivity-enhancing project management solutions, today welcomes Diversis Capital as a new strategic owner with a controlling interest in the company. Former owner and founder, Origo, will retain a 45% stake in Tempo, and remains an important partner.

“We are very pleased to announce new ownership by Diversis Capital with their wide experience of working with unique tech companies and the tremendous opportunity for growth that this brings,” said Agust Einarsson, CEO of Tempo, “Diversis has demonstrated their value to investments through its collaborative approach using their operating partner and strategic advisors working alongside management to take companies to the next level. Additional financial support will lend further strength to Tempo’s global growth.”

Created in 2007 as an internal tool to track time utilization and management on JIRA, Tempo has grown into one of the most successful apps on the Atlassian market, serving customers across the globe and of all industries. Tempo provides a user friendly, high performance software suite for time tracking, resource management and budgeting. Tempo enables organizations to plan, optimize, and effectively manage resources as well as budget and track project costs, and report time for team efficiency.

“Tempo is widely regarded as the premier product for JIRA users within the Atlassian ecosystem,” said Ron Nayot, a managing director of Diversis Capital, “As the industry continues to grow, we want to expand the product offering of Tempo in order to serve customers even better, allowing integrated time and resource tracking across all the operational processes that customers use.”

Diversis plans to invest in Tempo and accelerate growth of the company in cooperation with the previous owner Origo. Tempo’s immediate focus will be international growth, continued investment in R&D, improved customer service and additional product diversification.

“We are excited to partner with Tempo’s management team and Origo at an important step in the business, where the Company’s momentum needs to be amplified to offer customers the maximum value from Tempo’s compelling software suite,” added Ryan Tanaka, a Vice President at Diversis Capital.

Origo’s CEO, Finnur Oddsson, stated “Tempo has been a success story since its inception about 10 years ago. For the next chapter in this story, we are excited to bring Diversis on as a partner to further support Tempo’s development and growth. We believe that Diversis’ unique expertise in software development, marketing and technical support will allow for accelerated new product development and refinement of Tempo’s existing solutions. While we remain committed in our support of Tempo, we very much look forward to our partnership with Diversis, which brings new competence to Tempo, ensuring continued and enhanced success in the future.”

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About Tempo

Tempo’s mission is to empower the world's most productive teams. Every day it helps people achieve their potential as smart, efficient and productive team members by building the world’s most useful, effortless and valuable tools for time, resource and cost management.

With headquarters in Reykjavik, Iceland and a North American presence in Montreal, Canada, Tempo provides a user friendly, high performance software suite for time tracking, resource management and budgeting. Tempo enables organizations to plan, optimize, and manage resources, budget and track project costs, and track and report time for team efficiency. Tempo has over 12,000 customers worldwide, ranging from small startups to the largest global enterprises including Amazon, BMW, Pfizer, HomeAway, PayPal, Hulu, Dell, and Disney.

About Diversis Capital

Founded in 2013, Diversis Capital, LLC (“Diversis”) is a private equity firm that invests in lower and middle-market companies, targeting situations where it can add unique value in helping a company reach the next level. With a collaborative approach to investing, its operating partners and strategic advisors work alongside management teams to help build successful organizations positioned for long-term growth. The firm focuses on standalone deals, carve-outs, partnerships and special situations that require sharp financial acumen, creativity, collaboration and operational expertise to reach success. Diversis, which was founded by Managing Directors Ron Nayot and Kevin Ma, is currently in full acquisition mode with a goal of executing several transactions annually.

For more information, please visit www.diversiscapital.com

About Origo

Origo hf. (NASDAQ: ORIGO) is a long-established, publicly listed Nordic IT services and solutions provider with offices in Iceland and Sweden. For over two decades, Origo has been assisting its customers with technical leadership, through the supply of the best-available technology, applications development, systems integration, facilities management and expert business process consultancy. Origo corporate roots can be traced back to 1899 with the very inception of “office machines”.

Today, under the leadership of CEO Finnur Oddsson, Origo aims to be the technology partner of choice for businesses, from the smallest to the largest enterprises. With expertise in understanding and linking the needs of enterprise customers to competitive technology solutions, Origo uses its deep knowledge of mission-critical processes, hardware and application requirements, to focus on government and industries sectors with high support needs such as healthcare, financial services, logistics and aviation.

For more information, please visit www.origo.is