Translation: Original published in Finnish on 2/16/2026 at 7:57 am EET.

Lemonsoft announced on Friday that it would acquire a 76% majority stake in Jakamo Osakeyhtiö, a software company specializing in industrial procurement processes. This relatively small acquisition strengthens Lemonsoft's offering in its core strategic segment, the industrial manufacturing sector. The acquisition did not come as a big surprise, as we had been expecting Lemonsoft to become active in the acquisition market following the company's transformation phase. We will take this acquisition into account when estimating Lemonsoft's Q4 results, which will be published on February 19.

Jakamo strengthens offering to industrial customers

Jakamo develops a cloud-based SaaS platform for supplier collaboration, connecting industrial manufacturing companies and their supplier networks in a shared operating environment. The company has approximately 50 customers, through which the platform is used by a network of more than 4,000 subcontractors. The solution enables suppliers to collaborate with multiple customers through a single platform, which differs from traditional, separate supplier portals. Jakamo's revenue for the 2025 financial year was approximately 2.0 MEUR and its EBITDA was 9.6% of revenue. Over 90% of the revenue is recurring. Jakamo's revenue has grown steadily throughout its history, with growth of around 25% in 2025. 

Through this acquisition, Lemonsoft will be able to offer its industrial manufacturing customers even better tools for streamlining procurement and supply chain collaboration and improving transparency. Jakamo's current CEO will continue in his role, and the organization will continue to operate as a subsidiary of Lemonsoft.

Arrangement made at a reasonable valuation

The purchase price for the 76% stake acquired by Lemonsoft is approximately 3.9 MEUR, and the net debt-free enterprise value (100%) of the target is approximately 5.6 MEUR. Using 2025 revenue as a basis, the EV/S ratio for the transaction is approximately 2.8x, which is slightly below Lemonsoft's own valuation level (2025e EV/S 3.2x), which has recently come under pressure. Given the acquisition target's strong growth momentum, we consider the valuation to be reasonable. The purchase price will be paid in cash and financed with a bank loan. The agreement also includes an additional purchase price of up to 1.9 MEUR based on developments in 2026, as well as an option to acquire the remaining 24% of the shares during 2028 and 2029.