StormGeo: Expanding Product Portfolio
Software provider StormGeo, known for its accurate decision support to weather-sensitive companies, continues to develop its product portfolio. The latest addition, Storm247, is a highly customizable and easy to integrate weather portal for online media.
The weather affects almost every industry, but some businesses face a daily struggle against the elements. StormGeo helps its clients plan for and react to changing weather conditions.
StormGeo, founded in Bergen in Norway in 1997, has built a successful business out of providing software and services that helps weather-sensitive companies in, among others, the offshore oil and gas, renewable energy, shipping and media industries to manage risk, increase efficiency and protect their assets.
“We provide accurate, specific forecasting that allows our customers to best assess how weather will impact their business. For example, if a storm is approaching an oil rig, knowing what will happen in the next few days and hours is vital from a safety and efficiency point of view,” says StormGeo’s Chief Executive Officer Kent Zehetner.
With supporting underlying megatrends such as extreme weather and more infrastructure exposed to damage, a market leading product portfolio and a scalable subscription-based business model, EQT saw an attractive investment opportunity. In April 2014, the EQT Mid Market Fund acquired a majority stake in StormGeo.
“EQT could offer the capital for investment, the professionalism and the experience we needed in our push into new markets. With their help we have been able to get the right people on board, invest in the team and improve the sales process,” Kent Zehetner continues.
“StormGeo is well-placed to grow internationally, as its big data infrastructure and modular product portfolio allows it to quickly react to clients’ needs. As global climate change continues, demand for StormGeo’s services around the world will only increase, so being nimble and having a global mindset are clear advantages,” says Rikke Kjær Nielsen, Director at investment advisor EQT Partners.
Weather big business for media
StormGeo is now also expanding its product portfolio in the media segment, with the recently launched Storm247 – a highly customizable weather portal that allows media companies to give their online users access to accurate forecasts, without the in-house development costs.
The new product allows users to view hourly forecasts covering four days, followed by a 12-day long-term forecast, at over 10 million locations worldwide with coverage of precipitation levels, temperature, cloud cover, and wind speed. The flexible portal uses advertising to generate revenue, has zero fixed costs for the customers and can go live on the customers’ website in just a few minutes.
“The media industry is undergoing disruptive change and online revenues are now more important than ever. With more people getting their weather forecasts from the web, there was an opportunity for StormGeo to help media companies attract that traffic,” says Rikke Kjær Nielsen.
Today, StormGeo has a global reach with 25 offices in 15 countries and more than 330 employees continuously launching new innovative products.
“Whether we are integrating different services for oil and gas companies, improving safety and fuel-efficiency in shipping, or predicting power outages, there is always more we can do to help our clients be smarter and make better decisions. We help our clients by showing them the impact of weather on their business day-by-day – not just the weather in itself - and then give them solutions that have never been available in the market before,” Zehetner concludes.