Avidly Plc to not pay additional purchase price for Avidly AB

Avidly Plc to not pay additional purchase price for Avidly AB

Avidly Plc, Company Announcement, 27 May 2019 at 14:45 EET

Avidly Plc has today confirmed that no additional purchase price will be paid to the former shareholders of Avidly AB, in line with the Board of Directors’ estimate in Avidly’s Financial Statements 2018.

Avidly signed in June 2018 an agreement to acquire 100% of Avidly AB's share capital and finalised the transaction on 31 August 2018. Avidly AB offers inbound marketing services in Norway, Sweden and Denmark. According to the agreement, the sellers would have been entitled to an additional purchase price in relation to revenue growth of the acquired operations between 1 May 2018 and 30 April 2019, provided that the net result of operations would have been positive. As the profitability target was not fulfilled, no additional purchase price is paid.

“The acquisition of Avidly AB was our first step in fulfilling our vision of being the world leading HubSpot specialist, delivering growth services for the whole buyer’s journey. We are very happy about the way we have been able to integrate the inbound operations in the four countries, strengthen our partnership with HubSpot and improve our offering to our clients during the first nine months,” Avidly Plc’s CEO Jyrki Vaittinen says.

“Currently, we are very much focusing on growth in our Inbound business, both organically and through acquisitions. As disclosed in January 2019, we target annually over 35% organic growth and over 25% inorganic growth as well as positive EBIT for this business area. And the team is working vigorously towards this growth: In 2019 alone, we have already recruited several inbound professionals as well as acquired Hehku Marketing in Finland,” Vaittinen continues.

AVIDLY PLC

Board of Directors

 

Additional information:
Jyrki Vaittinen, CEO, tel +358 40 703 1662

Oaklins Merasco Oy acts as the certified advisor of the company, tel +358 9 6129 670

Avidly is Finland’s leading marketing service provider and a leading marketing automation company in the Nordics. Avidly is listed on the Nasdaq First North market place in Helsinki. We create an atmosphere for growth to take our customers forward. We are a team of more than 230 navigators and explorers, makers and shakers in 14 locations in Finland, Sweden, Norway and Denmark. Read more: investors.avidlyagency.com/en

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