BuildData signs Letter of Intent to acquire Edocuments
Stockholm, 19 October 2022 – BuildData Group AB (“BuildData”) today announced it has entered a Letter of Intent to acquire 100% of Edocuments Limited (“Edocuments”).
Edocuments is a leader in digital operations and maintenance (O&M) manuals in the U.K.. Edocuments is owned by current management and employs 30 people. Edocuments has been in operations for over 20 years and has enjoyed a prolonged period of strong growth. Edocuments owns Springboard, a market leading software for digital handover solutions. Edocuments is expected to generate £2.0 million of revenue (SEK25.1 million) in the financial year ending 31 December 2022. The combined entity would cement BuildData’s position as a leader of digital handover solutions in the U.K. and further establish itself as a leading provider of building lifecycle and asset data software solutions in the U.K., as well as provide cross-selling opportunities.
The initial consideration consists of a cash payment of £2.4 million (SEK30.1 million) corresponding to a multiple of 1.2x 2022 expected revenues. Subject to fulfilment of sales targets over the two following years an additional cash payment of up to £1.4m (SEK17.6 million) may be made.
The transaction will be financed with existing cash resources. The intention is for this transaction to be an asset deal with the acquired assets transferred to a Newco which is yet to be established and will sit within the BuildData Group. Edocuments management team will remain with Edocuments post transaction to drive growth.
Timetable and process
The transaction is subject to BuildData completing satisfactory due diligence and reaching binding purchase agreements. It is expected that this transaction is finalized by mid-January 2023 at the latest.
For further information, please contact: Gustave Geisendorf, CEO, Tel: +44 7760 760 777, Email: gustave.geisendorf@builddata.
This is information that BuildData Group AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on October 19, 2022 at 11.00 CET.
BuildData Group AB is a SaaS provider within construction and property technology and is listed on Nasdaq First North Growth Market. Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, email@example.com www.redeye.se).