Webpro AS Acquired by @ZetaDisplay
ZetaDisplay AB (publ) has entered into an agreement 27 May 2018 to acquire all of the shares in Webpro AS in exchange for payment in cash of approximately NOK 21 million plus additional performance-based supplemental payments.
Webpro is a Norwegian company which develops and sells customer-adapted digital signage solutions, its solutions are installed in 75 IKEA stores around the world and in over 600 McDonalds restaurants in Russia.
In 2017, Webpro had sales of NOK 24 million of which contracted and recurring revenue consisted of approximately NOK 6.5 million. Operating earnings were NOK 4.1 million.
Leif Liljebrunn, CEO of ZetaDisplay told us “Webpro has succeeded in attracting renowned international customers and, together with our platform and organization, Webpro’s customers will be able to benefit from a broader range of products and services which can be rolled out internationally.”
The purchase price is approximately NOK 21 million, on a cash and debt free basis and will be paid in cash at closing. Provided that certain defined earnings-related threshold values are achieved in 2018 and 2019, a maximum variable purchase price of approximately NOK 29 million will be paid. Any supplemental purchase price will be determined and paid out in 2019 and 2020 and ZetaDisplay is entitled to pay any supplemental purchase price in the form of common shares in ZetaDisplay.
Closing on the shares in Webpro is planned to take place during the third quarter of 2018. Completion of the transaction is contingent, among other things, on obtaining full financing to carry out the transaction and the board of directors plans to finance the acquisition through a rights issue.
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