Nyherji Group announces intention to seek private placement of up to 25% of TEMPO

Nyherji (NYHR.IC) initiates a private equity offering of up to 25% of its wholly owned subsidiary TEMPO ehf.

http://www.temposoftware.com/

REYKJAVIK, Iceland--()--Nyherji Group (NYHR.IC), a leading Nordic IT services and solutions provider, today announced its intention to offer equity in its subsidiary TEMPO ehf. through a private placement of up to a 25% stake in the company to accredited investors. Icora Partners has been engaged as the advisor for the transaction. It is anticipated that the sales process will be initiated in Q3 of 2015.

The offering will support the rapid growth of TEMPO with additional resources and expertise to advance product development, increase marketing power and further strengthen TEMPO’s international brand and presence.

"The growth and development of TEMPO has exceeded our expectations in recent years and we expect this performance to continue,” said Finnur Oddsson, Group Chief Executive of Nyherji, “We are looking to support this through offering a stake to one or more partners who will combine their strengths with ours, and contribute both resources and expertise to TEMPO to extend our lead in product development and fulfill its sales potential on a global stage."

TEMPO (www.temposoftware.com), a wholly owned subsidiary of Nyherji, with its headquarters in offices in Iceland and offices in Canada, is a field-leading provider of project and portfolio management (PPM) solutions. TEMPO currently markets four products: Timesheets, Planner, Books and Folio, which together provide agile project and portfolio management seamlessly integrated with the widely-used JIRA platform, empowering product development and professional services teams to create, improve, and deliver on time and on budget.

TEMPO today has more than 7,000 active corporate customers worldwide, ranging from start-ups to a broad range of blue chip corporations across many industries, including Disney, eBay, Amazon, AT&T, Oracle, BMW, Dell and Pfizer. TEMPO collaborates with more than 85 Atlassian experts globally in sales, training and consulting for TEMPO software.

TEMPO’s revenues were USD $5.7 million in 2014, an increase of 85% between years. Revenues were USD $2.2 million in Q1 2015, a 57% increase year-on-year, of which International revenues comprised 98%, with 50% from Europe and 35% from North America. The company currently employs 65 staff.

Further information about TEMPO is available at www.temposoftware.com or on request from Nyherji.

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ABOUT NYHERJI HF

Nyherji hf. (NASDAQ OMX: NYHR.IC) is an established Nordic IT services provider with offices in Iceland and Sweden. For over two decades the company has been a world-class technology supplier, application developer, systems integrator, facilities manager and expert business process consultancy, with corporate roots that can be traced back to the inception of “office machines”. Nyherji 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, Nyherji 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.nyherji.is/english/investor-relations/

FORWARD LOOKING STATEMENTS

Statements in this press release that are not based on historical facts are forward-looking statements. Although such statements are based on management’s current estimates and expectations, forward-looking statements are inherently uncertain. We therefore caution the reader that there are a variety of factors that could cause business conditions and results to differ materially from what is contained in our forward-looking statements, and that we do not undertake to update any forward-looking statements. All forward-looking statements are qualified in their entirety by this cautionary statement.

Contacts

NYHERJI
Finnur Oddsson
Group Chief Executive
fo@nyherji.com
Tel: (+354) 862 0310
or
Gunnar Petersen
CFO
gp@nyherji.com
Tel:(+354) 825 9001
or
TEMPO EHF.
Agust Einarsson
Chief Executive
ae@temposoftware.com
Tel.: (+354) 860 7501
Switchboard: (+354) 569 7700

Release Summary

Nyherji (NYHR.IC) initiates a private equity offering of up to 25% of its wholly owned subsidiary TEMPO ehf.

Contacts

NYHERJI
Finnur Oddsson
Group Chief Executive
fo@nyherji.com
Tel: (+354) 862 0310
or
Gunnar Petersen
CFO
gp@nyherji.com
Tel:(+354) 825 9001
or
TEMPO EHF.
Agust Einarsson
Chief Executive
ae@temposoftware.com
Tel.: (+354) 860 7501
Switchboard: (+354) 569 7700