Talkpool completes the sale of its IoT network to Netmore and ensures national coverage for its customers
STOCKHOLM, Dec. 30, 2020 /PRNewswire/ -- Talkpool AB sells the network company Nordic IoT Networks AB (NIOT) to Netmore Group AB. The collaboration with Netmore ensures a nationwide IoT network that enables large-scale roll-out of new solutions related to moisture, water damage and radon for customers in in the insurance and real estate industry.
Talkpool started NIOT to ensure LoRaWAN coverage and a functioning market in Sweden for its IoT services and sensors because no network operator then fulfilled that role. Now Netmore has taken on the role of national operator and thus it is natural for Talkpool to sell the network to Netmore and contribute to a consolidation.
The deal is part of the streamlining of Talkpool's operations with a focus on solutions and sensors for the insurance and real estate industry, including syb-metering, environmental certification and energy efficiency. The collaboration also provides increased opportunities to sell Talkpool's world-leading sensors for CO2-, particle- and radon measurement to other solution suppliers in Sweden and internationally.
A nationwide network enables Talkpool to implement on a large scale its solutions related to moisture, water damage and radon developed in collaboration with the insurance industry, among policyholders throughout Sweden.
"The deal is a win-win for both Netmore and Talkpool, and we see great potential in continued cooperation and further sales to Netmore's customers", comments Stefan Lindgren, CEO of Talkpool AB.
"We look forward to working with Talkpool as a leading solution provider within IoT and see great potential in Talkpool's solutions. The deal expands Netmore's LoRaWAN coverage and enables reliable and large-scale IoT through the rollout of qualitative IoT infrastructure throughout the country", says Ove Anebygd, CEO of Netmore.
In the current network, Talkpool is conducting several digitization projects with major Swedish companies. Access to Netmore's expanded LoRaWAN network will have a direct positive effect on ongoing and future collaborations with, for example, real estate, construction and insurance companies, to which sensors are offered and which enable efficiency through digitization. The solutions that Talkpool will develop in the future will also use Netmore's network infrastructure, which will increase the recurring revenue for Netmore.
The transaction is valued at SEK 7.5 million and is settled in two parts as follows:
- SEK 3.5 million in initial purchase price pertains to installed and stocked gateways, accounts receivable and cash. The amount is paid with shares in Netmore Group AB at a valuation that corresponds to the volume-weighted average price over the past ten trading days, which is calculated at approximately SEK 1.23.
- SEK 4 million in additional purchase consideration in the form of an interest-free reverse. The additional purchase price shall be paid three years after the effective date and can be converted into newly issued shares at a fixed issue price of SEK 3.0 per share.
The transaction will take place on 15 February 2021 and is conditional on consent to significant agreements being obtained from the counterparty.
CONTACT:
For more information, please contact:
Erik Strömstedt, CEO Talkpool
Tel: +41 81 250 2020
erik.stromstedt@talkpool.com
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