Mercell acquires Ibistic International A/S in Denmark and CTM Solution B.V. in the Netherlands
Oslo, 11 May 2021 Mercell Holding AS (MRCL-ME) has signed agreements to acquire 100% of Ibistic International A/S (Ibistic) in Denmark and its distributor CTM Solution B.V. (CTMS) in the Netherlands.
-We continue to scale further through our programmatic M&A strategy to consolidate existing markets, add product portfolios and customer bases, and expand our European presence, says CEO Terje Wibe in Mercell.
Ibistic is a Nordic market leader in cloud-based invoicing and expense and travel management, with user-friendly systems for automation and integration with ERP systems. Ibistic has 20 employees and had revenue of DKK 17 million with an EBITDA-margin of 38% in 2020. Half the revenue base is recurring, and the acquisition hence adds DKK 8.5 million to Mercell’s growing Annual Recurring Revenue (ARR) base. Ibistic customers will over time be migrated to Mercell's existing platform. The transaction is based on an enterprise value of DKK 27 million, with an additional earn-out component capped at DKK 10 million.
Separately, the company today announces the acquisition of CTM Solutions in the Netherlands. The company has acted as Mercell’s distributor in the Dutch market and will be integrated into Mercell Negometrix. The company has 10 employees and an ARR of approximately EUR 1 million. The transaction is based on an enterprise value of EUR 1.5 million, with an additional earn-out component capped at EUR 0.5 million.
CTMS is the second largest private player in the Dutch market after Negometrix, and the business combination makes the company the clearly leading commercial provider in the Dutch pre-award market. The software and associated services of both companies will remain available for the customers, with the company expecting to realize both revenue and cost synergies from the integration.
For more information please contact:
Terje Wibe, CEO Mercell
Tel: +47 908 37 998
Fredrik Eeg, CFO Mercell
Tel: +47 908 33 378
This is Mercell:
Mercell is a leading digital platform for public eTendering and entered the eProcurement market in 2020. The company has approximately 2,200 pre-award buyers, 330 post-award buyers and some 26,600 suppliers as customers. Mercell's unique marketplace simplifies the tender and procurement process and makes it easy and secure for buyers to find relevant suppliers for their tenders and purchasing needs, and enables suppliers to find relevant business opportunities and receive and handle purchases from public and private buyers. Mercell delivers services to public and private buyers in 13 European countries with the goal of becoming the leading software-as-a-service (SaaS)-platform for eTendering and eProcurement in Europe. Through the acquisition of Negometrix in February 2021, Mercell also became market leader in the Netherlands and established a foothold in the US market.