CEO Insight: Pioneering the Next Big Thing

Who is Vegard?

Vegard Bøe, 56, is married to Else and they have three daughters. He’s also a proud grandfather to three grandchildren. A former international alpine skier, Vegard now enjoys cycling, running, and cross-country skiing. He spearheaded a decade-long project to build a gymnastics hall in his hometown, inspired by his daughters’ involvement in the sport and his desire to promote healthy activities for youth.

Vegard’s Journey

Vegard joined Portalo as CCO in September last year and was appointed CEO 1^st of March 2024. Before Portalo, he was CSO at Enin for three years, where he onboarded 70 new customers and significantly increased the annual recurring revenue. He has 15 years of experience in the ERP industry, including roles as CEO of IFS Norway and Senior Vice President of Consulting Scandinavia at IFS Scandinavia, managing a team of 300 consultants in Scandinavia and an offshoring center in Sri Lanka. He’s held leadership roles at Dun & Bradstreet, Intrum, and The Ministry of Trade and Industry. He holds a master’s degree in economics from the University of Oslo and is a graduate of the naval officer’s school.

Why Did He Choose to Start in a Startup Like Portalo?

After three transformative years with his first startup, Enin, Vegard was eager to continue his journey in a dynamic startup environment. The opportunity to contribute to the growth of ARR and company value, while assembling and nurturing a high-performing team, was particularly appealing to him.

What’s Vegard’s Definition of Success

For Vegard, success, particularly in the startup realm, is characterized by the thrill of securing each new customer contract. He believes that short-term success is achieved when there’s an alignment between the product and the clients’ needs, demonstrating a product-market fit. By maintaining this alignment and continually improving the product, he believes Portalo can support their customers’ improvement initiatives, drive ARR growth, and achieve profitability.

Leadership Style and Company Culture

Upon joining Portalo, Vegard immediately recognized the importance of team spirit, domain expertise, and a welcoming atmosphere. In his leadership approach, he continually strives to enhance his skills and competencies. For instance, within his first six months at Portalo, he completed a certification in an MBA Finance Program from the Edinburgh Business School. His aim is to foster a culture of thought leadership, cultivate a diverse range of expertise within the company, and ensure their reputation as a high-performing and well-managed organization is recognized by both customers and the market.

Short-Term Goals for Portalo

When Vegard commenced his tenure at Portalo in September of the previous year, the management set a short-term goal for the following six months: “10 + 10.” This entailed acquiring 10 new customers and achieving a MNOK 10 share issue, both of which were successfully accomplished. Moving forward, their immediate goals include doubling their customer base by the end of 2024, establishing a robust technical security baseline, hiring a CTO, expanding their development capacity, enhancing brand recognition, and structuring capital for customer deliveries.

Where is Portalo in Five Years?

In five years, Vegard envisions Portalo as a prominent player in Gift & Grants and Portfolio Management within the Nordic region. They anticipate operationalizing their global strategy, achieving sustained ARR growth, issuing their first stock dividend, and potentially acquiring companies to bolster their product offerings. Furthermore, they aim to expand their presence beyond the Nordics by establishing sales offices in new markets.

What is Grieg Kapital Like as an Investor?

As the newly appointed CEO of Portalo, Vegard has found the expertise provided by Grieg Kapital to be valuable. Their strategic collaboration, marked by joint planning sessions and the establishment of key performance indicators (KPIs), lays a solid foundation for operational success. Grieg Kapital’s historical role as a primary investor has been important in securing Portalo’s financial stability leading up to the recent share issue in February 2024. Vegard looks forward to continuing the partnership with Grieg Kapital, and together deliver on the growth trajectory.

Portalo in Brief

Portalo delivers systems for investment companies, alternative investment funds, and providers of gifts and grants, such as foundations and Norwegian savings banks. The company offers a wide range of modules, spanning from deal flow/application management to portfolio/gift management and board rooms. Portalo ensures easy access to all relevant data throughout the lifetime of an investment or gift opportunity.

If you want to hear more about Portalo, feel free to reach out to any of us in the team of Grieg Kapital, or Portalo directly.