Data Respons ASA: Data Respons acquires EPOS CAT in Germany - strengthening its position within industrial digitalization and...
01 December 2017 - 3:00AM
Data Respons ASA has today signed
an agreement to acquire 100% of the shares in EPOS CAT GmbH, a
German software technology and R&D services company with 100
employees headquartered in Ingolstadt. The company is a leading
specialist provider to the automotive industry offering advanced
computer aided testing (CAT), R&D IT services, software
development and systems integration.
- With this acquisition, we
continue to expand our footprint in Germany, the largest market in
Europe. EPOS CAT is a highly regarded industrial digitalization
specialist to the automotive industry offering a wide range of
services including advanced digital measuring and testing solutions
assisting the continuous R&D processes, a cost efficient
solution ensuring high quality in the software development. Their
specialist competence offers great synergies and strengthens Data
Respons' position as a complete technology partner for industrial
digitalization, smarter embedded and IoT solutions, says Kenneth
Ragnvaldsen, CEO of Data Respons.
- Data Respons shares the same
value and vision as we have built our company on over the last 17
years. Both companies are developing and implementing innovative
technology solutions for the future in close collaboration with our
customers. Joining forces with Data Respons will enable us to
capitalize on our knowledge and expand into new industries and
markets, says Günter See, Managing Director of EPOS CAT.
- I am very pleased to welcome
EPOS CAT to the Data Respons family. They have 100 specialists,
which will contribute and strengthen the core asset of our company
- competent people. I am confident that we jointly can take on
large ground breaking technology projects and create highly
valuable smarter digital solutions for our customers, concludes
Kenneth Ragnvaldsen.
EPOS CAT expect a turnover of EUR
9.2 million in 2017 and an EBIT of EUR 2.6 million, equal to an
EBIT margin of 28%. The transaction is structured as an earn-out
with an upfront consideration of EUR 9.8 million due at closing and
an additional amount based on the company's EBIT performance over
the next 3 years (2018, 2019 and 2020). The total consideration for
the purchase will be determined by the average EBIT during the next
3 years multiplied by 7.0x (however not lower than the upfront
amount of 9.8 MEUR). EPOS CAT is debt free and has cash in hand of
EUR 0.6 million. The earn-out payments will be due in Q2 the year
following the respective earn-out year with the first payment on
April 30 2019, the second payment on April 30 2020 and the last
payment on April 30 2021.
The initial cash consideration
will be funded by a combination of a new 7-year bank loan of NOK 85
million and existing cash reserves. EPOS CAT will be consolidated
into Data Respons' consolidated financial statements from December
2017. Total transaction costs is estimated to NOK 6.0 million,
which will be recognized in the Q4 2017 accounts.
The transaction is expected to
close within the next 2 weeks.
For further
information:
Kenneth Ragnvaldsen, CEO, Data Respons ASA, tel. +47 913
90 918.
Rune Wahl, CFO, Data Respons ASA, tel. + 47 950
36 046
About Data
Respons
Data Respons is a full-service, independent technology company and
a leading player in the IoT, industrial digitalization and the
embedded solutions market. We provide R&D services and
embedded solutions to OEM companies, system integrators and
vertical product suppliers in a range of market segments such
as Medical, Industry Automation, Smart grid/Smart home,
Bank and Insurance, Automotive, Defense, Maritime, Energy and
Telecommunications.
Data Respons ASA is listed on the
Oslo Stock Exchange (Ticker: DAT), and is part of the information
technology index. The company has offices in Norway, Sweden,
Denmark, Germany, and Taiwan. www.datarespons.com
This information is subject of the
disclosure requirements pursuant to section 5-12 of the
Norwegian Securities Trading
This
announcement is distributed by Nasdaq Corporate Solutions on behalf
of Nasdaq Corporate Solutions clients.
The issuer of this announcement warrants that they are solely
responsible for the content, accuracy and originality of the
information contained therein.
Source: Data Respons ASA via Globenewswire
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