Web-based newspaper systems developer Roxen has been named one of Europe’s “most promising” private technology businesses.

The company is a finalist in the Red Herring Top 100 Europe awards. Nominees are judged on quantitative and qualitative criteria including financial performance, technology innovation, quality of management, execution of strategy, and integration into their respective industries. Assessment of potential is complemented by a review of the actual track record and standing of a company.

“Being nominated is another acknowledgement of our disruptive, innovative technology and business model,” says chief executive Per Östlund.

The company’s offering focusses on a suite of entirely web-based editorial publishing solutions to provide publishers with tools to manage news and other contents in multiple channels, from print and web to tablets and smartphones.

Engineers at what is now Roxen developed Sweden’s first webpage in 1993 and one of the world’s first web servers in the year after.

“We have been ahead of our time and in the past year’s we have managed to reinvent ourselves,” says Ostlund.

Finalists in the competition will be announced at a special awards ceremony in Amsterdam on April 25.