ZUTEC ACQUIRES A FURTHER 34% STAKE IN ZUTEC AUSTRALIA

Zutec Holding AB (publ) (“Zutec") today announced that it has reached an agreement to acquire a 34% stake in Zutec (Australia) Pty Ltd (“Zutec Australia”) and thereby increases its ownership stake to 90%.

Gustave Geisendorf, Zutec’s CEO says “Zutec has a meaningful market presence in Australia. This acquisition will allow us to fully integrate Zutec Australia into the wider group structure which together with our intention to increase our investments in the Australian market will allow the business to reach its full potential. The Australian construction market is already well advanced in its digitalization journey and we believe there are opportunities for companies like Zutec to benefit from the underlying trends in the market for cloud-based construction software”.

Zutec’s strategy is to grow the business organically and also through acquisitions to capture new market opportunities and technologies.

The financial details of the transaction are not disclosed.

For more information, please contact:

Gustave Geisendorf, CEO at Zutec, gustave.geisendorf@zutec.com, +353 1 201 3565

About Zutec 

Zutec is a niche provider of cloud-based construction management software with offices in Dublin, London and Melbourne.

Zutec Holding AB (publ) is listed on Nasdaq First North Growth Market and Mangold Fondkommission AB is the Company’s acting Certified Adviser (Tel. + 46 8 5030 1550, CA@mangold.se, www.mangold.se).