Article
Investor Group With Global Ambitions Acquires Yeti Move AS
Published: 09.10.2024
A group of experienced investors has acquired the software company Yeti Move AS, known for being at the forefront of autonomous and driver-assisted snow removal solutions for airports worldwide. The investor group aims to accelerate development, commercialization, and growth, and, together with experienced employees, contribute to taking Yeti Move AS global.
Yeti Move AS has developed an autonomy platform for self-driving and customer-supported operations. The software is named Yeti Autonomy Service Platform (YASP). After several years of software development in close collaboration with Øveraasen AS, Avinor AS, and Swedavia AB, the software was launched in March 2024 to a very positive reception at a wide range of airports in Asia, Europe, and North America. The company is continuously growing and is currently experiencing very high demand both domestically and internationally.
To accelerate the company’s global growth, a group of experienced investors, organized under Yeti Invest AS, has purchased the shares of the current major shareholder Wima Future AS, which also owns Øveraasen AS, known for being a market-leading supplier of snow removal equipment to airports worldwide for over 100 years. The new investor group now controls 75% of the shares in Yeti Move AS. The remaining 25% is owned by employees through the company’s share program organized under Yeti Ansatte AS.
We are incredibly excited and look forward to taking Yeti Move global, together with the skilled and motivated employees. I think many of us are surprised at how large the airport market is worldwide, especially in winter operations. It is also incredibly impressive that the company, through hard work over many years, is now at the forefront of developing autonomous and driver-assisted systems, says Christoffer Herheim, a representative of the investor group.
Collaboration with Øveraasen continues
At the same time as the transaction takes place, a long-term collaboration agreement has been established between Øveraasen and Yeti Move, ensuring the continuation of the strong sales and distribution partnership in the years to come. Both current and new customers will benefit from this. Øveraasen has, over many years in this industry, supplied snow removal equipment to approximately 1,000 airports globally. As a supplier of equipment, Øveraasen has contributed to the development of the software over many years and is already using it in several of its vehicles.
– For us, it was very important to retain access to the software to continue offering a good product to our customers. However, with powerful software ready for commercialization, the time was right to bring in new owners. We have great faith that the new owner group will be able to take the company seriously into the global market, not only within airport operations but also in other verticals, says Thor Arve Øveraasen, CEO of Øveraasen AS.
Yeti Move Experiences Increasing Demand
The company is experiencing rapid growth as a result of increasing demand and a rise in the number of international customers. The new ownership structure will add valuable expertise and help prepare the company for the next phase. The chairman of Yeti Move AS is pleased with the solution. He believes that the growth potential and ambitions for the company will be enhanced by the new ownership structure:
– Our goal is to create a seamless symbiosis between people and machines, where our solutions not only complement but also enhance the operators’ performance. Our solutions will lead to increased productivity, reduced error rates, and perhaps most importantly – improved safety at airports. Øveraasen and Yeti Move are complementary and work closely together daily in development and customer deliveries. I am very pleased that the good collaboration with Øveraasen will continue even after the sale. Together with our skilled employees, our new investors will contribute to growth in an exciting global market, says the company’s chairman, Frode Kristian Danielsen.
The transaction took place
in October 2024.
in October 2024.
###
Press spokesperson
Frode
Kristian Danielsen
Kristian Danielsen
Styreleder,
Yeti Move AS
Yeti Move AS
Tlf: +47 469 23 330 | E-post: frode@yetimove.com
About Yeti Move AS
Yeti Move develops world-leading technology for autonomous and driver-assisted snow removal solutions for airports. The solutions can replace, complement, and enhance human capabilities to increase productivity, reduce error rates, facilitate green transition, and improve safety at airports. The company has framework agreements with, among others, Avinor and Swedavia, and supplies other international airports. Yeti’s technology can be adapted and utilized in various autonomous operations across multiple industries. The company has 12 employees and located in Drammen.
About Yeti Invest AS
Yeti Invest AS is the majority owner of the company Yeti Move AS and consists of a group of investors whose purpose is to provide the company with expertise and advisory support for further growth and development. The group comprises several individuals with extensive experience in technology, sales and marketing, law, and finance. The group has experience from companies such as Sysco, Optio, Ardoq, Red Bull, Oda, Nel, and Autostore, to name a few. The representative for the investor group is Optio founder Christoffer Herheim.
About Wima Future AS and Øveraasen AS
Wima Future AS, which also owns Øveraasen AS, is a family-owned company within the Øveraasen Group. The family has a clear strategy to develop and produce sustainable, innovative solutions for winter maintenance on airports, roads, and railways. Through Øveraasen AS, the company delivers its solutions to the snow-rich world, from China in the east to Alaska in the west. In 2020, Øveraasen AS signed the world’s first contract for the delivery of sweeping and blowing machines with autonomous solutions to Stockholm Arlanda Airport. The following year, a new agreement was signed with Avinor for the delivery of extra-wide runway sweepers with autonomous solutions to Oslo Airport, Gardermoen. In both deliveries, Yeti Move was a subcontractor to Øveraasen and provided its YASP platform. All deliveries of Øveraasen’s equipment are made from the plant in Gjøvik. The company has a total of 125 employees and subsidiaries in both Sweden and Germany, and it generates approximately 600 million NOK in annual revenue.
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