Crayon Group Holding — M&A Activity 2019

Mar 12, 2019

CRAYON: Crayon Acquires Leading IT Service Desk Company in Norway

CRAYON: Crayon Acquires Leading IT Service Desk Company in Norway

Oslo, 12 March 2019: Crayon Group Holding ASA ("Crayon") has today signed a Sales Purchase Agreement (“SPA”) with the shareholders of Complit A/S (“Complit”), a leading Norwegian IT service desk company, for the purchase of 100% of the outstanding shares of Complit (the “Transaction”). According to the SPA, Crayon will acquire Complit at an equity value of approximately MNOK 8, out of which MNOK 3 is related to an earn-out model based on the financial performance of the company during the next 12 months. For the FY 2018, Complit posted revenues of approximately MNOK 10 and an EBITDA of MNOK 2, implying a EV/EBITDA multiple of x4 as the company will be acquired on a cash-free and debt-free basis.

The acquisition of Complit will enable Crayon to provide 24/7 cloud support services to its customers across majority of the European countries, which will provide significant customer upsell opportunities as well as more recurring business. “Complit has developed a unique, first line support model, supported by a strong team with technical capabilities, and we are excited about adding these capabilities to strengthen our existing cloud support offerings”, says Torgrim Takle, Crayon Group CEO.   

Before the Transaction, Jens Rugseth (Crayon chairman) and Rune Syversen (Crayon founder and primary insider) each owned 42.6% of the total outstanding shares of Complit.

For further queries, please contact:

Magnus Hofshagen, FP&A and IR Director

Email: magnus.hofshagen@crayon.com

Mobile: +47 48 49 91 95

About Crayon

Crayon Group Holding ASA is a leading IT advisory firm in software and digital transformation services. With unique IP tools and skilled employees, Crayon help optimize its clients' ROI from complex software technology investments. Crayon have long experience within volume software licensing optimization, digital engineering, predictive analytics and assists the clients through all phases of the process of a digital transformation. Headquartered in Oslo, Norway, the company has more than 1,200 employees in 43 offices worldwide.