Arion Bank ad­visor for the sale of ma­jor­ity stake in Kóði to VEX

The investment fund operated by VEX ehf. has invested in the software company Kóði ehf., becoming its largest single shareholder. The sellers are the company's founders Dagur Gunnarsson, Thor Thors, Tómas Tómasson, and Örn Þórðarson, along with Pétur Thors and Jasnik ehf., a company fully owned by Höskuldur Tryggvason. The founders will continue to hold a significant stake in the company and remain involved in its operations.

Arion Bank's Corporate Advisory and BBA//Fjeldco served as advisors to the company and sellers in the transaction. Deloitte and LEX law firm provided advisory services to the buyer.

Kóði was founded in 2009 and employs approximately 30 people. The company offers diverse fintech solutions while also collecting, analyzing, and distributing market data. Kóði owns and operates the KODIAK OMS securities trading system, KODIAK Excel, the IPO offering system, Shareholder Registry, and Keldan, which receives 120,000 monthly users. The company has over 20 products, with more than 600 companies utilizing Kóði's products and services. The company's estimated revenue for the current year is approximately one billion Icelandic krónur, with subscription fees accounting for about 85% of revenue.

VEX specializes in investments in unlisted companies and operates two venture funds. VEX's investments are intended for the long term, and the company works closely with management in developing its portfolio companies. VEX's other investments include AGR, Annata, Icelandic Provision, Kaptio, OK, Varist, and Öryggismiðstöðin.