Karnov Group enters Norwegian market
Today, Karnov Group concluded an agreement to invest in Strawberry Law and acquire 40% of the shares, with an option to acquire additional shares and become a majority shareholder. Strawberry Law will provide digital subscription-based legal services to the Norwegian market and is based in Oslo. The name of the company has now been changed to Karnov Group Norway AS.
Karnov Group has initially invested MNOK 15, and both parties have committed to additional investments. Karnov Group will support the company with its experience as a leader in legal information services in both Denmark and Sweden. Furthermore, Karnov Group will investigate where the existing offering can beneficially support the Norwegian company in successfully growing the market. Market launch is expected to be in the 2nd half of 2021.
Flemming Breinholt, CEO, Karnov Group:
‘We have followed Strawberry Law’s progressive approach to establishing itself in the Norwegian market for legal information services over the past six months. Many good discussions have confirmed that Karnov Group and Strawberry Law are aligned on high ambitions and on how to create strong business results together by combining the strengths of both parties. I admire Strawberry Law’s deep insights into the local needs of the legal community in Norway, in which they have strong relations. It is indeed an exciting opportunity for Karnov Group, and we are looking forward to the continued collaboration and to developing and growing together under the name Karnov Group Norway.’
Petter Stordalen, majority owner in Strawberry Publishing:
We have worked closely with Flemming and Karnov Group for a longer period, and after our employees were in place in the beginning of March, the process has been speeding up. Within legal information solutions, Karnov is in a league of its own and now we are able to join our execution power and ideas for the Norwegian market with their know-how and experience. I have always regarded the Nordics as one country, and I believe that a solution that can bring the knowledge and resources from three countries, will be highly attractive for both customers and authors’
The legal research solution will be based on a platform collaboration between Strawberry Law and Lovdata, a leading Norwegian legal information solution provider. Lovdata is a private foundation, founded in 1981 by the Norwegian department of Justice and the Law Faculty of Oslo university. Strawberry Law is founded out of Strawberry Publishing, with the aim of improving the way that legal information is distributed and used in Norway.
Knut Brundtland, Chairman of the Board of Directors, Strawberry Law
‘We are happy to be able to relaunch the name Karnov in Norway and believe that the collaboration with such a strong Scandinavian player will help us to quickly gain traction in the local market.
The platform collaboration with Lovdata is an important milestone for us, as it is the most widely used legal information solution in the Norwegian market, with remarkable satisfaction levels amongst its users’
For more information, please contact:
Flemming Breinholt, CEO
Telephone: +45 40 32 23 32
Knut Brundtland, Chairman of the board
Telephone: +47 40 06 20 20
This press release contains inside information that Karnov Group AB (publ) is required to make public pursuant to the EU Market Abuse Regulation The information was submitted for publication on 27 March 2020, at 08:30 a.m. CET.
Karnov Group is a leading provider of mission critical information in the areas of legal, tax and accounting, and environmental, health and safety in Denmark and Sweden. With brands such as Karnov, Norstedts Juridik, VJS, Notisum, Legal Cross Boarder, and Forlaget Andersen, Karnov Group delivers knowledge and insights, enabling more than 60,000 users to make better decisions, faster – every day. With offices in Copenhagen, Stockholm, and Malmö, Karnov Group employs around 240 people. Net sales in 2019 amounted to SEK 757 M. The Karnov share is listed on Nasdaq Stockholm, Mid Cap segment under the ticker “KAR”. For more information, please visit www.karnovgroup.com.
About Strawberry Law: The Nordic publishing house, Strawberry Publishing, has in a short period of time established a brand that have attracted some of the strongest authors in the Nordic region. The subsidiary, Strawberry Law, was established to challenge the commercial players in the Norwegian legal publishing industry, both on- and offline. Knut Brundtland was brought in as Chairman of the Board, and the company has already secured some of the leading editorial and technological resources within the legal publishing industry in Norway. Strawberry Law has a long-term ambition of becoming the natural choice for the legal professional in Norway.