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SpectrumOne AB — M&A Activity 2019
Oct 3, 2019
8586_rns_2019-10-03_463a509d-9bbf-4b48-94f6-497fa7898853.html
M&A Activity
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TargetEveryone enables full attention on SpectrumOne through divestment of legacy business
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
Certified Adviser:
Mangold Fondkommission AB (556585-1267)
Box 55 691 102 15 Stockholm
Telefon: +46 8 503 015 50
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.