Diversis Capital has acquired a controlling stake in Tempo, a specialist in productivity-enhancing project management solutions. Former owner and founder, Origo, will retain a 45 per cent stake in Tempo, and remains an important partner.
“We are very pleased to announce new ownership by Diversis Capital with their wide experience of working with unique tech companies and the tremendous opportunity for growth that this brings,” says Agust Einarsson, CEO of Tempo. “Diversis has demonstrated their value to investments through its collaborative approach using their operating partner and strategic advisors working alongside management to take companies to the next level. Additional financial support will lend further strength to Tempo’s global growth.”
Created in 2007 as an internal tool to track time utilisation and management on JIRA, Tempo has grown into one of the most successful apps on the Atlassian market, serving customers across the globe and of all industries. Tempo provides a user friendly, high performance software suite for time tracking, resource management and budgeting. Tempo enables organisations to plan, optimise, and effectively manage resources as well as budget and track project costs, and report time for team efficiency.
“Tempo is widely regarded as the premier product for JIRA users within the Atlassian ecosystem,” said Ron Nayot, a managing director of Diversis Capital. “As the industry continues to grow, we want to expand the product offering of Tempo in order to serve customers even better, allowing integrated time and resource tracking across all the operational processes that customers use.”
Diversis plans to invest in Tempo and accelerate growth of the company in cooperation with the previous owner Origo. Tempo’s immediate focus will be international growth, continued investment in R&D, improved customer service and additional product diversification.
“We are excited to partner with Tempo’s management team and Origo at an important step in the business, where the Company’s momentum needs to be amplified to offer customers the maximum value from Tempo’s compelling software suite,” adds Ryan Tanaka, a Vice President at Diversis Capital.
Origo’s CEO, Finnur Oddsson, says: “Tempo has been a success story since its inception about 10 years ago. For the next chapter in this story, we are excited to bring Diversis on as a partner to further support Tempo’s development and growth. We believe that Diversis’ unique expertise in software development, marketing and technical support will allow for accelerated new product development and refinement of Tempo’s existing solutions. While we remain committed in our support of Tempo, we very much look forward to our partnership with Diversis, which brings new competence to Tempo, ensuring continued and enhanced success in the future.”
