TargetEveryone acquires Bizwell Sweden AB
TargetEveryone acquires Bizwell Sweden AB for a total purchase price of SEK 5 million in cash and without any issue of new shares in TargetEveryone. Closing expected at March 1, 2020. TargetEveryone will use the solutions in Bizwell to be integrated in SpectrumOne and thus creating a broader service portfolio. Bizwell has a revenue of SEK 4.2 million and an operating profit of SEK 1.2 million, taking into account the owner's salary costs. The acquisition is conditional upon customary closing conditions.
TargetEveryone has today entered into an agreement to acquire all shares in Bizwell Sweden AB. The acquisition is made using existing funds and no new shares in TargetEveryone will be issued. Bizwell is a growing company with a positive cash flow and is a business data provider that provides customers with data for companies and private individuals.
Bizwell was founded in 2009 and has shown strong growth. Today, the company delivers its services to companies such as ÅF, XL Bygg, Academic Work and AssaAbloy. The company has data in over 100 countries and is on the verge of even stronger growth with the infrastructure it has built internally. Profitability is high and growing. Bizwell has shown an average growth rate of 35% the last five years and been profitable since 2016.
With Bizwell's solutions in place, we will supplement SpectrumOne with data for Sweden and other markets we aim to establish our business in. We can deliver data to our customers directly through the platform and not only create a more complete platform but also get new revenue streams at higher margins. The data in the platform also gives us a great advantage against our competitors and is one more step on the road to becoming a one-stop shop for our clients.
The acquisition is conditional upon customary closing conditions and legal due diligence work will begin next week. Closing is expected to take place on March 1, 2020.
Figures for 2019 show a gross margin of about 57% and 2019 show that the company has sales of SEK 4.2 million and an operating profit of SEK 1.2 million, taking into account the owner's salary costs.
The purchase price amounts to SEK 5 million, to be paid in two installments. The first installment of SEK 3 million shall be paid on closing and the second one of SEK 2 million no later than June 30, 2020.
CEO TargetEveryone, Hosni Teque-Omeirat said, ”I am really happy we have managed to acquire such a healthy and growing company helping us to make SpectrumOne even stronger. Seeing what opportunities laying ahead of us makes me confident we are on the right path on our growth journey”.
For further information contact:
+46 70 225 18 77
Mangold Fondkommission AB (556585-1267)
Box 55 691 102 15 Stockholm
Telefon: +46 8 503 015 50
TargetEveryone AB (publ) is obligated to publish this information under the EU Market Abuse Regulation. The information was provided by the above contact person's auspices, for publication on February 20, 2020 at 2.40 p.m. CET.
TargetEveryone is a MARTECH company, enabling our clients to streamline their 1-1 digital marketing, content and experiences within one SaaS online platform. Our unique solution makes marketeers able to easily target exactly the customers they want, and communicate with them in the channels they prefer, to maximize ROI. Our clients can easily segment their customers based on CRM data, market data and transactional data. Further, they can use a campaign editor to quickly build campaigns, and distribute these through our multichannel distribution system either by Email, SMS or SMS landing pages. TargetEveryone´s headquarter is in Oslo, with branch office in Sweden. TargetEveryone is listed on Nasdaq First North Growth Market in Stockholm and Merkur Market in Oslo.