White Pearl Technology Group AB acquires fifty percent of Latin American digital solutions provider Ataraxy Digital
White Pearl Technology Group (WPTG) acquires fifty percent of the shares of Ataraxy Digital, an industry-agnostic digital product agency, headquartered in Montevideo, Uruguay for USD 50 000 with cash payment. The remaining part of the shares are equally split among the two founders Federico Imparatta and Martín Alcalde, who will continue to lead the agency as part of WPTG and is expected to have a turnover between SEK 2,7 - 3 million during the financial year 2024.
WPTG signed a Letter of Intent on the 14th of December 2023 and is now formalising the agreement. The new addition to WPTG's vast portfolio of diversified IT companies in emerging markets markets WPTG's continued expansion into the thriving Latin American marketplace, but also into the hardware development markets in India and China.
“By integrating Ataraxy Digital's expertise, we expand our mobility, AI, ML and IoT competencies portfolio for accelerated value realization for clients. Their specialised automation advancements will enable our teams to unlock next-generation process efficiency, insight discovery and experience enhancements by leveraging tailored augmentation capabilities seamlessly. This timely boost to our platforms and skills stack opens new markets providing wider competitive differentiation.” said Marco Marangoni, CEO of White Pearl Technology Group.
“Ataraxy is a user-centric digital product agency that helps industry-leading brands craft digital products stimulating progress, " says Federico Imparatta and Martín Alcalde, founders of Ataraxy Digital. “We are very excited about the new business opportunities and the strength we gain by partnering up with WPTG and look forward to our joint journey.”
WPTG growth strategy and acquisitions
Even if last year’s growth was organic, it is key for WPTG to continue to add more deep-tech knowledgeable IT consultant firms to give the company group a broad market footprint. The acquisition of Ataraxy should be seen in the light of the WPTG growth strategy.
WPTG has a clear program for acquisitions, based on the needs of each local market as well as the global market. WPTG will continue its stated objective of acquiring businesses into the company group that add to the it's base of solutions and businesses and enable it to provide customers with end-to-end IT solutions. Companies such as Ataraxy Digital allow WPTG to sell more products and services.
WPTG comprises 28 subsidiaries providing IT services and the multi-faceted company group strengthens its highly diversified business model by this acquisition, achieved by a wide spread of specialised services in its companies.
Addition: On the 12th of July 2023, WPTG signed a Letter of Intent to acquire a majority stake of 51 percent in Independent Software Solutions Consulting Pty Ltd (ISSC). The parties decided not to go through with the deal in mutual consent.
The transaction in brief
- White Pearl Technology Group (WPTG) acquires 50 percent of the shares of Ataraxy Digital.
- The remaining part of the shares are equally split among the two founders Federico Imparatta and Martín Alcalde, who will continue to lead the agency as part of WPTG under its brand.
- Ataraxy Digital is expected to turn over SEK 2,7 to 3 million in 2024.
Purchase Price
USD 50 000 with cash payment
Completion of the transaction
1st of February 2024
Advisers
The Company's Certified Adviser is Swedish North Point Securities AB.
This information is such information that White Pearl Technology Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact persons set out above, on the 1st of February 2024 at 15.40 CET.
About Ataraxy Digital
Ataraxy is a user-centric digital product agency powering idea realisation through its unique skills integrating software, UX design and digital strategy. With expertise across mobile, web, product ideation and enterprise solutioning, Ataraxy helps industry-leading brands craft digital products stimulating progress. www.ataraxydigital.com
For further information, please contact:
Marco Marangoni, CEO, White Pearl Technology Group
E-mail: ir@whitepearltech.com, Phone: +598 93 370 044
Jenny Öijermark, IR-Manager, White Pearl Technology Group
E-mail: jenny.oijermark@whitepearltech.com, Phone: +46 707340804
The Company's Certified Adviser is Swedish North Point Securities AB.
Forward-looking statements
This press release contains forward-looking statements that reflect WPTG's intentions, beliefs, or current expectations about and targets for WPTG's and the group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based on various assumptions, many of which are based, in turn, upon further assumptions. Although WPTG believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcomes could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. WPTG does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of their date and are subject to change without notice. Neither WPTG nor anyone else undertakes to review, update, confirm or release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release.
About White Pearl Technology Group
White Pearl Technology Group, based in Stockholm and listed on Nasdaq First North Growth Market as WPTG, comprises of 28 companies, operating in the information technology space. They are diversified IT companies selling their own solutions and products, as well as services and products of third-party vendors. The group has a presence in thirty countries throughout the world. The current focus of the group’s business is emerging markets and specifically Africa, Asia, the Middle East, and to a lesser extent, Latin America. www.whitepearltech.com