Addnode Group acquires Intrinsys, a UK leading provider of PLM software and services
Stockholm, August 1, 2017 – Addnode Group today announced the acquisition of Intrinsys Limited (Intrinsys), a UK based provider of PLM software and services with operations in South Africa. Intrinsys had in 2016 annual net sales of SEK 164 million and an EBITDA of SEK 27 million.
Intrinsys is a partner to Dassault Systèmes and UKs largest provider of PLM software and support services. The company delivers projects to companies in the Automotive, Aerospace, Formula 1, Marine, Oil/Gas and Industrial Equipment sectors. Intrinsys with 60 employees has its head office in Milton Keynes, England and operations in South Africa. For more information about Intrinsys please visit www.intrinsys.com
Intrinsys will together with Tecnhia Transcat form Addnode Groups Division PLM and as such be the #1 Global PLM Knowledge leader. Addnode Groups PLM Division will after the acquisition of Intrinsys have 600 employees in Austria, Finland, Germany, India, Norway, Slovakia, South Africa, Sweden, United Kingdom and USA with combined net sales of SEK 946 million (proforma 2016).
- “Intrinsys, a very successful PLM company with specialist knowledge, will help us to further extend our global market reach and together we will be able to better serve our customers. The combination of TechniaTranscat and Intrinsys will form the clear #1 Dassault Systèmes Value Solution Partner with unmatched coverage and skills to implement the 3DEXPERIENCE Platform. says Jonas Gejer, President of Addnode Groups PLM Division and CEO of TechniaTranscat.
- “The acquisition of Intrinsys matches very well Addnode Groups strategy to expand in Europe by acquiring highly skilled Value-Added Resellers of Dassault Systèmes software, says Johan Andersson, CEO and President of Addnode Group.
The Transaction
Signing and closing took place on August 1, 2017 and Intrinsys will be consolidated as part of Addnode Group’s Product Lifecycle Management Division. The initial purchase price for all shares in Intrinsys amounts to SEK 119 million, subject to an adjustment based on the actual level of net cash and net working capital in Intrinsys at July 31, 2017. The acquisition was paid in cash on completion. In addition a capped conditional purchase price of SEK 43 million is payable if certain targets are achieved linked to Intrinsys operating profit during 2017 and 2018. The acquisition is financed through Addnode Group’s existing credit facilities and is expected to have a positive impact on Addnode Group’s earnings per share. The transaction was not subject to any conditions for completion to occur.
This information is such that Addnode Group AB (publ) is obligated to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out below, at 15.00 a.m. CET on August 1, 2017.
For more information please contact:
Johan Andersson, CEO and President, Addnode Group
Tel: +46 (0) 70 420 58 31, e-mail: johan.andersson@addnodegroup.com
Jonas Gejer, President Addnode Group PLM Division and CEO of TechniaTranscat
Phone: +46 (0)733 77 24 14, e-mail: jonas.gejer@techniatranscat.com
About Addnode Group
Addnode Group acquires, operates and develops entrepreneur-driven companies that supply software and services to markets in which we have or can achieve a leading position. We are one of Europe’s leading suppliers of software and services for design, construction and product data information, and a leading supplier of document and case management systems to public sector clients in Sweden and Norway.
We have 1,300 employees in Sweden, Austria, Denmark, Finland, Germany, India, Norway, Slovakia, UK, US and Serbia. Net sales in 2016 amounted to SEK 2,195 M. Addnode Group's Series B share is listed on Nasdaq Stockholm. For more information, please visit: www.addnodegroup.com.
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