Inder invests 200 million in Norwegian entrepreneur

IRMI GroupHere signs May Martinsen and Dr. Pandey contract.Photo: IRMI Group

‘The potential in the fight against fraud, corruption and cybercrime is greater than any financial calculations have counted on,’ said Dr. Sachin Pandey.


The market for security against cybercrime, and cybercrime attacks, is one of the fastest growing in the world right now. The fight against terrorism means that both states, and private companies, will be investing huge sums, to uncover money laundering, as well as keeping employees, and populations safe.

Today, the Norwegian company Irmi has positioned itself successfully to take a leading international role.

‘Absolutely everybody we talk to is desperately looking for a partner. I saw this coming many years ago, and have now enabled the situation where Irmi can be introduced to the world; first port of call is Europe’, said May Martinsen, CEO, and the main shareholder in Irmi.

One person who’s discovered this to be true is Dr. Pandey, a leading owner of Indian Cloud Forensics. For 17 years, he’s been building one of India’s leading suppliers of computer security systems, targeted toward military and national security services.

‘Irmi has the world’s best setup, and provides services in the fields of compliance, cybercrime, and analysis. Cloud Forensics is now targeting the international financial market, where there is a screaming need for these services. We couldn’t find a better partner than Irmi,’ said Dr. Pandey.

In total, he’s invested 25 million US dollars, equivalent to more than 200 million Norwegian kroner (NOK). Around NOK 40 million goes to the parent company, Irmi, where Pandey holds a stake of 7%. The remaining funds, approximately NOK 160 million, are to be distributed equally to Irmis’s two subsidiaries over the course of the next two years.

World business has underinvested in the war on cybercrime, and attacks in digital space, for many years. Over the next few years we’ll see an explosion of investment in this market,’ said Dr. Pandey.

Less than 20 years ago, companies in the Western world could record corruption funds in their accounts. Today, everyday life is completely different.

‘Today, legislation, the courts, the media, and public opinion, make much stronger demands. The board, investors, daily managers, personal and business owners, all share responsibility for not having done enough background checks, and systematic risk and compliance assessments.

There are already many examples of the lack of background checks, and risk or compliance assessments, having triggered imprisonment for board members and executive managers, bankruptcy, exclusion from public tenders and public indebtedness,’ said Martinsen.

Entrepreneurs, and start-up companies in focusMartinsen, who retain 93% of ownership in Irmi, received help from the board to get Pandey on the team.

A few weeks ago, the investment agreement was signed in New Delhi during a contract ceremony, both in collaboration with, and arranged by Innovation Norway India, and the Norwegian embassy. Ambassador Nils Ragnar Kamsvåg, and Director of Innovation Norway in India, Helge Tryti, were present.

‘Focus areas for Innovation Norway are entrepreneurs, and start-up companies. It is therefore pleasant to see that Irmi has gained such solid Indian partners as Cloud Forensics and Dr. Pandey, thereby securing expertise, and funding, for international expansion in a market expected to grow significantly over the coming years’, said Helge Tryti.

The collaboration between Cloud Forensics and Irmi is a Norwegian-Indian collaboration with large-scale international importance, according to India’s Norwegian embassy.

Irmi and Cloud Forensics’ cooperation agreement opens the way for exciting Norwegian-Indian cooperation in an area of ​​massive international importance. This applies in particular to companies wishing to invest abroad, said Norwegian Ambassador in India, Nils Ragnar Kamsvåg.

Must be world leaders

The strategy is in place, and the first market to be conquered is European.

‘We are already in dialogue with many companies. We’ve got both the financial muscle, and the right partner in Cloud Forensics,’ said Martinsen.

‘Together with Cloud Forensics, the goal is to become a leading, world-class provider of analysis, and services, to combat corruption, fraud, and cybercrime,’ Martinsen continued.

Dr. Pandey’s vision is only to take the risk, and the world will be free from cybercrime, and attacks in digital space.

‘Then you may ask yourself, how likely is it?’ said Dr. Pandey, with a glowing, celestial light in his eye that seemed to illuminate the whole room.


Source:  IRMI Group / Norway Today