ASIAKASTIETO GROUP PLC, INSIDER INFORMATION 20 MAY 2019 at 9.30 EEST
Asiakastieto Group acquires Proff, the leading company information service in Norway and Denmark to strengthen its offering of company information in the Nordic region
Asiakastieto Group has reached an agreement on acquiring the shares of the company information service Proff in Norway, Sweden and Denmark from the present owner Eniro. The agreement was signed on 20 May 2019, and the transaction comes into effect on 1 July 2019. The purchase consideration for the acquisition is SEK 120 million, which will be paid in cash in one instalment. A 5 percent per annum interest calculated for the period between 1 January 2019 and the completion date of the acquisition will be added to the purchase considerion. Interest payable at completion is estimated to be approximately SEK 3 million.
The transaction will consolidate Asiakastieto's position in the market as the leading provider of company information services in the Nordic countries. The company information services of Proff in Norway, Sweden and Denmark have altogether approximately three million unique visitors on a monthly level, and the freemium company information services offered by it are equivalent to Asiakastieto's allabolag.se service in Sweden and asiakastieto.fi/yritykset service in Finland.
The Proff companies' net sales in 2018 amounted to approximately SEK 101 million, and they employ approximately 60 persons. The business to be acquired consists of Proff and Proff Forvalt company information services. Proff is an internet-based service for free-of-charge company and financial information, the business of which is based on the visibility purchased by companies, display advertising and a subscription-based revenue model. Proff Forvalt is a fee based service, offering comprehensive financial and background information on companies and credit ratings to its Norwegian customers.
The EBITDA margin of Proff companies adjusted by Asiakastieto Group's management estimated carve-out adjustments and items affecting comparability was approximately 16 % in 2018. The combined net cash of the Proff companies as at 31.12.2018 amounted to approximately SEK 37 million.
Asiakastieto Group expects the corporate acquisition to add value by creating the leading Nordic company information service and synergy opportunities, which are expected to lead to faster growth and improved cost efficiency. The objective is to achieve annual synergy benefits of at least SEK 8 million, expected to be realised to the full extent by the year 2021.
According to Asiakastieto Group's CEO Jukka Ruuska, the corporate acquisition will result in Asiakastieto becoming the strongest operator in the freemium segment of company information services in the Nordic countries. The corporate acquisition strengthens Asiakastieto's service offering to SMEs, simultaneously supporting the company's growth strategy.
ASIAKASTIETO GROUP PLC
For further information, please contact:
Tel. +358 10 270 7111
Nasdaq Helsinki Ltd
Asiakastieto Group is one of the leading providers of digital business and consumer information services in the Nordic countries. The Group's products and services are primarily used for risk management, finance and administration, decision-making and sales and marketing purposes. We are operating in Finland under the brand Suomen Asiakastieto and in Sweden under the brand UC. Our pro forma annual net sales for 2018 was EUR 134 million and the number of employees was approximately 450. The Group serves several industries, the largest ones including finance and banking as well as wholesale and retail sectors and expert service companies. Asiakastieto Group is listed on Nasdaq Helsinki with the trading code ATG1V. More information about Asiakastieto Group is available at www.asiakastieto.fi and www.uc.se.