Most people pay for licences they don't use
Today, software is purchased with a few keystrokes.
One department orders an analytics tool. Another is testing an AI subscription. IT adds new cloud licences. Agreements are automatically renewed.
Eventually, few people realise what their business is actually paying for - or how much is actually being spent.
- "We see time and time again that companies pay for licences they don't need or that no one uses. These are simply hidden costs that build up over time," says Jon Ivar Bjørtomt, CEO of Adite.
To solve the problem, the company has developed Otheo - a proprietary technology platform that gives businesses a full overview of software, licences and cloud costs, and shows where they can cut unnecessary expenses.
This is the solution they now want to scale when the company opens up to new investors through Folkeinvest.
From consulting to technology - with proven growth
Adite started out as a consultancy helping companies with smarter procurement of telecoms, IT and cloud services.
Over time, they discovered a clear pattern among their customers: Many didn't know what they were paying for.
- Licence and cloud costs grew year on year, while at the same time the overview got worse. "Software costs have become a black hole for many companies. That's why we built a tool that provides control," says Bjørtomt.
Today, the company combines consulting with technology - and has grown rapidly:NOK 55 million in revenue in 202534 employees and a customer base of SMEs and large corporationsOver 500 per cent growth since 2021Over 50 per cent average annual growth in recent years
Customers include Elkem, AF Gruppen, OBOS, Yara and Aker Solutions.
- We have established a profitable core business with solid customer relationships. This gives us a strong foundation as we now scale Otheo.
A problem most organisations face
Digitalisation has made it easier than ever to buy new tools - but also far more difficult to keep track of them.
Software and cloud services are now among the fastest growing cost items for many organisations. At the same time, industry analysis shows that companies without centralised management often pay significantly more than necessary for SaaS licences.
- "When we analyse the use of licences, we often find that 15-30 percent is not used or overlaps with other tools. It's simply money running out of the budget," says Jon Ivar Bjørtomt.
For Adite, this means a large and growing market for the Otheo platform.
Otheo is a SaaS Management Platform. In short, it acts as a software inventory and control system:
- Gathers all licences and agreements in one place
- Provides notifications before renewals
- Automates onboarding and offboarding
- Shows who is using what
- Detects inactive and overlapping licences
What was previously scattered in spreadsheets, invoices and various portals is now collected in a single overview.
- The aim is to provide customers with a single source of truth. Then they can both save money and make better decisions.
Customers using the solution today have achieved savings of up to 35 per cent on licence costs - while simplifying administration.
Raising capital to accelerate growth
Otheo is not just a concept. The platform has paying customers and growing recurring revenue:
- From its first customer in 2024 to over NOK 1.2 million in annual recurring revenue in less than a year.
- Expected further growth in the coming years
- Ambition of significant scaling towards 2030
Today, less than 10 per cent of businesses use such tools. At the same time, analysts estimate that the proportion could pass 50 per cent within a few years.
- "The timing is very good. The need is clear, and the market is about to explode. That gives us a big window now," says Bjørtomt.
To take the next step, Adite is now opening a issue through Folkeinvest.
The company plans to pick up NOK 5-10 million, with a subscription price of NOK 8 per share.
The capital will be used to:
- Further develop the Otheo platform
- Strengthen sales and marketing organisation
- Increase distribution in Norway
- Launch the solution in Sweden - and later the rest of the Nordics and Europe
- "The most important thing for us now is to speed up distribution. The product is there and customers recognise the value. Now it's about reaching out more widely.
A combination that attracts investors
Bjørtomt believes that the company's greatest strength lies in the combination of two worlds:
- Established, profitable consultancy business with stable income
- Scalable SaaS platform with high growth and repeatable revenue
- Many SaaS companies start from scratch. We already have customers, expertise and cash flow. This reduces risk and shortens the path to scaling.
In the long term, the company points to several possible paths for value realisation, including an industrial transaction or an IPO, depending on developments and the market.
Four reasons to invest in Adite
- Documented growth
Strong revenue growth and a solid customer base. - Profitable core business
More revenue streams and lower risk than pure start-ups. - Scalable technology
Otheo provides repeatable revenue and high growth potential. - Market in strong growth
Licence and cloud costs are increasing - the need for control is growing.
Join the journey
Adite believes they have built the foundation - and that the time is now right to scale.
- "We want to bring on board committed investors who want to help build a Nordic technology company. For us, this is about doing something that creates real value for our customers - while at the same time building a company with great growth potential," says Bjørtomt.
