20.06.2022 08:30 CEST/EET (UTC +2)
Innofactor Plc Inside Information, on June 20, 2022, at 8:30 Finnish time
Innofactor Plc has signed an agreement on June 20, 2022, on acquiring the entire share capital of privately owned Invenco Ltd. The planned closing date of the transaction is June 30, 2022.
Invenco is an expert organization specialized in corporate performance management, data warehousing and reporting, and its most important areas of expertise are data integration, data warehousing, Business Intelligence (BI) and analytical solutions. Invenco is a long-term Microsoft partner in data and analytics. The company has approximately 50 employees of which 35 are senior data professionals. The company has four offices in Finland in Vantaa, Oulu, Tampere and Kuopio.
Invenco Ltd’s net sales in the last fiscal year (July 1, 2020 – June 30, 2021) were approximately EUR 6.2 million. The operating margin (EBITDA) was approximately EUR 0.3 million, which was approximately 5 percent of the net sales. The net sales for the current fiscal year of July 1, 2021 – June 30, 2022 is estimated to be approximately EUR 6.3 million and operating margin approximately 6 percent. Innofactor’s objective going forward is to grow Invenco’s revenue and improve its profitability by means of synergy benefits.
Purchase price, payment and financing
The purchase price (Enterprise Value, EV) consists of a fixed purchase price of EUR 3.0 million and an additional purchase price tied to three years’ revenue growth, which is at maximum EUR 3.75 million. The transaction will be financed with Innofactor’s cash funds and bank financing.
The aim of the transaction is to be Finland’s leading provider of data solutions in the Microsoft ecosystem
Together Innofactor and Invenco form one of Finland’s largest companies providing data solutions in the Microsoft ecosystem. We can provide our customers with even broader and better services in the area of data and analytics. Innofactor expands geographically in Finland to Oulu, which becomes the 8th office in Finland alongside with Espoo, Tampere, Turku, Kuopio, Jyväskylä, Lappeenranta and Kajaani.
Invenco’s main shareholder and CEO Sakari Pitkäsalo will hold a position of Senior Advisor at Innofactor’s Data & Analytics business unit, and other members of the leadership team will continue in their current roles in the same unit and in Innofactor’s sales and administration. Invenco Ltd’s name will be changed to Innofactor Invenco Ltd, and the employees will continue to be employed by it. The roles and tasks of the professionals will remain unchanged.
“In autumn 2021, we updated our strategy and our Finnish organization to support growth more strongly. We established a new Data & Analytics business unit in Finland, for which we set strong growth targets. The acquisition supports the set targets very well. Invenco has very experienced top professionals, great customers and good partners. Also, our way of working and culture seem to go well together, which is very important to me. I would like to warmly welcome the new colleagues, customers and partners to Innofactor” says Sami Ensio, Innofactor’s founder and CEO.
“Thanks to Innofactor’s broad shoulders and wide solution portfolio, we’re able to offer our customers even more comprehensive services and provide excellent development opportunities to our highly qualified experts. Innofactor’s Nordic reach and growth strategy create a solid basis for us to reach a new phase. We believe that Invenco’s partner strategy complements Innofactor’s chosen strategy very well and for us it’s a great occasion to join Innofactor’s top team on their growth journey” says Sakari Pitkäsalo, Invenco’s main shareholder and CEO.
Invenco Ltd's financial figures
Invenco Ltd’s financial figures in the financial period of July 1, 2020 – June 30, 2021 and July 1, 2019 – June 30, 2020, according to the FAS accounting standard, were as follows:
| Invenco Group’s net sales, EBITDA and operating profit | ||
| EUR thousand | July 1, 2020 – June 30, 2021 | July 1, 2019 – June 30, 2020 |
| Net sales | 6,226 | 6,683 |
| EBITDA | 299 | 350 |
| Operating profit (EBIT) | 58 | 158 |
| Invenco Group’s balance sheet | ||
| EUR thousand | June 30, 2021 | June 30, 2020 |
| Non-current assets | 1,318 | 1,532 |
| Receivables and current assets | 1,635 | 1,493 |
| Total | 2,954 | 3,025 |
| Shareholders’ equity | 772 | 775 |
| Liabilities | 2,181 | 2,250 |
| Total | 2,954 | 3,025 |
Espoo, June 20, 2022
INNOFACTOR PLC
Sami Ensio, CEO
Additional information:
Sami Ensio, CEO
Innofactor Plc
Tel. +358 50 584 2029
sami.ensio@innofactor.com
Distribution:
NASDAQ Helsinki
Main media
www.innofactor.com
Innofactor
Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its over 1,000 customers in commercial, public and third sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has over 500 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. www.innofactor.com #ModernDigitalOrganization #HybridWork #PeopleFirst #CreatingSmiles
