LeadDesk Oyj ("LeadDesk", "Company") is acquiring the entire share capitals of the Swedish Loxysoft AB and the Norwegian Loxysoft AS ("Loxysoft"). The acquisition will strengthen LeadDesk's position as the leading SaaS contact center software vendor in the Nordics. With the acquisition, LeadDesk gains an even stronger foothold in Sweden and Norway. The acquisition does not impact the previously released forecasts for 2020.
Insider information until 30.11.2020 at 9.05
Unofficial translation of company release. In case the document differs from the original, the Finnish version prevails.
Loxysoft is an established SaaS company focused on customer service and sales. Their loyal customers include, among others, banks, insurance companies and energy companies like Sparebank1, Sparebanken Vest, KLP and Telenor. Loxysoft has more than 25 years of experience in delivering business critical software and 43 employees in Stockholm, Oslo and Östersund. The revenue of the companies acquired was ca. 6.7 million euros in 2019 and their operating profit was ca. 0,4 million euros. The sellers are FutureMind 65.9%, Great Lake Capital 26.7% and the investment funds Almi Invest and MIC Värdepapper. The closing of the transaction is estimated to be 4 January 2021. Loxysoft will report as part of the LeadDesk Group from 1.1.2021 onwards.
The debt-free purchase price is around 13.6 million euros. Additional compensation will be paid for the companies' net cash assets. Out of the total acquisition price, around 4.9 million is paid in cash considerations and 8.7 million is paid as a private share issue of 495 598 shares to the vendors. The subscription price of 17.55 euros corresponds to the volume-weighted average price of the share during July 16-19 November 2020. At the time of transaction, the new shares constitute approximately 10.44% of LeadDesk Oyj's outstanding shares. LeadDesk has also agreed to a maximum additional compensation of ca. 1.5 million euros in cash considerations 12 months after the time of transaction, if certain conditions are met.
The cash considerations will be financed with liabilities and from the Company's cash assets. Around 1.6 million euros of the cash consideration and potential additional compensation will be paid to the sellers 12 months after the time of transaction.
LeadDesk CEO Olli Nokso-Koivisto:
"I'm super thrilled about our first acquisition outside of Finland as a listed company. We are now an even stronger market leader in customer service and sales software in the Nordics. We can now focus more on Central Europe, where it is our goal to increase our market share considerably in both the SME and Enterprise segments.
This is already our third acquisition of the year. The integration of our previous acquisitions are going as planned, and are ready for our biggest acquisition so far- As a true growth company we are not afraid of investing in expansion. I warmly welcome all of our fantastic new Nordic colleagues to the LeadDesk group!Main benefits of the acquisition:
- LeadDesk's position as the Nordic market leader is strengthened
- A stronger position in the Nordics supports growth in Central Europe
- The acquisition brings synergies via shared processes and infrastructure
- The acquisition strengthens LeadDesk's position as a virtual operator.
Loxysoft AB CEO Tobias Sjölander:
" We are very happy to now, together with LeadDesk, be able to create the vendor of the future for high-volume sales and customer service. By offering the best from both Loxysoft and LeadDesk, we will together be able to help our customers in their daily work and also create the future by leading the cloud adoption for sales and customer service in Europe. We are now one!"
Key Figures for Loxysoft's Swedish and Norwegian companies
1 000 EUR 1-9/2020 2019 2018
Revenue 2 454 3 022 3 750
EBIT 526 48 194
EBITDA 548 82 212
30/9/2020 31/12/2019 31/12/2018
Equity Ratio, % 53 % 17 % 8 %
R&D costs in the balance sheet 12 28 167
Equity 905 399 202
Balance sheet total 1 698 2 332 2 495
1 000 EURoa 1-9/2020 2019 2018
Revenue 2 785 3 718 3 412
EBIT 251 244 291
EBITDA 267 292 349
30/9/2020 31/12/2019 31/12/2018
Equity ratio, % 68 % 70 % 62 %
R&D costs in the balance sheet 7 13 47
Equity 3 465 3 584 3 340
Balance sheet total 5 130 5 121 5 381
The companies' financial reports have been
adjusted to the average exchange rates of the Finnish currency during the reporting period and the balance sheet totals to the exchange rate of the closing day. Loxysoft AB's financial have been adjusted with the numbers of the sale of the ProScheduler business in 2019.
Forecast for 2020 remains unchanged
The Company will maintain strong comparable revenue growth and continue operating profitably. LeadDesk's mid to long term goal is to pay out dividends.
Board of Directors
+358 44 066 5765
Oaklins Merasco Oy, tel +358 9 6129 670
LeadDesk in brief
LeadDesk is a fast growing and internationalizing software company, operating in the cloud-based software market in Europe. The company offers the LeadDesk cloud service for high volume sales and customer service and has grown to a leading cloud service vendor in sales and customer service in the Nordics. In 2019, the company's revenue was €12.4 million. The share of license revenue from abroad exceeded Finnish licence revenue in 2019 and was approximately 52%. LeadDesk's shares are traded in the Nasdaq First North Finland market under the ticker LEADD. The company has offices in seven European countries. The LeadDesk cloud service is used by over 1000 customers in 34 countries. www.leaddesk.com