Banks to terminate cooperation agreement with Enento related to Swedish platform supporting housing transaction processes for banks and real estate brokers in 2023; the Company will book an impairment in relation to the transfer; the negoti
24 March 2022 - 9:00PM
Banks to terminate cooperation agreement with Enento related to
Swedish platform supporting housing transaction processes for banks
and real estate brokers in 2023; the Company will book an
impairment in relation to the transfer; the negoti
ENENTO GROUP PLC, INSIDE INFORMATION ON 24 MARCH 2022 AT 12.00
A.M. EET
Banks to terminate cooperation
agreement with Enento
related to Swedish
platform supporting housing transaction
processes for banks and real estate brokers in
2023; the
Company will book an impairment in
relation to the transfer; the
negotiations on the terms of transfer continue
As a part of Enento Group Plc’s operations in
Sweden, the Company provides a platform for supporting housing
transaction processes for banks and real estate brokers under the
Tambur Brand, which the Company has developed over the past years
based on an agreement with a consortium of seven banks in Sweden.
The platform forms part of the Company’s Digital Processes Business
Area in Sweden. The consortium has informed Enento that it is
terminating the cooperation agreement in accordance with its terms
and will use its right to purchase the related platform consisting
of software and source code. The Banks will pay 16 million Swedish
kronas (appr. 1.5 million euro) for acquiring the platform. Based
on the termination notice period, the transfer of the platform is
currently expected to take place earliest during the second quarter
of 2023, but negotiations regarding terms of the operations under
transition period and timeline for the transition continue.
The Company will book an impairment in relation to
development expenses of 1.6 million euro due to the future
discontinuation of the service. The impairment will impact the
first quarter 2022 Adjusted EBIT by 1.6 million euro of which the
effect on Adjusted EBITDA will be 0.3 million euro. The net sales
from the services offered based on the housing transaction platform
represents approximately one third of the net sales of the Digital
Processes Business Area. Enento will continue to provide services
based on the housing transaction platform until the final handover
date, but the terms related to transition period continue to be
under negotiations.
While the services based on the platform will be
discontinued in 2023, the Company’s Digital Processes Business Area
will continue to provide real estate and apartment information
services, including housing valuation services, and will focus on
enhancing its services especially for the real estate broker
segment in Sweden. The Digital Processes Business Area aims to
invest in growth especially in the apartment information services
not only for financial sector, but also for real estate broker
segment from 2023 and onwards.
ENENTO GROUP PLC
For further information:
Heikki YlipekkalaDirector, Digital Processes
Business AreaTel. +358 44 230 9688
Jeanette JägerCEOTel. +46 72 141 00 00
Distribution: Nasdaq Helsinki Major media
enento.com/investors
Enento Group is a Nordic knowledge company powering
society with intelligence since 1905. We collect and transform data
into intelligence and knowledge used in interactions between
people, businesses and societies. Our digital services, data and
information empower companies and consumers in their daily digital
decision processes, as well as financial processes and sales and
marketing processes. Approximately 432 people (FTE) are working for
Enento Group in Finland, Norway, Sweden and Denmark. The Group’s
net sales for 2021 was 163.5 MEUR. Enento Group is listed on Nasdaq
Helsinki with the trading code ENENTO.
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