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Inside Information: Solteq sells its ERP business based on Microsoft BC and LS Retail solutions to Azets


News provided by

Solteq

17 Apr, 2023, 06:20 GMT

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VANTAA, Finland, April 17, 2023 /PRNewswire/ -- On April 17, 2023, Solteq has signed a business transfer agreement, whereby the Group's ERP business based on Microsoft Dynamics 365 Business Central and LS Retail solutions will be sold to Azets (the "Transaction"). The completion of the Transaction is estimated to take place on May 2, 2023. The completion of the Transaction is subject to customary preconditions.

The net debt-free purchase price of the business is a maximum of EUR 20 million. The fixed purchase price is EUR 15 million deducted by the net working capital of the business. EUR 12 million will be paid upon the completion of the Transaction. The remainder of the fixed purchase price will be paid at the latest six (6) months after the completion of the Transaction. A possible additional purchase price is a maximum of EUR 5 million, and it shall be determined based on the revenue of the transferring business for a period of twelve (12) months from the first date of the month the Transaction has been completed. The company will recognize an estimated one-time profit of EUR 8 million (before tax effects) on the fixed purchase price in the second quarter. The purchase price will be paid in cash.    

In the financial year 2022, the revenue of the transferring business was EUR 11.2 million and the operating profit was EUR 1.5 million. At the closing of the Transaction, all assets and liabilities related to the business being sold are transferred to the buyer, with the exception of accounts receivable and accounts payable.

"This is a logical continuum for the previously completed transactions. Azets is a natural choice as the successor for the Microsoft Dynamics 365 Business Central and LS Retail business and provides an excellent growth platform for the transferring business and experts. We will now focus even more on the chosen software solutions and IT expert services for the energy sector, retail, and e-commerce. In addition, the Transaction will significantly decrease the company's indebtedness," says Aarne Aktan, the CEO of Solteq Plc.

The Transaction consists of expert and maintenance services as well as clientele related to Solteq's Microsoft Dynamics 365 Business Central and LS Retail ERP solutions. Following the transfer of the business, approximately 60 experts located in Finland, Sweden, Norway, and Denmark will be transferred to Azets. 

"Our technology strategy is based on selecting the best third-party products on the market and combining those with high-quality implementation competence, including deep process knowledge and automation capabilities. Combining the competences of the acquired business and Azets around Business Central and LS Retail is part of our ambition to become a major implementation partner and provider of Business Central based services and solutions internationally, with strong opportunities to grow through our local and international customers and our presence across Europe. We warmly welcome the Solteq employees in Finland, Sweden, Norway, and Denmark to join Azets. The team consists of highly skilled professionals sharing the passion for excellent customer service and high-quality implementation projects", says Ulla Nikkanen, CEO of Azets Insight Oy.

SOLTEQ PLC
BOARD OF DIRECTORS

Distribution

Nasdaq Helsinki
Key media 
www.solteq.com

Further information

CEO Aarne Aktan
Tel: +358 40 342 4440
Email: aarne.aktan@solteq.com 

Solteq in brief

Solteq is a Nordic software solution and expert service provider specializing in retail and energy sectors and needs related to e-commerce. The company employs over 650 professionals and has offices in Finland, Sweden, Norway, Denmark, Poland, and the UK.

The following files are available for download:

https://mb.cision.com/Main/10667/3751346/1986291.pdf

Release

https://news.cision.com/solteq/i/solteq-azets,c3167211

Solteq Azets

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