The selection of investments presented illustrates TeleVenture’s experience and how it has capitalised on its relationship with the Telenor Group and added value in building successful companies.
The portfolio archive gives you a more detailed list of our portfolio companies through a brief summary of each company and a link to the company’s home page.

• Cell Network AB
  Cell Network is an Internet and strategy consultancy.
  Telenor Venture AS initiated a restructuring of Linné Data AB and initiated a significant growth plan. In 1997–98 Linné shifted its focus from client/server technology and multimedia to Internet consulting and divested its non-core businesses. In 1999 the company was successfully listed on the Stockholm Stock Exchange and merged with Cell Consulting Group AB and New Media Science ASA to form Cell Network AB.

  Telenor Venture AS invested NOK 28 million in Linné Data Management AB in 1996. At the end of 1999, Telenor Venture AS divested 41% of its shares in Cell Network AB and realised a net profit of NOK 130 million. The rest was sold in Nov. 2000, and the total net profit amounted to NOK 155 million.

  Telenor Venture AS has continued its engagement in the board of directors, and in the beginning of 2000 it was announced that Cell Network AB would merge with Mandator AB creating one of Europe’s largest Internet consultancies.

• Eltek ASA
  Eltek is a provider of power supply equipment for mobile and fixed telephony, and the Internet.
  Telenor Venture AS, through Rune Rinnan, has held the position as chairman of the board of directors and initiated a restructuring of the operation of the company. By the establishment of separate profit centres for the main business areas, the outsourcing of the production function, and the introduction of new control and reporting procedures a basis for further growth was secured. Telenor Venture AS was actively involved in the development resulting in the listing of the company on the Oslo Stock Exchange, the divestiture of the fire and safety business area and the refocusing on the power supply area.

  Telenor Venture AS invested NOK 21 million in Eltek AS in 1995–97. In 1998–2000 the investment was realised with a net profit of NOK 91 million.

• Incatel AS
  Incatel is a developer and provider of standardised software for network operation.
  Telenor Venture AS established the company on the basis of a perceived growing need within Telenor and other telecom operators for standardised software for network operation. Telenor Venture AS was instrumental in securing the intellectual property rights from IBM, Sysdeco, Statens nærings- og distriktsutviklingsfond and others as a fundament for the company’s products. Telenor Venture AS has held the position as chairman of the board of Incatel AS.

  Telenor Venture AS invested NOK 19 million in Incatel AS in 1995–2000. In 1999 10% of the shares were realised with a net profit of NOK 18 million. Telenor Venture AS currently owns 55.1% and Telenor Venture II ASA owns 17.2% of the shares in Incatel. Possible exit strategies include an initial public offering in the US or a sale to a strategic investor.

• Navia ASA
  Garex is a developer and supplier of air traffic control communication equipment and Normarc correspondingly of instrument landing systems.
  Telenor Venture AS initiated and executed a restructuring of the Norwegian high-technology industry serving the global air traffic control and instrument landing system markets. It secured a project fulfilment guarantee from Telenor and was instrumental in taking the companies to the Stock Exchange through the merger with Seatex to form Navia.

  Telenor Venture AS invested NOK 23 million to acquire Garex and Normarc in 1993–96. In 1996–97 a net profit of NOK 131 million was realised.

• SCM Microsystems, Inc.
  SCM Microsystems is a leading provider of smart card reader and interface technology.
  Telenor Venture AS was instrumental by initiating an important technology agreement, that still lasts today, between the company and Telenor Conax AS. Telenor Venture has also been active through a designee in the board of directors and in the process of introducing the company to the NASDAQ and the Neuer Markt.

  Telenor Venture AS invested NOK 48 million in SCM Microsystems, Inc. in 1997–98. In 1998–99 the investment was realised with a net profit of NOK 238 million.

• Tandberg AS
  Before the spin-off of Tandberg Television ASA in February 1997, Tandberg AS was a provider of videoconferencing solutions and open digital solutions to professional broadcast, cable, satellite and telecommunications industries.
  At the end of 1994 Telenor Venture AS acquired a royalty agreement related to the videophone from Telenor Research and Development, which it sold on to Tandberg against a 10% ownership in the company. It took an active role in the company’s board of directors, and co-ordinated the relations with Telenor.

  Telenor Venture AS invested NOK 1 million in Tandberg AS in 1994. In 1995 the investment was realised with a net profit of NOK 38 million.