A group of Swedish investors are investing 3,1 million euro in the IT company OmniCar, which was listed on the Swedish stock exchange AktieTorget in July. The new investors will as a group receive 15 percent of the ownership of the company in return for the investment.

With this capital injection, OmniCar will be able to start its European expansion already in the first quarter of 2018, OmniCar Holdings Group CEO, Claus T. Hansen explains.

“OmniCar will now move from being a Scandinavian company to a truly international provider of innovative software solutions for the automotive industry. We have been asked by distributors in Asia, the United Kingdom, Germany and Eastern Europe to be introduced to our IT solutions. Thus, we are extremely happy and proud that we have been able to attract such a solid investor base. These are some of Sweden’s most experienced small-cap investors. We now have the resources we need to realise the ambitious plans we have in relation to OmniCar’s offensive growth strategy,” says Claus T. Hansen.

OmniCar was listed on AktieTorget in July at a price of 5.40 SEK. The stock price has more than tripled since then.

“We are of course happy that our shareholders can see growth in the stock price. But the most important thing for us is that we constantly develop OmniCar so that we harness the full potential of the company. Then I’m sure the market will probably set the right price on the stock,” Claus T. Hansen states.

OmniCar has developed a special software solution SAM (Service Agreement Manager) for car dealers and garages. SAM is a digital tool designed to automatically handle resale and service agreements. SAM provides a range of self-service features that help the dealer to manage and sell far more service agreements than before. Already in the first half of 2017, OmniCar entered into an agreement with one of the largest car importers in the Nordic countries, Bertel O. Steen A/S.

Since then, agreements have been reached with several major car dealers in Denmark. Among others, the country’s largest car dealer, Bilernes Hus, and also Kjærsgaard Auto, which is one of the largest dealers of Citroen and Nissan in Denmark.

“We can see that the interest in our product is somewhat greater than we had hoped for it to be. That is why we are ahead in the budgets. The new group of investors has been with us since our listing, and my dialogue with them indicates that they have as great expectations for the future as we do,” says Claus T. Hansen.

He explains that OmniCar’s business model is based on fixed contracts with individual customers. In connection with the third quarter accounts, OmniCar adjusted the expectations of how many car dealers the company is expecting to gain as customers in 2017. “We have surpassed our initial goal of acquiring 100 dealers as customers in 2017. Our expectation is now at least 200 dealers in 2017.

The optimism is based on the high demand as well as the fact that some of the very large garage chains have shown interest in SAM,” Claus T. Hansen states.

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