Draft:AutoStore
| Company type | Public |
|---|---|
| OSE: AUTO.OL | |
| Industry | Material handling, Logistics automation, Software |
| Founded | June 23, 1995 |
| Founder | Jakob Hatteland |
| Headquarters | Nedre Vats, Norway |
Area served | EMEA, North America, South America, APAC |
Key people | Mats Hovland Vikse (CEO) |
| Services | Warehouse automation |
| Revenue | US$601.4 million (2024) |
Number of employees | 1,082 (2024) |
| Website | www.autostoresystem.com |
AutoStore AS is a Norwegian manufacturer of automated storage and retrieval systems (AS/RS). The company is headquartered in Nedre Vats, Norway, and operates globally with offices in Europe, the United States, Asia, and Australia. As of 2024, it has more than 1,000 employees and reported annual revenue of $601 million. AutoStore is publicly traded on the Oslo Stock Exchange under the ticker symbol AUTO.OL.
History
[edit]AutoStore was officially founded in 1995, but its roots trace back to the 1970s, a history further acknowledged in coverage by Bloomberg and industry analysts.[1] When IT entrepreneur Jakob Hatteland began selling computer components from a barn in Nedre Vats, his business, Hatteland Group, became Northern Europe’s largest distributor of electronic components. When a newly constructed warehouse reached full capacity within one month, Hatteland's technical director, Ingvar Hognaland, developed a compact robotic storage solution, which became the basis of AutoStore’s technology.[2]
In 2000, Arrow Electronics acquired Hatteland Electronic, allowing Hatteland Group to invest further in AutoStore. The first commercial AutoStore system was installed in 2005 at Elotec, a Norwegian security equipment supplier.
In 2017, EQT acquired AutoStore for NOK 4 billion and later sold it in 2019 for NOK 15 billion to Thomas H. Lee Partners and EQT Private Equity, making AutoStore Norway’s first unicorn.[3] In 2021, SoftBank purchased 40% of the company for NOK 23 billion.[4]
AutoStore became listed on the Oslo Stock Exchange in October 2021, marking Norway’s largest IPO in two decades.[5]
In 2023, CEO Karl Johan Lier retired and was succeeded by Mats Hovland Vikse.[6]
Acquisitions and Innovations
[edit]AutoStore acquired the Denver-based software company Locai in 2019, rebranding it in 2022 as the QubIt Fulfillment Platform. In 2021, it launched its Innovation Hub in Karmøy, Norway.[7]
In 2022, AutoStore introduced PIO, a robotic solution for small and mid-sized businesses.[8] In 2024, it opened a new U.S. headquarters in Salem, New Hampshire, a development reported by Yahoo Finance.[9]
In 2025, the company launched its Multi-Temperature Solution for cold and frozen storage and CarouselAI, an AI-powered picking solution co-developed with Berkshire Grey.[10]
Technology
[edit]AutoStore’s cube-based goods-to-person (GTP) system uses robots to retrieve goods from a grid and deliver them to workstations. It eliminates the need for aisles or walkways and increases storage density by up to 400%. The system is modular, scalable, and energy efficient—ten robots use as much energy as a single vacuum cleaner. In a simulation-based academic study, the system’s performance in various warehouse configurations showed significant space and labor savings, confirming its value beyond manufacturer claims.[11]
Recognition
[edit]In 2024, AutoStore was named one of Fast Company’s Most Innovative Companies, according to the original Fast Company listing.[12]
Global Reach
[edit]As of March 2025, AutoStore has over 1,600 systems deployed in more than 55 countries. Notable clients include:
Norway: XXL, Berggård Amundsen, Komplett USA: PUMA, Best Buy, Crocs, Chewy, Medline, Lids, HelloFresh, H Mart, H-E-B Germany: Lufthansa, Siemens, DHL, flaschenpost SE Brazil: Dafiti Group Italy: Benetton Netherlands: Active Ants Sweden: Boozt, Varner, Apotea UK: THG, ASDA Japan: FANUC, Pertronic, Toranoana, Hayabusa Singapore: GLS, Yusen Logistics Czech Republic: Rohlik
References
[edit]- ^ "AutoStore Sets $1.8 Billion IPO, One of Norway's Largest Ever". Bloomberg.
- ^ Haugstad, Tormod (June 13, 2021). "I bygda med 400 mennesker holder selskapet verdt 65 milliarder kroner til. – Bare begynnelsen". Tu.no.
- ^ Harnes, Magnus Peter (September 30, 2020). "I fjor ble det norske selskapet solgt for 16 milliarder kroner og fikk status som Norges første enhjørning. Men dagens lansering er større, ifølge Autostore-sjefen". www.shifter.no.
- ^ "SoftBank to Take 40% Stake in Norway's AutoStore". PE Insights.
- ^ "AutoStore Sets $1.8 Billion IPO, One of Norway's Largest Ever". Bloomberg.
- ^ "AutoStore appoints Mats Hovland Vikse as new CEO". Supply Chain 24/7.
- ^ Rustici, Camille (May 10, 2021). "AutoStore Unveils Simulation Hub to Test Supply Chain Environments". DirectIndustry e-Magazine.
- ^ "AutoStore Launches Pio to Make Cube Storage Available to Small, Midsize Businesses". Robotics 24/7.
- ^ "AutoStore Unveils Latest Technology Innovations". Yahoo Finance.
- ^ "AutoStore launches AI-driven robotic piece picking". Logistics Matters.
- ^ "Simulation Study of AutoStore Systems (not peer-reviewed but academic in nature)". ResearchGate.
- ^ "Fast Company Most Innovative Companies 2024". Fast Company.