TargetEveryone enables full attention on SpectrumOne through divestment of legacy business
TargetEveryone makes the final step to realize the strategy of putting full attention into the commercialization of SpectrumOne. Today, the Board has entered an agreement to divest our non-core legacy business to the Norwegian company Eurobate AS. This leaves TargetEveryone with a fully focused and lean organization and a clear market approach with one product, while the legacy customers will get a more suitable partner through Eurobate.
TargetEveryone´s strategy is to approach the enterprise market with SpectrumOne. The solution was ready in late Spring and several customers in a wide range of industries has signed agreements so far. Parallelly, TargetEveryone has maintained the legacy customers even though they no longer were a strategic fit or suited the organizational set-up. Eurobate´s core business is much closer to the legacy customers needs. Thus, this agreement will be a better solution for both the customers, Eurobate and TargetEveryone. Consequently, TargetEveryone AB will propose SpectrumOne AB as a new name to the General Meeting that will be assembled shortly.
The legacy customers are located in the two subsidiaries TargetEveryone AS and TargetEveryone Sweden AB. Hence, TargetEveryone AB has entered an agreement to sell these companies and transfer signed SpectrumOne customers, employees and relevant suppliers and partners to a new fully owned subsidiary, SpectrumOne AS. The purchase price is MSEK 1.6 and includes net interest-bearing debt and accrued account payables. Revenue, as explained in previous half year report, is fully related to legacy customers, that will follow the divested companies. The annual cost reduction related to the legacy business is estimated to approximately MSEK 2.
The agreement will be closed and the purchase price transferred on October 10.
Hosni Teque-Omeirat says:
This is an important step for us. I joined TargetEveryone because I have strong believes in SpectrumOne. This agreement makes us able to direct all our energy to make SpectrumOne a great success, and at the same time find a good solution for our legacy customers.
Marius Franck, CEO/Head of Operations in Eurobate says:
The acquisition of TargetEveryone AS and TargetEveryone Sweden AB opens many new opportunities to our company and our customers. After a period of constant market consolidation, it now feels right to take part in that. TargetEveryone offers exciting technology and challenging customers, which we enjoy.
About TargetEveryone
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 offices in Sweden, and Holland. TargetEveryone is listed on Nasdaq First North in Stockholm and Merkur Market in Oslo.
About Eurobate
Eurobate AS is a private owned company specialized in A2P SMS communication through several applications and API solutions. The company was founded in 1992 and is based in Oslo, with an annual turnover of approximately MNOK 30 mill and more than 100 million SMS annually. Their customers span from small local organization and dealers to multinational premium companies and brands.
For further information contact:
Vegard Brattum
CFO
+47 977 00 338
vegard@targeteveryone.com
Certified Adviser:
Mangold Fondkommission AB (556585-1267)
Box 55 691 102 15 Stockholm
Telefon: +46 8 503 015 50
ca@mangold.se
www.mangold.se
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 October 3, 2019 at 07.45 p.m. CET.