Business cooperation fades.
Bluegrove’s supposedly imminent strategic deal with Microsoft appears to be central to the start-up company’s foundation for a valuation of EUR 210 million.
On Friday afternoon, SalmonBusiness published an article that featured this information, as well as a video in which Bluegrove presented the close cooperation they have with the American IT giant.
Minutes after the article had been published, however, the Vimeo video was removed. Then, about an hour later, an edited version of the video was republished — with no references to Microsoft.
SalmonBusiness has not yet succeeded in getting a comment from CageEye explaining why the video was edited and changed.
In the video, Bluegrove CEO Bendik S. Søvegjarto forecasted large growth ambitions.
“When we think about what we’re building here, it’s going to be massive. Only the mindset is the limitations,” said Søvegjarto.
In the business strategy, growth, through mergers and acquisitions, is central. Søvegjarto and Bluegrove/CageEye have so far made two acquisitions: of NorseAqua and Sealab. Both of these were substantially made with settlement in shares, which benefited from the high valuation of the acquirer’s shares.
- Read more: NorseAqua founder received €5.3 million in cash and shares when he sold the company to CageEye
Karen Hammeren, director of communications at Microsoft Norway, stressed that her employer did not have a strategic partnership with the Oslo-based start-up company.
“We have many partners in Norway and CageEye, a subsidiary of Bluegrove is one of them. There are many benefits to being part of the Microsoft Partner Network. However, those extended to CageEye/Bluegrove are consistent with those extended to all our other partners. Valued through our relationship with CageEye or Bluegrove is, it is wrong to imply any kind of additional or elevated partner status,” Hammeren told SalmonBusiness.