Moment and Millnet are merging
Moment is investing in Millnet, and will become Scandinavia's largest Saas provider in project management, including time tracking, resource planning, quality assurance, staffing and recruiting.
“Moment and Millnet have a lot in common, and together they have the potential to lead the European market. We believe both in our employees and the technology, and look forward to working closely together to continue developing both companies”, says Erik Syrén, Chairman of the board in Moment.
“With Millnet we become Scandinavia's largest supplier in our field. Millnet has good products, a fantastic organisation, and happy customers. Just like Moment. We are now on an exciting journey and will continue to do acquisitions. We have managed 50% growth these last 5 years, and with acquisitions like these we will accelerate the strong growth”, says Eivind Bøhn, CEO in Moment.
Both Moment and Millnet are market leaders in their respective markets, Moment has over 50% of Norwegian and Icelandic architects, and strong gains within creatives, consultants, engineers, and accounting companies. Millnet is an established player within the same industries in Sweden, in addition to staffing and recruiting.
“Both Moment and Millnet have knowledgeable and talented employees that work every day to deliver high value to our clients. We look forward to working closely together. Together we can become even stronger.” - Mats Lindskog, CEO in Millnet.
Growth and expansion in Scandinavia and internationally
Moment is established in Norway and Iceland, and Millnet in Sweden. Combined our companies have over 1000 customers in 15 other countries. The next step will be to establish a company in Denmark. With backing from Moneterro and additional acquisitions, Moment and Millnet will be one of Europe’s leaders in project and time registration management.
Monterro - involved and technology-focused owner
Monterro became the majority owner of Moment, in the fall of 2021. Monterro is a Nordic investment company that primarily invests in B2B software companies, and is an active owner that contributes both experience and expertise.
Monterro invests in companies that work with SaaS solutions, and that have a potential for international growth. Erik Syrén has this to say about the investment in Moment: “We always work in partnership, close with the management and the owners in businesses we invest in. Moment has a quality product that fits well in our portfolio, combined with high customer satisfaction. We are confident that Moment has international potential, and look forward to having Millnet in the portfolio as well. We expect further consolidation in the industry and look forward to the journey ahead”.
From the left; Eivind Bøhn, Mats Lindskog and Erik Syrén
Moment is a market-leading cloud service that provides project management, time management, resource planning, invoicing, and quality assurance in one system. The company makes data flow seamlessly between the systems the company has chosen and avoids manual routines. Moment is integrated with over 50 systems and works closely with its customers to understand their needs and increasingly improve functionality. Moment's vision is to become the preferred project system in the world. Moment has an annual subscription base (ARR) of NOK 43 million, 52 employees, and about 500 customers.
Millnet AB started its operations in 2000. The company's business concept is to develop and sell products and solutions that aim to simplify and streamline everyday business processes for companies and organizations in project and time accounting, project planning, resource planning, attendance reporting, staffing, and recruitment. The software is primarily aimed at consulting and service companies and staffing and recruitment companies. Therefore, the customers are usually IT companies, consulting firms, architectural firms, engineering firms, advertising and public relations firms, recruitment and staffing companies. Millnet has an annual subscription base of SEK 24 million, 32 employees, and about 500 customers.
Pressreleases (in Norwegian):