Successful exits

Promon

In-app protection & application shielding technology

Promon is a Norwegian cyber-security software company. Promon focuses on security solutions that are incorporated into applications called in-app protection & application shielding technology.

An entrepreneur led business which started as a research project in 2006 by founder and CTO Tom Lysemose as a spin-out from the University of Oslo/SINTEF. Promon’s technology was developed in house for over a decade, leading to a highly disruptive, next generation mobile application shielding platform. Promon developed into the #1 application shielding provider for top tier banks. Promon also had a strong presence among Fortune 500 financial technology, CRM, and professional services firms.

Kistefos invested in 2008 and has been an active contributor to the value creation, supporting the company in building the up the annual recurring revenue to MNOK ~100.

The company was acquired by Danish GRO Capital in December 2021 yielding a profit for Kistefos of MNOK ~270 and a more than 15x in MoC (Multiple on Capital).

Key facts

Exit

2021