System OK sold to Nasdaq listed Sonic
The Swedish start up company System OK has been sold to Sonic Solutions (NASDAQ: SNIC), for approx. $11 millions. System OK will maintain its operations in Gothenburg as a subsidiary to Sonic Solutions.
"The company has from day one until today shown great results thanks to an outstanding management and a dedicated team. I’m convinced that the new owner and the System OK team will keep on improving and deliver new impressive results", says Olle Stenberg CEO of Chalmers Innovation.
System OK was founded 2002 and the first investor was Chalmers Innovation. Today, System OK is a high growth start up company and their software BackOnTrack is installed on over 140.000 computers.
BackOnTrack, provide a fast method to recover a failed system from corruption, virus infection, and faulty software installations, and enable users to immediately restore data lost due to accidental file deletion or system corruption.
"Chalmers Innovation, a pre seed investor and business incubator, invests in early stage technology based ideas. Together with the founders high growth companies are created and developed. To be able to sell System OK already after four years to a new strong owner feels really good" says Olle Stenberg.
As a total, the sale of System OK will generate approx. $3,2 millions in revenue to the business incubator Chalmers Innovation and it’s financing partners Innovationsbron West and Chalmersinvest. The average return on invested capital equals 16x.
"This is an evidence of the ability of the new innovation system at Chalmers University of Technology. The system has now proven its capability to create strong companies and growth. It has also demonstrated the potential profitability of very early stage pre seed and seed investments" says Olle Stenberg.
Chalmers Innovation is the leading business incubator in Sweden and a pre seed investor. The business incubator development process focuses on the development of ideas, people and companies with technology background creating spin-outs from academia and established companies. Since the inauguration in 1999 Chalmers Innovation has been involved in 75 projects that have resulted in 55 new technology based companies.
"High return exits are essential for securing future investments in new projects. This deal is a small step towards our vision of creating a self-sustaining incubation process", says Olle Stenberg.
For more information contact
Olle Stenberg
CEO of Chalmers Innovation
Tel: +46 31-772 80 47
Mob: +46 706-457271
E-mail: olle@chalmersinnovation.com
Alexander Hars,
CEO and founder of System OK
Mob: +46 707-311 755
E-mail: alexander.hars@systemok.com