Formpipe acquires product for mobility and accessibility
Formpipe acquires Lemoon®, a product for publication, mobility and e-services. By acquiring existing modern and proven technology, Formpipe shortens the time to market for the launch of advanced mobility solutions and additional e-services with integration to Formpipe’s ECM products.
The acquisition is in line with Formpipe’s strategy: a complementary acquisition with a base of recurring revenue and a technology that strengthen Formpipe’s ECM product range.
“By linking our current products with mobile solutions and e-services, the efficiency for our customers in the public sector increases significantly. Formpipe will be able to expand sales, maintain high customer loyalty and increase license revenue - both through new services built on this technology and by increased use of existing products. The acquisition adds another piece to the puzzle, we now extend the ability for our customers to use Formpipe’s products to digitize and automate processes, all the way from that a case is initiated, until it is closed and moved to an e-archive”, says Christian Sundin, CEO of Formpipe.
Modern public administration is using ECM systems to streamline their operations, creating greater accessibility and faster service. As more and more processes are handled electronically, more people get involved, both in terms of personnel in public administration, as well as private individuals, companies and politicians. To meet the demand, it is important to offer solutions that make life easier. Simplicity and ease of use is demanded when to execute business, whether it is by mobile phone, tablet or computer.
The acquisition is an asset deal consisting of the software’s source code and its IP, and current customer agreements. Thereby no legal entity or staff is included in the acquisition. The turnover amounts to approximately SEK 2 million yearly as recurring revenue of support agreements. The purchase price amounts to approximately SEK 4 million. Synergies will be realized immediately and the acquisition gives increased margins from day one.
For additional information, contact:
Christian Sundin, President and CEO of Formpipe, +46 705 67 73 85
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This is a translation of the original Swedish version. In the event of any discrepancies between the two versions, the original Swedish version shall take precedence.
The information in this press release is of the kind that Formpipe Software AB (publ) is required to disclose in accordance with the Swedish Securities Markets Act and/or the Swedish Financial Instruments Trading Act. This information was submitted for publication on Tuesday, October 1, 2013.
Formpipe develops ECM products and solutions for structuring information and supplies them to major companies, authorities and organisations. ECM products help organisations to capture, manage and distribute information, and to place it in context. The company’s software helps improve efficiency, cut costs and reduce risk exposure. Formpipe was founded in 2004 and has offices in Stockholm, Uppsala and Linköping in Sweden, and in Copenhagen, Denmark. The Formpipe share is listed on NASDAQ OMX Nordic, Small Cap.