Swedish Startup Space

He Sold Pingdom for $60 million – Here Is His New Secret Tech Project

Written by on November 9, 2015

Breakit can now reveal that star entrepreneur Sam Nurmi made a profit of close to $60 million when he sold his digital analytical company Pingdom last year. The Swedish tech entrepreneur has just started a new large project.

Sam Nurmi from Västerås is without doubt one of Sweden’s most successful digital entrepreneurs. He sold his web hotel Loopia to Sweden’s largest web hotel Active24 for $2 million already in 2005.

He then founded the digital analytical company Pingdom which turned over $6 million last year and has giants such as Spotify, Google, Apple and Ikea among its customers.

Despite his success he has continuously, and very much deliberately, been somewhat reclusive.

Sam Nurmi sold Pingdom last year – whose business idea is to help companies analyze and follow operational status together with traffic on sites – to the American-listed company SolarWinds. The acquisition sum was not disclosed.

But Breakit can reveal that it was a truly superb deal for the Swedish entrepreneur. According to documents from Bolagsverket, Sam Nurmi’s investment company Nurmi Drive owned more than 90 percent of Pingdom before the sale, which was concluded last summer. When he sold his owner share later on his investment company made a profit of $57 million according to the annual report.

But what will Sam Nurmi do with all the money? According to Breakit the 38-year old does not seem to have any plans for an early retirement. Sam Nurmi has instead, quietly, started a new company which is described as a “giant venture”.

The new secret project is called Dooer.

Dooer – which is said to want to revolutionize the accounting business – has become talked about within the tech world. The idea with Dooer is that every invoice a company sends will automatically be booked in the service’s system. How it will be managed technically is not evident so far but it will mean that business owners will basically not have to send any invoices manually anywhere! in the future.

The company’s site describes the service, which has not been released yet, as “the world’s first artificial intelligence which reads, understands and handles your bookkeeping”. Among other things, the company writes that banking transactions will be interpreted and matched with the bookkeeping in the future, which potentially can save a lot of time for entrepreneurs and accounting agencies.

Exactly how much Sam Nurmi has invested in his new company is not clear.

Sam Nurmi has declined to comment regarding his new venture with an explanation that he wants to focus on building his company.

  • Harry van der Veen

    Love this part: Sam Nurmi has declined to comment regarding his new venture with an explanation that he wants to focus on building his company. Sounds like a no nonsense guy.

Subscribe to our mailing list