Kjell Inge Røkkes Aker and Johan H. Andresens Ferd bought in Cxense in 2016 and have since been involved in several shares of the Norwegian technology company.
There are no profitable investments. On Monday, the two investors accepted an offer that would result in the loss of tens of millions of Norwegian kroner.
Cxense had several well-known investors from the owner, but the stock became one of the losers on the Oslo stock market. The price drop has been 90 percent over the last three years.
The company can now be sold after US competitor Piano Software made a bid of NOK 351 million.
While Ferd faces a loss of almost NOK 80 million, Aker's investments are minus just over NOK 40 million.
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The two investors, bought in Cxense through a share issue of NOK 120 per share in May 2016, participated in the capital increase to NOK 40 per share in August next year and last February when Cxense sold new shares at NOK 7.
Ferd and Acker have also bought shares in the market.
Communications director Atle Kigen says Aker entered Cxense because they were curious about the company's knowledge and technology environment.
"We had this as a listening post and in value terms it was not a good investment for us, but we learned a lot and created Cognite, which we are very proud of," says Kigen, referring to an IT company that originated from the Aker system.
– We joined several companies to listen and learn. Then there's an offer from an industrial player and we've accepted, he says.
Kigen calls the Cxense investment "an important source of training".
"We came in and were completely open to the idea that it was a financial investment in an exciting, innovative environment and technology," said the communications director.
Ferd boss Morten Borge did not respond to E24's request for the investment.
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Cxense delivers technology that allows customers to personalize their content on the Internet to the individual consumer, including international media outlets such as the Wall Street Journal and Spanish El Pais on the customer list.
The accounts show that the company has not made any money while the rapid growth has stopped in recent years.
From 2013 to 2016, turnover grew from $ 5.6 million to $ 22 million, and the stock price peaked at $ 150 in the summer three years ago.
However, over the next two years, revenues will drop to about $ 20 million.
At the same time, Cxense registers a loss after tax each year. The biggest negative result of just over $ 32 million came in 2017, while the total loss from 2013 was over $ 80 million.
Currently, Ferd is the largest shareholder with 10.6 percent of shares, while Aker Capital is the fourth largest shareholder with 5.6 percent of ownership.
On Monday morning, Cxense announced Piano Software's offer of NOK 16 per share. This gives a premium of 152% of Friday's closing price of NOK 6.36.
The Oslo stock exchange Cxense rose 135.06% on Monday to NOK 14.95.