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Tempo Software Product Development Business Spins Off Into Independent Company


Tempo Software's suite if Atlassian Marketplace solutions will define the next generation of end-to-end project and portfolio management tools for product development, professional services, and IT teams.

Reykjavik, Iceland, January 30, 2015 --(PR.com)-- Nyherji hf. (NASDAQ OMX: NYHR.IC) has announced that its Board of Directors, following a strategic review of the growth strategies and structure of its subsidiary, TM Software, has approved a plan to separate the company’s privately-held custom web solutions and new product development businesses into independent entities. TM Software will continue as an enterprise software development company in Iceland innovating professional web solutions primarily in the field of tourism and welfare for its customers. The newly established Tempo Software company will support the award winning Tempo Timesheets, Tempo Planner, Tempo Books and the recently acquired FOLIO product line for Atlassian’s JIRA platform from its Reykjavík and Montreal offices. The move to create two standalone businesses within the Nyherji group best positions both software companies to capitalize on their respective growth opportunities in the rapidly growing custom web services and software product development landscape.

“TM Software has been a leading enterprise software company for more than twenty years with an incredibly special pool of talent,” said Agust Einarsson, Tempo Software’s, CEO. “For more than six years, Tempo has delivered enterprise solutions at scale as a leader and visionary within the Atlassian ecosystem. We are excited for the opportunity to pivot our businesses strategically and competitively, and are clear on what we need to do to deliver our 2015 plans and ensure a smooth transition process. Both companies will be better positioned to continue work in the best interests of our business, our employees, and our customers.”

The Tempo spin-off marks an important step that will enable each company to be sharper, stronger, and more focussed in their respective markets, with the resources and flexibility to adapt quickly to market and customer dynamics while generating long-term value. With the recent acquisition of FOLIO for JIRA at the end of 2014, Tempo Software will be positioned to deliver a complete end-to-end project and portfolio management solution seamlessly to both on-premise and cloud-hosted JIRA instances, offering resource, capacity, and financial planning, budgeting, forecasting, time tracking, real-time business analytics, and a roll-up of information on the project, program, and portfolio level.

Launched in 2008, Tempo Timesheets was the top Atlassian Marketplace add-on in FY 2012, and was the top-grossing add-on in FY 2013, while Tempo Planner was the top-grossing new add-on in FY 2014. FOLIO for JIRA won the Atlassian Codegeist competition in 2013. More than 6,000 organizations in over 100 countries, including Disney, eBay, Amazon, AT&T, Oracle, BMW, Dell, and Pfizer, use Tempo to work more effectively and efficiently.

Highlights of the New Tempo Software

The Tempo product suite will continue under the Tempo brand.

The Tempo team will continue to develop the Tempo product line from its Reykjavík and Montreal offices.

Mr. Einarsson will continue as the CEO of the newly founded Tempo Software entity.

Finnur Oddsson, CEO of Nýherji, will serve as Chairman of the Tempo Software Board. Gunnar Mar Petersen, CFO of Nýherji, will also serve on the Tempo Software Board.

In 2014, Tempo grew by 86% compared to the previous year, with continued growth expected in 2015.

About Tempo
Tempo Software, a subsidiary of Nyherji hf., is headquartered in Reykjavik, Iceland. Tempo is a recognized leader and visionary in project and portfolio management solutions for Atlassian’s JIRA platform, with customers ranging from small startups to large-scale distributed and Fortune 50 enterprises with more than 10,000 Tempo users.

Tempo has partnered with more than 80 Atlassian Experts around the globe for resale, training, and consultancy in local languages. To learn more about Tempo partners or becoming a partner, please visit: www.tempoplugin.com/partners

About Nyherji hf.
Nyherji hf. is an established Nordic IT services provider with offices in Iceland and Sweden. For over two decades, the company has been a world-class technology supplier, application developer, systems integrator, facilities manager and expert business process consultancy, with corporate roots that can be traced back to 1899 and the inception of “office machines.” Nyherji aims to be the technology partner of choice for businesses, from the smallest to the largest enterprises. With expertise in understanding and linking the needs of enterprise customers to competitive technology solutions, Nyherji uses its deep knowledge of mission-critical processes, hardware and application requirements, to focus on government and industries sectors with high support needs such as healthcare, financial services, logistics and aviation. For more information, please visit www.nyherji.is
Contact Information
Tempo Software
Jessica VanderVeen
+354 545 3048
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