Iloq Growth

iLOQ: Revolutionising access management on a global scale

iLOQ is a leader in digital access management solutions, offering a unique and patented battery-free, cloud-based solution with integrated software and hardware. With Nordic Capital as the main owner, iLOQ is revolutionising the industry on a global scale, setting a new standard for best-in-class solutions and replacing mechanical and electromechanical systems with environmentally friendly solutions.

Innovation that truly unlocks value

First there was the metal key, indispensable if you wanted to open the locked door in front of you. Then came digital locks, powered by batteries, or by wiring in the door.

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

Employees

Commitment to sustainability

In accordance with iLOQ’s environmental program, the company aims to preserve natural resources and the environment. Not only do the battery-free solutions minimise maintenance costs related to mechanical locks and keys, they also reduce environmental impact by saving tonnes of battery waste each year (>50,000kg saved in 2021 and growing with the installed base).

Name: iLOQ

Sector: Industrial & Business Services

Business: A leading provider of digital self-powered mobile access systems

Geography: Finland (HQ), Europe and North America

Investment date: 2019

"Nordic Capital has helped us reach the next level"

Heikki Hiltunen, CEO, iLOQ

How would you describe iLOQ’s journey with Nordic Capital as an owner?

“Very exciting. Thanks to a good collaboration between iLOQ's management and the team at Nordic Capital, we have managed to get really far in a short time. We have accelerated our growth and have had great support in many ways, not least in our geographical expansion and how to reach the next level with our business development and sales. I think few other PE firms have such a wide network and deep operational expertise, which has helped us tremendously. We could not have done this without Nordic Capital's experience and the resources they have provided”.

Reducing lifecycle costs and maintenance is the backbone of iLOQ's business. What does your sustainability agenda look like?

“We strengthened our sustainability strategy in 2021, supported by Nordic Capital and their ESG-expertise. Our sustainability strategy now consists of five essential themes, ranging from principles of sustainable development, circular economy to how we ensure a sustainable business with our employees in focus. This extensive strategy is supported by our code of conduct and gives us a very solid platform to stand on as we continue to grow”.