In order to meet its customers’ needs in digitalization Etteplan strengthens its expertise in embedded systems and industrial IoT solutions. Etteplan acquires in two separate transactions the total share capital of Espotel Oy and Soikea Solutions Oy and strengthens its position as a leading engineering services provider. By widening its strong engineering expertise into digital data management and embedded systems, Etteplan continues as a forerunner of innovative engineering services. The transaction combines intelligent devices, documentation and industrial internet applications into a unique service concept in the engineering services industry. By extending its service concept into industrial internet applications, Etteplan provides new value-added to its customers especially in the development of their service and maintenance business.
- Etteplan Oyj acquires the total share capital of Espotel Oy (Espotel) and Soikea Solutions Oy (Soikea).
- The combined revenue of the companies to be acquired totaled in 2015 at approximately EUR 29 million. The acquisitions have a positive impact on the operating profit (EBIT) in 2016.
- The financial guidance 2016 is updated as follows: “We expect the revenue and operating profit for the full year 2016 to grow significantly compared to 2015.” The financial guidance as given in the financial statement release on February 11, 2016: “We expect the revenue and operating profit for the year 2016 to grow clearly compared to 2015.”
- Etteplan’s long-term financial targets remain unchanged.
- The value of the transaction (Enterprise Value, EV) is approximately EUR 29 million. In addition there is an earn-out element which is subject to achieving certain financial result related milestones.
- Etteplan’s Board of Directors is planning a rights issue of approximately EUR 14 million to finance the acquisitions.
- Ingman Group Oy Ab, Etteplan’s largest shareholder, grants to Etteplan a bridge financing of approximaterly EUR 10 million, which will be converged to shares in the planned rights issue.
- Etteplan will transfer a total of 221,365 treasury shares to key private owners of Espotel and Soikea.
- Etteplan shall also take a bank loan to finance the acquisitions as well as use other available financing facilities.
- The acquisitions are estimated to be completed by April 4, 2016.
he run-rate of the synergies from the transaction are estimated to be approximately EUR 0.4 million and expected to materialize starting from the beginning of 2017.
Etteplan has agreed to acquire the total share capital of Espotel Oy and Soikea Solutions Oy from their key personnel and private equity investment companies. Espotel is one the leading engineering services companies in the Nordics specializing in embedded systems, production testing solutions and IoT (Internet of Things) solutions for industrial purposes. Soikea is a specialist in digital data transfer and management, whose multichannel solutions produce the right information to the right place at the right time. The comprehensive product and service solutions of Espotel and Soikea meet well the demands for digitalization in the industrial sector. The experts of the companies have extensive experience ranging from the design of CPU based equipment to digital systems.
The companies employ together some 330 professionals, who will continue in Etteplan Group. Espotel and Soikea have operations in Finland, Sweden and Poland.
Industrial IoT, which is also said to be the third industrial revolution, is one of the most important transitions both in Finland and globally. Intelligent and connected products enable industrial equipment manufacturers to expand their business from manufacturing of traditional products to management of comprehensive product systems. The transaction, which was announced, combines industrial internet and digital data transfer and management with Etteplan’s extensive machine and equipment design engineering and technical documentation expertise and creates new growth opportunities in the fast growing market of industrial internet applications.
Visit www.etteplan.com for more information about the company’s solution.
