When a company grows rapidly, corporate governance and shareholder follow-up can become a complex and time-consuming process. For Soolo, an innovative player in IoT, sensor technology and SaaS, Unlisted became the solution that simplified and streamlined their shareholder administration.
Sigurd Grayston Skjørestad, acting chairman and former CEO of Soolo, has been central to the company's development. Soolo was established in 2019 and currently has 14 employees, with headquarters in Sandefjord. They have completed two funding rounds in the past year and raised significant funds to ensure further growth.
The ownership structure in Soolo is complex, with around 30 shareholders. Last year they raised NOK 23 million from a broader group of investors, including employees. This has contributed to growth, but has also made it more demanding to manage the shareholder structure.
Before adopting Unlisted, Soolo experienced significant challenges with corporate governance. According to Sigurd, the company was “unconsciously incompetent” when it came to structuring its shareholding book and raising capital. “We thought we had control, but quickly realized we lacked the necessary insight and tools,” he explains.
Previously, they handled the shareholder register manually, with the help of an accountant. This worked well with a few shareholders, but as the company grew, the complexity increased. – "We now have 170 customers and 4,000 subscribers, which places completely different demands on efficient reporting and structure. Without Unlisted, we would have spent weeks on processes that are now solved with simple keystrokes," says Sigurd.
Soolo was not actively looking for a platform for corporate governance. It was one of their shareholders, Henrik from eFab, who recommended Unlisted based on his own experiences. “The fact that Unlisted is a local player with well-known people on the team made the choice easy,” says Sigurd.
The transition to Unlisted has given Soolo significant benefits:
For Soolo, Unlisted has become an integral part of their growth strategy. – "Indirectly, Unlisted is crucial for our further capital raising. A good ownership structure provides trust among shareholders and makes us more attractive to new investors," says Sigurd.
He also sees great value in the expertise Unlisted offers. – "Stein and the team have been invaluable in guiding us through complex processes. It's not just a platform, it's a knowledge resource."
Sigurd is clear in his recommendation to other companies: – "Buy Unlisted long before you need it! Once you need it, it has already become too complicated. If you have external owners, it is a no-brainer."
Soolo looks forward to continuing its collaboration with Unlisted. – "The system gives us security and transparency, and we look forward to exploring new features that can further simplify our administration."
When a growth company like Soolo chooses Unlisted, it is not just to handle today's challenges, but to build a robust and sustainable platform for the future.
