Tempo commencing a formal process for a significant investment
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Tempo Team
October 16, 2017
REYKJAVÍK, Iceland-The Board of Directors of Nýherji hf. has hired AGC Partners, a global investment bank headquartered in Boston, MA, to initiate a formal process for a significant investment in TEMPO ehf, a wholly-owned Nýherji subsidiary.
Tempo’s solutions enable organizations to plan, optimize, and manage JIRA resources, budget and track project costs, and track and report time for back-office efficiency. The Company’s solutions solve key “white-collar” enterprise pain points around JIRA developer productivity, resource optimization, and time tracking as it unobtrusively collects data on calendars and tool usage in the background for the pre-population of time sheets. Tempo’s time management and budgeting tools have become essential products in the JIRA ecosystem and are well received by CIOs and CFOs looking to gain better clarity into time and resource usage and cost within their organization. Further, Tempo is consistently one of the highest rated and most downloaded add-on application within the Atlassian Marketplace.
Nýherji CEO, Finnur Oddsson, "Tempo's continued growth and success has been fueled by the team‘s singular focus on building a world-class product and organization. Following the development of Tempo Cloud for JIRA and the migration of over 7,000 customers over to Tempo's new cloud services on top of AWS (Amazon Web Services), a number of exciting growth opportunities have opened up, including integration with other cloud services in addition to JIRA by Atlassian. We think now is the right time to enhance Tempo‘s growth with a sophesticated investor that can help take the Company to the next level. For the past year, AGC Partners has advised on the strategic aspects of Tempo's operations and growth strategy and assisted with the general presentation of the Tempo to investors in the technology sector. AGC Partners will now commence Tempo's formal investment process, aiming to attract a financial partner with extensive experience in growing software companies internationally. We believe this will best enable the continuation of product development at Tempo, its revenue growth, and value for owners, employees and customers."
Nýherji hf.
Nýherji is one of Iceland’s largest providers of information technology solutions, offering hardware, software, consultancy, and technical services. Nýherji has over 1,000 clients and helps our customers achieve the best results for their businesses with the help of IT services through our staff's expertise and quality service. Nýherji hf. is registered in NASDAQ OMX Iceland hf. under the symbol NYHR.
For the attention of investors
Nýherji Group wishes to notify investors that statements made in this press release may be based on the current expectations, forecasts and assumptions of the company's executives and not facts subsequently verifiable by the publication of this press release. Such statements are naturally subject to future risks and uncertainties. We wish to notify investors that a number of factors could cause the company's business environment to differ materially from current expectations as assumed in the press release. This press release will not be revised after its publication in this regard. Any statement made in this press release is valid only at the point of its publication, and its validity is restricted in accordance with this clause.
About Tempo Software
Tempo Software empowers companies to focus on what matters most – building great products. Tempo’s flexible and modular platform helps teams plan, execute and optimize products in alignment with the customer’s strategic business priorities. Tempo’s platform includes solutions for Strategic Portfolio Management (SPM), Project and Portfolio Management (PPM), and IT Service Management (ITSM) needs. Founded in 2009, Tempo has the support of more than 300 strategic integration partners, and serves 30,000+ customers across a wide range of industries, including one in three Fortune 500 companies.
To learn more about Tempo Software, visit http://www.tempo.io.