Swedish software developer Roxen has won the 2012 Red Herring Europe award for which it was shortlisted as  a promising new company.

Publisher Alex Vieux says the company embodies the vision, drive and innovation that define a successful entrepreneurial venture: “Roxen should be proud of its accomplishment, as the competition was the strongest it has ever been,” he says.

Awarded companies were evaluated both 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, which makes the list a valuable instrument for discovering and advocating the greatest business opportunities in the industry.

Roxen chief executive Per Östlund says the award is “yet another acknowledgement of the disruptive, innovative technology and business model” the company provides.

“In the market for editorial systems, we are unique in that we are native to the web and we have relentlessly refused to inherit the complexity of traditional news media,” he says.

Roxen’s head office and development centre is in Linköping, Sweden, with offices in Stockholm, Amsterdam and Chicago.