Data Respons ASA: Data Respons acquires technology companies - strengthening the position in Germany
October 10 2018 - 11:30AM
Data Respons ASA has today entered into an
agreement to acquire 100% of the shares in IT SONIX GmbH and XPURE
GmbH, two R&D Services companies situated in Leipzig with 125
employees. The companies are leading niche providers of specialist
services and SW technology (Java, Embedded, Cloud, Data Sience (AI)
and agile UXUI) specifically aimed at "Connected Car" solutions,
internet of things, mobile services and embedded applications.
- With this transaction, we continue to strengthen
our presence in Germany, the by far largest industrial market in
Europe and a strategically important market for Data Respons. More
notably, we continue to strengthen our competence, industry
know-how and customer footprint within some of the world's most
dynamic and R&D intensive industries. The acquired companies
are deeply involved in the ongoing digital transition for some of
the leading automotive brands in Germany.
IT SONIX and XPURE's provide clear operational
synergies both on specialist competence and customer footprint and
strengthens Data Respons' position as a complete technology partner
for industrial digitalization, IoT and smart embedded solutions in
Germany, says Kenneth Ragnvaldsen, CEO of Data Respons ASA.
We are looking forward to become part of the Data
Respons Group. We share the same culture and technology profile and
both companies are working close with our customers to develop
innovative solutions. We rely on specialists driven by new
technology, accustomed to perform and develop highly complex
solutions. Consequently, we are recruiting the best talents and our
close collaboration with universities in Leipzig and
Halle/Wittenberg will benefit the rest of the Data Respons Group.
Joining forces with Data Respons puts us in a better position to
take on even more innovative and exciting projects, says Andreas
Lassmann CEO of IT SONIX and XPURE.
- I am pleased to welcome IT SONIX and XPURE to
the Data Respons family. We are fully committed; to further
intensify the partnerships with their clients as well as to foster
the agile team spirit and individual expertise of their employees.
Together we have good prerequisites to take on larger, ground
breaking projects creating smarter digital solutions for the
future, Kenneth Ragnvaldsen concludes.
Financial
information
The acquired companies (IT SONIX and XPURE) had a total turnover of
EUR 13.6 million in 2017 and an EBIT of EUR 2.8 million. The
consideration for the transaction is structured in three parts. The
first part is an upfront cash consideration of EUR 9.8 million
which has been paid today at the closing of the transaction. The
second part is a private placement of 2.9 million shares in Data
Respons ASA that will be issued to the sellers within 1 month after
closing. The third part is an additional earn-out payment which
will be paid based on a positive development in the EBIT of the
acquired companies over the next 4 years (2018, 2019, 2020 and
2021). The earn-out payments will be due in Q2 the year following
the respective earn-out year with the first payment on May
31st 2019, the
second payment on May 31st 2020, third
payment on May 31st 2021, and
the last payment on May 31st 2022. The
earn-out settlements will be a combination of cash and issuance of
new shares (up to 50% of the settlement according to Data Respons'
desire at the time of payment).
The initial cash consideration has been funded by
a combination of existing loan facilities and cash reserves. IT
SONIX and XPURE are debt free and have cash in hand of EUR 0.5
million at closing. The companies will be consolidated into Data
Respons' consolidated financial statements from October 2018. Total
transaction costs is estimated to NOK 7 million, which will be
recognized in the Q4 2018 accounts. Further information about the
transaction will be provided in the forthcoming prospectus that
will be issued according to Section 3.5 of the Continuing
Obligations for Stock Exchange Listed Companies.
For further
information:
Kenneth Ragnvaldsen, CEO, Data Respons ASA, tel. +47 913
90 918.
Rune Wahl, CFO, Data Respons ASA, tel. + 47 950
36 046
About Data Respons
Data Respons is a full-service, independent technology company and
a leading player in the IoT, Industrial digitalisation and the
embedded solutions market. We provide R&D services and
smarter solutions to OEM companies, system integrators and
vertical product suppliers in a range of market segments such
as Transport & Automotive, Industrial Automation, Telecom
& Media, Space, Defense & Security, Medtech, Energy &
Maritime, and Finance & Public Sector.
Data Respons ASA is listed on the Oslo Stock Exchange (Ticker:
DAT), and is part of the information technology index. The company
has offices in Norway, Sweden, Denmark, Germany and
Taiwan. www.datarespons.com
This information is subject of the disclosure requirements pursuant
to section 5-12 of the Norwegian Securities Trading Act.
This
announcement is distributed by West Corporation on behalf of West
Corporation clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Data Respons ASA via Globenewswire
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