Today SpectrumOne acquired the Finnish SaaS company OY Cemron AB also named MyInfomonitor (hereinafter "Myinfomonitor") for the purpose of merging it with SpectrumOne's subsidiary Qbim AB. The purchase price is SEK 11,000,000 and is paid via shares in SpectrumOne AB, with no additional share issue to current shareholders. The shares will be calculated at subscription price of SEK 2.48 per share, the weighted average price of the last ten trading days. MyInfomonitor had a revenue of about SEK 6.5 million and a profit of about SEK 1.9 million for the fiscal year 2020.
MyInfomonitor was created by the current management team with a vision of making information available both visually and in real time to make decision-making and working easy without relying on yesterday's reports, and with their platform Illustrator this is what they do. Since the start of MyInfomonitor, the company has worked according to a strategy of building real SaaS software products with 100% owned IPRs and make each contract build on the cumulative income stream. The company has proven to be great at building high-quality software, simplifying automating and standardizing processes. While Qbim has its roots in the consulting business with great products built in parallel. MyInfomonitor on the other hand is sprung from the development and invention department. We foresee a great potential of the two working together to build one true SaaS business, Qbim 2.0, with consulting business as an ad-on to the core of SaaS.
The management team in MyInfomonitor consisting of Anton Eriksson and Timo Pulkkinen will continue working for the company. SpectrumOne will enhance and develop the business mainly by supporting Qbim 2.0 with building a relevant sales organisation to further increase sales and marketing activities and further develop products with the support of Prism platform.
Transforming Qbim to a true product company have been the objective since the acquisition, with the acquisition of MyInfomonitor we make that happen even faster. Qbim and MyInfomonitor will find synergies in development, sales and customer integration.
Furthermore, the merge of MyInfomonitor will make it possible for Qbim 2.0 to divide the revenue streams even clearer and to make sure the accurate investments are made in the precise place of the organisation. This will also make the follow-up of the organizations' result easier and more spot-on for the management team of SpectrumOne. To increase SaaS and Accrued Recurring Revenue in the company is one of the most important goals for the group, this acquisition is a good action to speed up and developing Qbim into a true SaaS business.
We will as soon as possible make sure to set up a new sales organisation for both of the companies to make sure our investment becomes highly successful and sales figures exceeds forecasted.
Hosni Teque-Omeirat CEO of SpectrumOne commented on the acquisition "Having made our Due Diligence during the negotiations I have really discovered great value in this company. One of the actions during a Due Diligence is speaking to clients of the company. While doing that myself, it emerged to me, that the potential of increased additional sales to current customers is huge and we will be able to quite quickly act on those potentials. Clients are speaking very positively about the simplicity and efficiency of MyInfomonitor - important keywords for SpectrumOne. We will make sure that MyInfomonitor together with Qbim now make sure to develop a joint strategy in order to put SaaS revenues as top priorities for the new Qbim 2.0. I'm sure this merge will also render some other great news for our shareholders to be released after our full implementation of the company."
Anton Eriksson, CEO of MyInfomonitor stated ""We are super excited having the opportunity to join the highly rapidly growing company of SpectrumOne and its' people. Me and my co-founder Timo Pulkkinen have built a smart company focusing on making information easily available for our clients and now we are in a phase where a merge will take us to the next level of commercialization and expansion in the Nordics. We can see our products suit very well into Qbims architecture and portfolio. We have had a goal of taking our company internationally and with SpectrumOne as owners we see that journey as highly potential and doing that with the new Qbim 2.0 will surely make difference to us and our customers. As a part of SpectrumOne, we want to create something much bigger than we could do by ourselves. The more we get to know about what SpectrumOne has in sight the more excited we get in joining the team."
Under the share purchase agreement SpectrumOne AB will acquire 100% of the shares in MyInfomonitor from the existing owners for a total purchase price of SEK 11,000,000 to be settled in shares by setting off a sales credit of the same amount in SpectrumOne at a subscription price of SEK 2.48 per share. 20% of the shares are subject to a lockup of 12 months, 20% of the shares are subject to a lockup of 24 months. The subscription price has been calculated using the weighted average price for the last 10 days of trade of SpectrumOne's stock on Nasdaq First North Growth Market. Through the directed issue of shares in accordance with today's decision, the number of shares in the Company will increase by 4,435,483 shares to 239,606,724 and the share capital will increase by SEK 443,548,30 to SEK 23,960,672.40. The directed issues of shares for the full payment of the acquisitions of Myinfomonitor entails a total dilution of approximately 1,9% for existing shareholders. The transaction was agreed and closed on March 1, 2021.
For further information contact:
Hosni Teque-Omeirat , CEO
+46 70 225 18 77
Aktieinvest FK AB (556072-2596)
Box 7415 103 91 Stockholm
Telefon: +46 8 506 517 03
SpectrumOne AB (publ) is obligated to publish this information under the EU Market Abuse Regulation. The information was provided by the above contact person's auspices, for publication on March 1, 2021 at 9.35 p.m. CET.
About SpectrumOne AB
SpectrumOne is a leading technology company delivering an advanced Data Management, Analytics & Communications platform suite. Offered in a SaaS online service shipping with rich market data from various professional providers, SpectrumOne provides a unique solution to many leading actors across industry segments in various countries. Enabling clients with fast and easy access to data insight and visualization coupled with powerful search, segmentation, and mapping features. SpectrumOne allows data to be quickly enabled and operationalized, driving activities from customer communication to data science supporting business analysis, strategy, and growth. All of which can be enabled the same day with immediate results. SpectrumOne's headquarter is based in Stockholm, Sweden, responsible for Nordic sales and strategy, with additional sales and business development located in Oslo, Norway. SpectrumOne is listed on Nasdaq First North Growth Market in Stockholm. www.spectrumone.com
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