TRANSACTION IN BRIEF
- The purchase price, which is based on an enterprise value of
EUR 13.5 million , is paid partly through newly issued B-shares inVertiseit equivalent to a value ofSEK 34.0 million , and partly through a cash payment of the remaining amount, equivalent toSEK 102.9 million . The cash part is financed through a combination of cash and debt facilities (EUR 7.6 million ). - The newly issued shares are issued at a price per share based on the average price of the
Vertiseit share (“VERT B”) as quoted on Nasdaq First North Growth Market during the thirty trading days preceding this announcement (excluding today’s trading), less 5 percent, equal toSEK 20.84 per share. - Following completion of the transaction, senior management of Grassfish Roland Grassberger, CEO, and
Alexander Korte , CFO, will together hold 11.3 percent of the outstanding shares and equity inVertiseit . As of today they will also be part of Vertiseit’s group management team. - The newly issued shares are associated with a lock-up of 24 months.
- Grassfish will be incorporated into Vertiseit’s consolidated financial statements as of
June 2021 .
BACKGROUND AND RATIONALE
“Grassfish is an inspiration and a thought-leader within the industry. The companies are a perfect fit, both from a cultural as well as a strategic perspective. And most importantly, we share the vision on how Digital In-store will shape the future of retail. Combined with Grassfish we will be the undisputed number one for Retail Digital Signage software inEurope with a leading service offering for global brands and leading retailers”, saysJohan Lind , CEOVertiseit .
Grassfish, headquartered in
“Vertiseit and Grassfish both strongly focus on supporting large retail and CPG brands in the challenging digital transformation of their stores – with a great platform, 360-degree knowledge and innovative solutions. Together we can drive innovation, technologies and our solutions forward at a higher pace. We are excited to provide our customers with an even more comprehensive service and enable them to tap into their digital potential today. I am very happy that Grassfish found the perfect match with Vertiseit”, saysRoland Grassberger , CEO Grassfish.
Together with Grassfish,
VERTISEIT LONG-TERM GOALS
By this acquisition, Vertiseit’s current long-term goals will be achieved. Annual recurring SaaS revenue (ARR) increase from approximately
Group proforma full year 2020 (SEK million) | %, change from | |
Net revenue | 134.2 | +75% |
of which Recurring SaaS revenue | 51.6 | +65% |
Annual Recurring Revenue (ARR) | 56.4 | +71% |
EBITDA | 22.9 | +93% |
EBITDA margin | 17.5% | +2.0pp |
INVITATION TO LIVE INVESTOR PRESENTATION
In connection with the acquisition of Grassfish,
To follow the presentation, please register at:
https://vertiseit.zoom.us/webinar/register/WN_5UjsF15YROGGs91VFnY2Sg
Please join ten minutes prior to the start of the presentation.
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