March 3, 2021 - PRESS RELEASE

Jacob Kildegaard Larsen is the new chairman of the board of Cortex Technology. Jacob Kildegaard Larsen also joins the circle of owners.

1st of March 2021 Jacob Kildegaard Larsen took over as new Chairman of the Board of Cortex Technology. As former CEO of Ellipse A / S for 12 years, Jacob has extensive experience in selling equipment within dermatology and aesthetic treatments.

“We in the Executive Board and the investor circle are really happy that we have succeeded in entering into an agreement with Jacob. We have been looking for an industry-savvy person who has experience in developing a small SME business in the global market and who can help us realize the additional potential that we are convinced exists for our business. In that context, Jacob has been on a similar and very nice journey with Ellipse. In addition, throughout the dialogue with Jacob, there has been really good chemistry and a common understanding of the strategic possibilities in Cortex. ” Says, Steffen Vogel

Jacob Kildegaard Larsen says about the investment in Cortex: “I am really happy to have had the opportunity to help Cortex on the further journey. Cortex is an ambitious company that for many years has built up a leading position in special skin analysis for research. A position that provides a fantastic starting point for further global expansion. I look forward to the task and to, together with the Executive Board, expanding Cortex’s position in the coming years. “

The private equity firm Vaekst-Invest invests in Cortex Technology, a niche company operating in the field of dermatology.

Since its foundation in 1986, Cortex Technology has developed into one of the leading manufacturers in two areas within dermatology – cryosurgical equipment and equipment for scientific skin analysis. The cryosurgical equipment is used for the treatment of various skin conditions, including warts and certain types of skin cancer. The skin analysis equipment is used for research, clinical trials, and customer and patient guidance. The company’s customer segments include dermatologists, research institutions, major global companies, manufacturers of cosmetics, etc. Cortex Technology was acquired in 2016 by the current management Steffen Vogel and Christian Thomsen. The company has since experienced double-digit growth rates every year and is today among the market leaders in the niche.

“In recent years, Cortex Technology has had a strong focus on establishing a global presence through dealers and distributors. The company’s focus on dedicated dealers has meant that exports have developed nicely and the potential for further growth is very good.

“Cortex Technology has undergone a positive transformation the last 5 years and today the foundation for future and accelerated growth is really strong. We have managed to deliver high growth rates due to the focus on organizational development, optimizing sales channels, production of quality products as well as R&D. We have a fantastic team of employees, which we also want to strengthen in the future. In terms of sales, Cortex has large untapped potential – this applies both in relation to geography and in relation to the various customer segments. We look forward to further developing the company together with Veakst-Invest,” says Steffen Vogel, CEO of Cortex Technology.

Focus on innovation and product development has led to growth and increased global interest from several customer segments. In recent years, Cortex Technology has had a special focus on the development of new skin analysis products and accessory products. The company has several very interesting projects in the development pipeline, for which management has high expectations.

“Since the acquisition of Cortex Technology in 2016, we have invested significantly in product development – this both in relation to new products as well as further development and updating of existing products. At the same time, great emphasis has been placed on documentation, and quality management is top-notch and not least digitized. Several of our products have medical approvals in Europe, the USA, and several countries in Asia, which is why these elements are of great importance. Our development pipeline is really interesting and we are quite far in the process with more products that complement and add further strength to our product range.” says Christian Thomsen, CTO of Cortex Technology.”

Steffen Vogel and Christian Thomsen continue both in the management and as shareholders in Cortex Technology.

Jeppe Nyby, investment manager at Vaekst-Invest, adds:

“Cortex Technology is an exciting investment for Vaekst-Invest. We have known the company for many years, and over the past year have had a good dialogue with Steffen and Christian. The chemistry and dialogue around the future development of Cortex Technology has assured us that the company has great potential. In particular, we pay attention to the company’s scalability and global potential. We are very much looking forward to further developing the company together with the management.”

About Cortex Technology

Cortex Technology is among the leading manufacturers of cryosurgical and scientific skin analysis equipment. The cryosurgical equipment is used for the treatment of various skin conditions, including warts and certain types of skin cancer. The skin analysis equipment is used for research, clinical trials and customer and patient guidance.

Cortex Technology is ISO 13485 certified and several of the products are medically registered in Europe and countries such as Japan, China, Russia, USA, Australia, South Korea, and others.

To learn more visit www.cortex.dk

About Vaekst-Invest II

Vaekst-Invest II is a private equity firm focusing on small and medium-sized companies in Jutland. The fund’s investment focus is companies with a turnover of up to DKK 150 million – however, with an expectation that most investments will be made in companies with a turnover of up to DKK 25-100 million. Cortex Technology is Vaekst-Invest investment no. 2 in Vaekst-Invest’s fund II.

To learn more visit www.vaekstinvest.dk

For additional information

Steffen Vogel, CEO i Cortex Technology, +45 40405345

Jeppe Nyby, Vaekst-Invest, +45 40246756