Pride Capital Partners completes first investment in Norway
Pride Capital Partners completed its first investment in Norway by investing in Duell Software AS and its previously separate software development entity, Panteon AS. Both companies are headquartered and operated from a shared office in Kristiansand, Norway. Pride Capital Partners will support the management team’s existing organic growth initiatives and play an active role in facilitating a buy-and-build strategy in the fragmented Nordic POS market.
Duell Software is a cloud-native operational software platform for commerce-driven businesses, delivering mission-critical functionality across logistics, inventory management, bookings, payments, and daily operations, with POS as an integrated part of the platform.
The platform is built on a highly scalable, modular architecture, with over 1,250 business customers subscribing to the core software and a range of standardized add-on modules at incremental monthly fees. This modular structure enables Duell to serve multiple verticals while ensuring strong scalability. Panteon operates as the in-house development arm while continuing to support selected external clients.
The combined entity will continue its organic roll-out in Norway by expanding its customer base and introducing new modules and APIs to strengthen its position as a full-service operation software platform. Alongside this, management is committed to a buy-and-build strategy to consolidate the fragmented POS market, targeting complementary businesses that can accelerate recurring revenue growth and broaden the product offering. Pride Capital Partners will actively support these initiatives with capital and hands-on support in executing M&A transactions.
Joachim Nygaard – Co-founder and CCO at Duell Software:
“Duell is built to replace the fragmented, on-premises, and silo-based systems that many businesses still operate today. We position Duell as an operating system for the business, with logistics, inventory, orders, ticketing, bookings, and data flows at its core.
Pride Capital Partners stands out as an investor that truly understands what software founders and product teams need to build long-term value. Beyond capital, they bring relevant expertise, a pragmatic approach to growth, and active support in executing a focused buy-and-build strategy. This makes Pride an ideal partner as we scale the platform and pursue targeted M&A across the Nordics.”
Bas Welten – Investment Director & Head of Nordics at Pride Capital Partners:
“Duell has built a leading position in the Norwegian POS market with a modern, cloud-native platform and a highly capable team. The combination of scalability, proven product innovation, and the strategic Loomis-Pay partnership provides a solid foundation for further growth. We are impressed by management’s vision and track record and look forward to supporting them in executing a targeted buy-and-build strategy and scaling across the Nordics.”
About Duell Software & Panteon
Headquartered in Kristiansand, Norway, Duell Software and Panteon together form a leading Nordic point-of-sale (POS) and software development group. Duell delivers a modern, cloud-native, and industry-agnostic POS and logistics platform, which is critical to its customers’ daily operations. Panteon acts as the in-house software development team, fuelling innovation for Duell’s platform while also serving select external clients.