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    247   SE0010546911

24SEVENOFFICE GROUP AB (PUBL)

(247)
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24SevenOffice sells all of its shares in the Swedish consulting and accounting company Credité Consulting to its strategic partner ECIT AS.

11/25/2021 | 02:00am EST

24SevenOffice sells 651 shares, corresponding to 51% of the total shares in Credité Consulting, to ECIT AS for a total of SEK 4 820 257, with remuneration of SEK 4 720 257 in cash and SEK 100 000 in ECIT shares. 

Credité Consulting will be part of the ECIT strategic business unit focusing on 24SevenOffice technology including the highly competitive AI accounting product. This transaction marks the completion of the second acquisition of the ECIT strategic business unit focusing on 24SevenOffice technology. Thus, this sale will secure the usage of 24SevenOffice technology across a broad distribution network and customer portfolio, enabling further growth and success for 24SevenOffice.

Credité Consulting will become the spearhead of ECIT's focus towards Sweden leveraging 24SevenOffice technology. In addition, the sale of Credité Consulting manifests 24SevenOffice's vision to become the market leader on B2B SaaS products, rather than focusing on operating accounting firms. The enhanced focus on software and delivering SaaS technology provides 24SevenOffice with a strategic and scalable advantage for upcoming initiatives towards the Nordic enterprise market.

24SevenOffice is looking forward to collaborating closely with ECIT and developing world class B2B SaaS products going forward.
 

This disclosure contains information that 24SevenOffice Scandinavia AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 25-11-2021 07:59 CET.

For further information please contact:

Eirik Aalvik Stranden, CEO

Tel: +47 480 62 383, eas@24sevenoffice.com

About Credité Consulting
Credité Consulting is a growing consulting and accounting company founded in 2012 with headquarters in Stockholm. Credité Consulting specializes in 24SevenOffice and has been a strategic and certified partner of 24SevenOffice with several experienced accounting and payroll consultants.

About ECIT
ECIT was founded in 2013 and support a large customer base with accounting, payroll, and a broad range of IT services. Proforma 2020 revenue of NOK 2 billion and 2,100 employees across 9 countries. 

M&A has been a key driver of the Company's growth and ECIT has completed more than 100 acquisitions since 2013. ECIT has a well-proven model for acquisition and integration of businesses, ensuring close relationships to customers and local entrepreneurship combined with the strength of a larger international Group. 

24SevenOffice in brief

24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems. The system is currently used by 66,700 companies, with PwC, among others, as accounting partner. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see www.24sevenoffice.com

https://news.cision.com/24sevenoffice-scandinavia-ab/r/24sevenoffice-sells-all-of-its-shares-in-the-swedish-consulting-and-accounting-company-credite-consu,c3460466

https://mb.cision.com/Main/16552/3460466/1501467.pdf

(c) 2021 Cision. All rights reserved., source Press Releases - English

Stocks mentioned in the article
ChangeLast1st jan.
24SEVENOFFICE GROUP AB (PUBL) -3.86% 14.95 End-of-day quote.-6.56%
ECIT AS -3.62% 7.499 Real-time Quote.-6.26%
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Financials
Sales 2021 228 M 24,7 M 24,7 M
Net income 2021 -49,8 M -5,42 M -5,42 M
Net cash 2021 208 M 22,6 M 22,6 M
P/E ratio 2021 -19,1x
Yield 2021 -
Capitalization 1 016 M 111 M 110 M
EV / Sales 2021 3,55x
EV / Sales 2022 2,89x
Nbr of Employees 178
Free-Float -
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Number of Analysts 1
Last Close Price 14,95 
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Spread / Average Target -
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Managers and Directors
Eirik Stranden Chief Executive Officer
Truls Kristian Hauger Chief Financial Officer
Karl-Anders Grønland Chairman
Madeleine Lindblom Independent Director
Ståle Risa Director
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