24SevenOffice acquires INNOMATE A/S, a Danish HR software company

24SevenOffice Group AB has acquired all the shares in the Danish HR software company INNOMATE A/S, for a total of DKK 13,500,000 settled 100% in cash. INNOMATE had approximately MDKK 5 in revenue and slightly positive EBITDA for 2021.

INNOMATE A/S has developed a module based “end-to-end” automated HR SaaS solution. The software consists of modules for organization, onboarding, dialogue management, administration, recruitment, course administration and competence management, and enables automated workflows for medium and large enterprises for assisting employees from onboarding to offboarding.

The acquisition will both act as a strategic spearhead for 24SevenOffice’s venture into the Danish market, as well as increase and strengthen the existing product offering in 24SevenOffice. There is an extreme demand for flexible and cloud-based HR systems, and the Nordic HR-market is in total estimated to more than BSEK 5 with a strong growth ahead due to digitalization, providing significant revenue potential for 24SevenOffice going forward. Combining financial management together with industry leading HR software has demonstrated great success and significant value adding services in the global SaaS market. Workday in the US, is currently valued at BSEK 545. Their journey has inspired 24SevenOffice’s investment into the HR space and the acquisition of INNOMATE.

24SevenOffice is excited to bring Innomate’s HR offering to its 67 000 customers, which also complements well with 24SevenOffice’s existing products. The unique combination of HR and recruiting, alongside with the existing pay-roll, payment and financing systems will create significant synergies and open up for new revenue streams, through customized and personalized products directly to the several hundred thousands employees of the 24SevenOffice’s customers, such as credit lines and paytech/fintech, pension and insurance plans. All in all, this emphasizes the thorough and market leading SaaS offerings of 24SevenOffice, and the strong growth focus in the Nordic and US enterprise market.

“We’re excited to welcome INNOMATE’s amazing employees and customers into the 24SevenOffice family. INNOMATE is bringing highly sought-after and valuable HR and software competence and experience, which will drive clear synergies with our existing products and customer portfolio, both in the Nordic and US market. There is also a large untapped potential for 24SevenOffice in the Danish market, and this acquisition manifests the 24SO’s hyper growth journey going forward”, says Eirik Aalvik Stranden, CEO in 24SevenOffice Group AB.

“We are really looking forward to being a part of the 24SevenOffice family and together take INNOMATE to the next level. We complement each other well and this opens new opportunities and markets for us”, says Karsten Jørgensen, CEO, INNOMATE A/S.
 

This disclosure contains information that 24SevenOffice Scandinavia AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 28-01-2022 08:30 CET.

For further information please contact:

Eirik Aalvik Stranden, CEO

Tel: +47 480 62 383, eas@24sevenoffice.com

24SevenOffice in brief

24SevenOffice's vision is to empower businesses for the future, through delivering world class cloud based business systems. The system is currently used by 66,700 companies, with PwC, among others, as accounting partner. The business system is module-based, where the modules are provided independently or packaged as complete solutions. For more information see www.24sevenoffice.com

INNOMATE in brief
With a strong combination of HR and software development skills, INNOMATE provides HR solutions that help companies optimize and professionalize their HR processes in brand new ways. For more information, see www.innomate.com