Crunchfish intends to divest its gesture interaction business
Crunchfish together with its Board of Directors have undertaken a strategic review of the business, resulting in a decision to explore a divestment of the Crunchfish Gesture Interaction subsidiary. The Board of Directors recognizes that it will achieve a better position for further growth in a new organizational setting. Simultaneously, Crunchfish will continue to build on the momentum and development of the Digital Cash business, as it is expected to have the strongest potential going forward.
Crunchfish and its Board of Directors have in a strategic review concluded that the company should remain focused on Digital Cash and the offline payment opportunities identified within this area, while working towards finding a new partner for Crunchfish Gesture Interaction to support continued development and commercialization of the technology.
Crunchfish has engaged EY Corporate Finance to find a buyer for Crunchfish Gesture Interaction business. Fredrik Clementson, CEO of Crunchfish Gesture Interaction, will focus on assisting EY in the M&A process, and has announced to leave the company in the second quarter of this year as a consequence of this plan. The divesture is expected to lower the company’s monthly operating expenses by approximately 25% when completed.
“The process of finding a new home for the Gesture Interaction business is now being launched together with our advisors, which will gradually allow us to shift all our attention towards developing the business of Digital Cash where we find numerous opportunities for our differentiating expertise and the best potential to create values going forward.”, says Göran Linder, Chairman of the Board of Crunchfish.
For more information, please contact:
Joachim Samuelsson, CEO of Crunchfish AB
+46 708 46 47 88
joachim.samuelsson@crunchfish.com
This information is such information as Crunchfish AB is obliged 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 above, at 09:30 CET on February 2, 2024.
Västra Hamnen Corporate Finance AB is the Certified Adviser. Email: ca@vhcorp.se. Telephone +46 40 200 250.
About Crunchfish – crunchfish.com
Crunchfish is a deep tech company developing a Digital Cash platform for Banks, Payment Services and CBDC implementations and Gesture Interaction technology for AR/VR and automotive industry. Crunchfish is listed on Nasdaq First North Growth Market since 2016, with headquarters in Malmö, Sweden and with a subsidiary in India.