News & Notices
Data Respons acquires Swedish gazelle company
Data Respons ASA has today signed an agreement to acquire 100% of the shares in inContext AB, a Swedish R&D Services company located in Stockholm with 80 employees. The company is a leading niche provider of specialist services in the field of interconnect, autonomous systems and embedded software.
-With this acquisition, we continue to expand our footprint in Sweden, the largest market in the Nordic region. inContext is a fast-growing R&D Services company that specialises in interconnect, electrification, Embedded SW technology, mechanical design and project management, which makes them, important in the development of the future autonomous systems. InContext's specialist expertise will provide synergies and strengthen Data Respons's position as a complete technology partner for industrial digitalisation, IoT and smart embedded solutions, says Kenneth Ragnvaldsen, CEO of Data Respons.
- inContext has from the beginning been built on three core pillars – passionate employees, honest relations to customers and colleagues, and the desire of being the best partner in our technology niche. This harmonise well with Data Respons’ values and I am confident that we jointly will continue to grow in a highly attractive market, says Matti Schvili, CEO of inContext AB.
- We are pleased to gain complementary technology competence and at the same time welcome many skilful engineers to the Data Respons family. The company has committed and tech-driven employees working closely with top quality product development teams at world-class customers. I am impressed by the growth track record of inContext, achieving the prestigious Gazelle status for four consecutive years. This confirms strong recruitment ability and proves a great place to work, Kenneth Ragnvaldsen concludes.
inContext AB had a turnover of SEK 50 million and an EBIT of SEK 14 million in the financial year ended 30 April 2018. inContext AB is debt free at closing. The company will be consolidated into Data Respons’ consolidated financial statements from July 2019. Total transaction costs are estimated to NOK 1.5 million, which will be recognised in the third quarter 2019.
The consideration for the transaction has three parts. The first part is a cash consideration of SEK 36.4 million which was paid today at signing of the agreement. The second part is a private placement of 1,076,810 shares in Data Respons ASA at a price of NOK 31.03 per share, which shall be issued to the sellers after closing. The third part is an additional amount (earn-out) which will be paid out based on a positive development in the company's EBIT over the next three financial years (May 2019 through April 2022). Earn-out payments will be due in the third quarter in the year of the respective financial year ending in April. The maximum total consideration will not exceed 7 times the average EBIT the next three financial years.
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 digitalisation and the embedded solutions market. We provide R&D services and smarter solutions to OEM companies, system integrators and vertical product suppliers in a range of market segments such as Transport & Automotive, Industrial Automation, Telecom & Media, Space, Defense & Security, Medtech, Energy & Maritime, and Finance & Public Sector.
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