Innovation that truly unlocks value
Then came iLOQ, which revolutionised the industry with an even smarter, cost-effective, and sustainable way to lock and access buildings.
No batteries, electrical wiring, or maintenance required – iLOQ provides superior benefits compared to mechanical locks, as well as a superior value proposition compared to other digital solutions. Customers enjoy benefits of real-time oversight and control of managed facilities, with higher security, and minimised lifecycle costs. iLOQ’s integrated cloud-based software and hardware solution is protected by a strong IP portfolio and highest security standards. In short, iLOQ offers a one-of-a-kind solution in the global industry of access management.
In 2019, Nordic Capital saw the potential of iLOQ and invested in the Finland-based company. The vision was to accelerate iLOQ’s growth and expand into new geographies and customer segments, unlocking the value of its ground-breaking innovations.
Nordic Capital set up a comprehensive acceleration plan together with iLOQ’s management team. iLOQ has successfully launched new products and SaaS solutions, reached new customers, and entered several new markets like the UK and Canada, as well as started to execute on an ongoing expansion into the US. The business model has been sharpened, with actions taken to shift the business mix towards an increasing share of recurring software revenue, and improvements made in commercial excellence through a new key accounts team to better serve large customers. In addition, significant investments have continued to be made in research and development on both the software and hardware side for iLOQ to strengthen its leading position even further.
The broad range of actions has taken iLOQ to new heights in just a few years. The company’s revenue increased with 39 percent between 2020 and 2021 , its operating profit doubled, and its market share has grown significantly across Europe. Today, iLOQ has a direct presence in 10 European countries, operations in Canada and the US, and a network of more than 1,500 partners around the world (2022).
The successful journey is far from over. Nordic Capital will continue supporting iLOQ revolutionising access management for millions of people and organisations.
Organic sales growth
Industrial & Business Services
EUR 105 million