Gofore continues growth by acquisitions

Gofore Plc
Inside Information
27 October, 2022 at 5.20 pm EET

Inside data: Gofore continues growth by acquisitions – Acquires all shares of eMundo GmbH to strengthen presence on German market, pays a part of buy worth by directed share concern, incentive plan for goal firm administration

Gofore Plc has at present signed an settlement on buying the complete share capital of digitalisation professional and software program firm eMundo for 8.0 million euros. The acquisition strengthens Gofore’s place, providing, buyer portfolio and growth potential in Germany in addition to the DACH space, i.e. German-speaking Europe. The acquisition is in step with Gofore’s technique of rising each organically and thru firm acquisitions.

The acquisition is estimated to be closed on or about 1 November 2022, when all of the shares of eMundo are transferred to Gofore and all eMundo’s shareholders grow to be shareholders of Gofore.

Gofore pays 30 p.c of the acquisition worth of 8.0 million euros in shares and 70 p.c in money consideration. The buy worth consists of the debt-free worth of business operations of 8.0 million euros together with compensation payable for the web money and dealing capital adjustment of roughly internet zero euros.

The sellers even have an earnout possibility of an extra buy worth in 2022-2024, the place upon reaching growth and profitability targets (25% annual internet gross sales growth and growing profitability), Gofore pays the sellers an extra most of two.8 million euros in money consideration.

Founded in Munich in 2000, eMundo is a digitalisation professional and software program firm that employs 96 professionals in seven workplaces in Germany, Austria, and Northern Italy. eMundo designs and carries out digitalisation tasks and develops tailormade software program for strategic operations reminiscent of cyber safety, service processes, public transport, and the automotive sector. Its largest prospects embrace e.g. German state railway firm Deutsche Bahn, BMW and Skidata, in addition to a significant German federal authority. eMundo’s data safety is licensed by TISAX, an data safety normal outlined by the European automotive business. eMundo has a really excessive employer rating in Germany’s main office perception platform Kununu with a rating of 4.9/5.

Showing some 20 p.c of worthwhile natural growth in recent times, eMundo’s internet gross sales in 2021 had been 6.1 million euros and EBITDA 0.4 million euros (7%). For the 12 months 2022, eMundo targets internet gross sales growth of over 30% and a rise in profitability.

With this acquisition, Gofore is best outfitted to execute its technique of rising by way of eMundo’s long-term partnerships with huge prospects. eMundo completes each Gofore’s private and non-private sector providing and buyer portfolio.

”eMundo is a superb step in our constant development within the German market, the place we need to spend money on native experience and substantial buyer relationships. eMundo shares the values that now we have had for our total 20-year journey: to be the very best office and succeed by way of our prospects’ success. eMundo additionally stood out with their glorious buyer portfolio. They have long-standing buyer relationships with huge, business main prospects reminiscent of BMW and Deutsche Bahn. We have clear synergy and growth potential in business, private and non-private buyer relationships and human-centric tradition. We see eMundo forming a powerful growth platform for us in Germany. I want eMundo warmly welcome to the Gofore household”, feedback Gofore’s CEO Mikael Nylund.

”We have been looking out for the following stage in eMundo’s improvement, reminiscent of extra profession paths and improvement alternatives for our specialists. Finding a Nordic, culture-compatible accomplice like Gofore is right and never nearly growth; for our workers it additionally means for instance changing into a part of the corporate’s success by way of an incentive programme, which is ideal. Gofore’s good employer picture additionally helps our recruitment. With Gofore, now we have a beautiful alternative to develop on this enormous market, the place the demand for digital transformation providers could be very robust, not simply within the public sector but additionally within the automotive and different business”, says Günther Palfinger, one in every of eMundo’s three founders and CEO of eMundo GmbH.

Palfinger, who is likely one of the sellers, continues in his function till the top of 2024. The firm’s co-founder and Chief Technology Officer Christian Eibl, the corporate’s Managing Director Lukas Lisowski and Austrian subsidiary’s CEO Wolfgang Brauneis all proceed working for the corporate. There shall be a performance-based incentive plan for Eibl, one of many sellers, in addition to executives Lisowski and Brauneis, for a most of 1.2 million euros. Lisowski and Brauneis are dedicated to utilizing a portion of their incentive rewards for subscribing Gofore shares in individually determined share points.

With this acquisition, Gofore has a complete of 122 staff and workplaces in eight areas within the DACH space. Gofore Group now has over 1,200 staff and workplaces in 18 areas Finland, Germany, Spain, Estonia, Austria and Italy. eMundo continues as an unbiased firm, and its figures shall be reported as a part of the Gofore Group as of 1 November 2022.

With the authorisation given by the Annual General Meeting on 25 March, 2022, Gofore’s Board of Directors has at present, on 27 October 2022, determined to hold out a directed share concern to Gofore by which it’s going to concern 107,240 new shares. Simultaneously, the Board of Directors has selected a directed share concern, utilizing the Gofore shares beforehand issued to Gofore to the sellers of eMundo as a part of the acquisition worth fee. In the share concern, the sellers of eMundo subscribe for the Gofore shares at a subscription worth of twenty-two.38 euros per share. The subscription worth relies on the amount weighted common Gofore share worth within the final three months, between 26 July and 25 October 2022.

The new Gofore shares shall be registered within the commerce register on or about 28 October 2022. Gofore has utilized for the brand new shares to be listed on the Main List of Nasdaq Helsinki Oy, and buying and selling within the new Gofore shares is estimated to start on or about 31 October 2022. After registering the brand new shares, the whole quantity of Gofore’s shares is 15,506,132. The new shares are equal to some 0.7 p.c of the corporate’s total share capital after registering the brand new shares.

eMundo Group Key Figures

Further data:
 
Mikael Nylund, CEO, Gofore Plc 
p. +358 40 540 2280
[email protected]

Gofore Plc is a digital transformation consultancy with over 1,200 impact-driven staff throughout Finland, Germany, Spain, Estonia, Austria and Italy – prime specialists in our business who’re our firm’s coronary heart, mind, and arms. We use our holistic service providing – consulting, coding, design, and verification – as instruments to incite constructive change. We look after our individuals, our prospects, and the encircling world. Our values information our business: Gofore is a superb office that thrives on buyer success. In 2021, our internet gross sales amounted to EUR 104.5 million. In 2022, Gofore is celebrating its twentieth anniversary. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Get to know us higher at www.gofore.com.