Business Wire

TEMPO Commencing a Formal Process for a Significant Investment

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The Board of Directors of Nýherji hf. has hired AGC Partners, a global investment bank headquartered in Boston, MA, to initiate a formal process for a significant investment in TEMPO ehf, a wholly-owned Nýherji subsidiary.

Tempo’s solutions enable organizations to plan, optimize, and manage JIRA resources, budget and track project costs, and track and report time for back-office efficiency. The Company’s solutions solve key “white-collar” enterprise pain points around JIRA developer productivity, resource optimization, and time tracking as it unobtrusively collects data on calendars and tool usage in the background for the pre-population of time sheets. Tempo’s time management and budgeting tools have become essential products in the JIRA ecosystem and are well received by CIOs and CFOs looking to gain better clarity into time and resource usage and cost within their organization. Further, Tempo is consistently one of the highest rated and most downloaded add-on application within the Atlassian Marketplace.

Nýherji CEO, Finnur Oddsson, "Tempo's continued growth and success has been fueled by the team‘s singular focus on building a world-class product and organization. Following the development of Tempo Cloud for JIRA and the migration of over 7,000 customers over to Tempo's new cloud services on top of AWS (Amazon Web Services), a number of exciting growth opportunities have opened up, including integration with other cloud services in addition to JIRA by Atlassian. We think now is the right time to enhance Tempo‘s growth with a sophesticated investor that can help take the Company to the next level. For the past year, AGC Partners has advised on the strategic aspects of Tempo's operations and growth strategy and assisted with the general presentation of the Tempo to investors in the technology sector. AGC Partners will now commence Tempo's formal investment process, aiming to attract a financial partner with extensive experience in growing software companies internationally. We believe this will best enable the continuation of product development at Tempo, its revenue growth, and value for owners, employees and customers."

Nýherji hf.

Nýherji is one of Iceland’s largest providers of information technology solutions, offering hardware, software, consultancy, and technical services. Nýherji has over 1,000 clients and helps our customers achieve the best results for their businesses with the help of IT services through our staff's expertise and quality service. Nýherji hf. is registered in NASDAQ OMX Iceland hf. under the symbol NYHR.

TEMPO

Tempo is a leading provider of time management and budgeting software, transforming time and resource tracking for increased back-office efficiency with smart work management solutions. Tempo's customers are companies around the globe, from startups to Fortune 500 companies including BMW, Pfizer, HomeAway, PayPal, Hulu, Dell, Mercedes Benz, Starbucks, and Disney. Tempo is a whole-owned subsidiary of Nýherji Group. Tempo employs around 100 staff, both in Iceland and in North America. Visit www.tempo.io for more information.

For the attention of investors

Nýherji Group wishes to notify investors that statements made in this press release may be based on the current expectations, forecasts and assumptions of the company's executives and not facts subsequently verifiable by the publication of this press release. Such statements are naturally subject to future risks and uncertainties. We wish to notify investors that a number of factors could cause the company's business environment to differ materially from current expectations as assumed in the press release. This press release will not be revised after its publication in this regard. Any statement made in this press release is valid only at the point of its publication, and its validity is restricted in accordance with this clause.

Contact information

Further information
Finnur Oddsson, Nýherji CEO
+354 862 0310
fo@nyherji.is,
or
Gunnar Petersen, Nýherji CFO
+354 825 9001
gp@nyherji.is
or
Frederick Joseph at AGC Partners
+001 617 261 4150
fjoseph@agcpartners.com.

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