Meet the company behind the new ticker symbol “CYVIZ.”
Norway’s Cyviz goes to the Oslo Børs to secure a Euronext Growth listing, selling shares at NOK 34.50 (34 euros) and reaching a market capitalization of NOK 370 million (37 million euros).
Cyviz designs, develops and delivers software and hardware solutions for conference rooms, control rooms and experience centers. Its customers (Accenture, Standard Chartered Bank, Chevron, U.S. Department of Defense, Aker BP and others) include more than 30 companies on the Fortune 500 list.
That’s not enough for this Norwegian challenger: The company wants the money to fund its ambition to reach more of the world’s digital workplace. And Cyviz believes the “new normal” may help its growth.
When you want big money, you go to where the money is. The €4.4 trillion Euronext operates a Euronext Growth program to simplify access to capital markets for SMEs. The Oslo Børs in Norway (usually better known in energy, shipping and seafood sectors) is part of the Euronext Group, the largest center for debt and funds listings in the world.
Cyviz, headquartered in the city of Stavanger, began in Stavanger’s oil industry in the 1990s and was influenced by the Norwegian videoconferencing technology cluster.
Over the last five years, Cyviz’s total revenues reached more than NOK 1 billion from its control and collaboration hubs packages. Scalable and designed to fit any size of collaboration rooms (including boardrooms), the packages are typically built on a set of expandable core components.
The leading attraction is “Easy Platform,” a standardized, IT-driven platform for control rooms, conference rooms and experience centers. Cyviz delivers a standardized platform that makes conference rooms easier to use, upgrade, operate and integrate with third-party solutions — based on “proven design principles and carefully selected AV components to ensure an effective and predictable roll-out and installation procedure.”
Cyviz’s core collaboration concept also comes with touch-enabled video walls that allowing interaction in real-time with “unlimited” sources of content. These hubs come integrated with unified communication, audio, camera and building management systems.
Next year an ambitious Cyviz plans to move its technology to the cloud, creating new customer opportunities and revenue streams.
The funds will be used to further develop the technology and product portfolio, as well as increase sales coverage significantly in the most important regions.
“Our ambition is to become a world leader in providing solutions for large digital control and conference rooms. Digitalization is a trend that enables collaboration with growing scope and complexity,” said CEO of Cyviz Espen Gylvik.
“Going forward, hybrid meetings will be the trend, where some participants are at their home office and others are in meeting rooms. This is where Cyviz offers the best solutions.”
Cyviz aims for more than 30% annual growth over the next few years. “This is an ambitious aspiration, but we have our strong portfolio of market-leading technology combined with a solid customer base,” said Gylvik.
And the money from this Euronext Growth listing will give it the funding to take its shot.
Here’s a video of the bell ceremony: