Kongsberg Digital has significantly increased its investment in FutureOn, a Norwegian software company. FutureOn provides cloud-based digital transformation tools that deliver collaborative working environments with access to distributed data, best-in-class industry software and geospatially accurate data visualisation, according to the company's release.
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.
Following the investment, Kongsberg Digital will hold the majority stake of FutureOn, with Bentley Systems and FutureOn’s management as other key owners. This will strengthen Kongsberg Digital’s position as a leading industrial software as a service (SaaS) company ensuring an end-to-end value proposition from planning to decommissioning.
Before this investment, Kongsberg Digital held a 17 percent ownership of FutureOn. Shane McArdle has been a board member of FutureOn since Kongsberg Digital made its first investment in FutureOn in November 2021. The company has 38 employees located in Oslo, Norway, with further presence in Houston, London, Dubai, Lyon and Perth. The company will continue as a stand-alone company.