Skagerak Capital IV, together with the shareholders of Semine AS, has signed an agreement to sell the Norwegian AI-driven finance automation company to Rydoo, a leading global provider of expense management solutions owned by European private equity firm Eurazeo. Semine’s technology increases automation, reduces errors and fraud, and at the same time cuts paper usage and CO₂ emissions – enabling companies to work more efficiently and sustainably.
Skagerak Capital IV invested in Semine in December 2020, when the company had NOK 10 million in annual recurring revenue (ARR). During Skagerak’s ownership period, ARR increased more than tenfold, fully in line with the fund’s strategy to scale companies 10x over 3–5 years.
“We are proud to have supported Semine on its growth journey,” said Terje Berg-Utby and André Edvardsen, Managing Partners at Skagerak Capital. “This exit comes early in the fund cycle, under five years, and demonstrates both the strength of Semine’s technology and the quality of the team behind it. It also underpins our strategy of scaling companies rapidly while returning solid return and value to our investors at an early stage.”
Founded in 2016, Semine set out to revolutionize the finance function of medium and large enterprises through artificial intelligence. The company has developed a self-learning AI platform that automates invoice reception, coding, and allocation, while providing finance departments with real-time insights and explainable AI. With seamless ERP integrations and rapid onboarding based on historical data, Semine delivers high automation rates and reliable decision support.
Semine has received strong industry recognition, including being named a leader in intelligent automation by Gartner (2021, 2023) and ranked in Deloitte’s Fast 50 list of the fastest-growing Norwegian tech companies. As a SaaS provider, Semine enables improved cost allocation, higher data quality, and more efficient finance processes, with customers ranging from Nordic enterprises to international groups.