Trondheim,
“This acquisition fits well into our selective M&A strategy. It also kickstarts our strategy to broaden the platform for growth in our ITS segment, allowing us to take a broader position in the asset and vehicle tracking/monitoring market. The target company offers vast experience in this field, a subscription based recurring revenue business model and a large customer base in its home market. We see attractive synergies where NORBIT´s capabilities can contribute to expand and broaden both the market footprint and the technology base of the target to fuel growth in Europe.” says Per Jørgen Weisethaunet, CEO of
The target company has, with its strong in-house competence, developed a technology including both hardware and software for vehicle and asset tracking and has several thousand customers, with a substantial share of recurring subscription-based revenues.
A preliminary transaction price has been agreed, valuing the target company at an enterprise value of
The transaction price and completion of the transaction are subject to due diligence and the audited accounting figures for the fiscal year ending
If completed, the acquisition is expected to be financed partly of a seller’s credit, by use of NORBIT’s available credit lines and through a
For further queries, please contact:
Per Jørgen Weisethaunet, CEO, +47 959 62 915
About
For more information: www.norbit.com
This information is subject of the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Alternative performance measures and definitions:
1) EBITDA is short for earnings before interest, tax, depreciation and amortization. EBITDA corresponds to operating profit before depreciation and amortization
2) EBITDA margin is defined as EBITDA divided by total revenues
Both EBITDA and total revenues are according to the local accounting standards of the target company.
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