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Norway start-up founder in multi-million sell-out

Norwegian start-up entrepreneur Magnus Jepson has sold WooThemes, his Wordpress template company, for a rumoured price of around $50m (400m Norwegian kroner) making him an instant multi-millionaire..

Norway start-up founder in multi-million sell-out
The WooThemes team celebrating the sale. Photo: WooThemes
The company has been bought by Automattic, the company behind WordPress, in a cash and shares deal, and Jepson and his partner Mark Forrester are expected to continue working on developing their market for WordPress themes. 
 
“It's a good deal,” Jepson told Stavanger Aftonbladet newspaper, “But it is in the agreement that we should not go public with the sums involved.” 
 
Jepson began as a web designer using WordPress to make simple websites in 2007, but soon moved on to designing plug-ins for the platform, in 2011 developing a tool called WooCommerce, which allows users to turn WordPress sites into online shops. 
 
According to Jepson, WooCommerce is now used by one in four online shops worldwide. 
 
Announcing the deal on his blog, Jepson said that he had had “an incredible ride” and had never expected “the rocket-propelled voyage into the self-hosted eCommerce unknown that lay ahead” when he started the company in 2008. 
 

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INTERNET

Norway has Europe’s fastest internet: report

Net surfers in Norway have the second fastest speeds in the world, according to a new report.

Norway has Europe’s fastest internet: report
Only South Korea topped Norway in the global comparison. Photo: Magnus Hjalmarson Neideman /SvD /TT
Norway’s average connection speed of 20.1 megabits per second (mbps) is second only to South Korea’s 27 mbps average, a new report from internet service provider Akamai said this week. 
 
Norway’s average internet speeds increased by 55 percent over the previous year, enough to catapult the nation past Sweden to claim the fastest internet in Europe. 
 
Sweden’s average speed was 18.8 mbps, good enough for fourth place overall. Hong Kong placed third with speeds of 19.5 mbps.
 
Akamai's’s president in the Nordics explained that other nations have followed Sweden’s example by investing in fast broadband.
 
“Sweden has one of the world’s fastest broadband networks, thanks to extensive investments in infrastructure. It’s now clear that other countries have followed their example,” Per Sterner said in a press release.
 
According to the report, the global peak speed average increased nearly seven percent since the previous quarter to reach 34.7 mbps. Singapore was the runaway winner for the highest peak speeds at 146.9 mbps, while Norway’s peak speed of 69.0 was only good enough for 23rd place. 
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