Looking to scale up digital solution for responsible supply chains
Offering a digital solution for securing responsible supply chains, Factlines has been acquired by Alytic, a portfolio company of Arendals Fossekompani.
“Factlines is a great match for Alytic. It offers a highly competent team, a great software-as-a-service solution, a solid customer base, and a huge potential,” says Espen Zachariassen, CEO of Alytic.
In a deal to acquire 62 per cent of the company, Alytic has infused liquidity into Factlines, enabling a massive expansion of operations.
“We aim to fill more than 20 new positions to create a European one-stop-shop for responsible supply chains, but also for new product lines, such as ESG reporting and product life cycle analysis. We will be looking for expertise within sustainability, technology, and sales,” says Zachariassen.
Factlines was founded in 2012 in response to the Norwegian authorities’ ambition to strengthen sustainability in procurement. Today, Factlines’ digital solution and expertise have made supply chain mapping efficient. Factlines supports the process from requirements and code of conduct – to risk analysis, follow-up, and dialogue.
“Future marked leaders must be financially excellent, but also ecologically and socially sustainable. To achieve this, it is necessary to approach your suppliers efficiently and to work systematically. Factlines facilitates this work with our digital network solution. With Alytic onboard we can lift our services up to the highest level,” says Siri Engesæth, CEO of Factlines, and former CEO of the environmental foundation Bellona.
With offices in Norway and Denmark, Factlines clients are typically Nordic public procurement organizations and private companies.
In just a few months, on 1 July 2022, the Transparency Act enters into force in Norway. The purpose of the act is to promote enterprises’ respect for fundamental human rights and decent working conditions in connection with the production of goods and the provision of services.
“The Transparency Act is a gamechanger. Documentation of supply chains used to be ‘nice-to-have’. Going forward, it is required by law. This will greatly expand our market opportunities. At a time when most businesses will scramble to comply, Factlines already offers a solution which is digital, easy to implement, and more affordable than any consultancies,” says Engesæth.
Adds Zachariassen: “We are looking to scale up Factlines and we believe the timing is perfect for doing so.”
Alytic was established in 2020 to create value from domain knowledge and data by acquiring and scaling-up companies with strong domain competence, massive data sets, and a clear potential for growth. Previous acquisitions include Kontali, Utel and Greenfact.
“Alytic will add knowledge and capacity within business development and technology. There are obvious synergies between Factlines and Greenfact, which we acquired last year, and Arendals Fossekompani, which has a strong focus on ESG,” says Zachariassen.
Chief Sustainability Officer at Arendals Fossekompani, Ingunn Ettestøl, will join the Board of Directors of Factlines.
“Factlines will complement our sustainability team and simplify our documentation process. I look forward to working with Siri and her team,” says Ettestøl.