Zutec Holding AB to change name to BuildData Group AB to reflect accelerated growth strategy
Stockholm 11 June 2021 – Zutec Holding AB (publ) (“Zutec”) today announced that it will change name from Zutec Holding AB to BuildData Group AB (“BuildData”). This comes on the back of the recent upsized SEK100 million targeted rights issue and the acquisition of Createmaster.
“We are now moving into the next phase of our very exciting journey of digitalizing the least digitized industry in the world. The name change represents the already commenced change in our strategy and in alignment of our vision of partnering with customers in the entire building lifecycle from the development stage into construction and ultimately into the operational facility management phase.” says Gustave Geisendorf, CEO of BuildData.
BuildData will consist of the following companies
- Zutec; which is a leading cloud-based construction management platform catering to developers, contractors and subcontractors as well as asset owners. Zutec provides a web-based platform and mobile applications for field use in 2D and 3D/BIM format. Zutec operates in the U.K, Ireland, Australia and the Middle East.
- Createmaster; which is a leading U.K. digital solution platform to contractors, developers and asset owners. BuildData acquired Createmaster in April 2021.
- Resi-sense; which is a U.K. cloud-based tenancy management software platform catering primarily to housebuilders and developers as well as service providers and asset owners. BuildData acquired Resi-sense as part of its acquisition of Createmaster and will going forward be an independent entity.
“The name change is further a reflection of the fact that we are a Swedish company with a Swedish management team and board of directors. We are pleased to have a group of core Swedish institutional shareholders in Athanase, AP4, FE Fonder and Norron. We are also lucky that Swedish serial entrepreneur and investor Peter Dahlberg has joined the shareholder list as a meaningful shareholder and his experience from successful buy-and-build strategies will be valuable to our journey going forwards.” says Gustave Geisendorf, CEO of BuildData.
BuildData’s strategy is to continue adding business areas and companies as part of its M&A strategy which now will intensify on the back of the recent targeted rights issue.
“We are seeing a terrific momentum in our business which is why we are confident to accelerate our growth trajectory. We are able to attract key talent that wants to join our mission and we expect to announce more key hires in the near-term. We have multiple avenues for both organic and acquired growth, our M&A pipeline is building and we expect to have further M&A announcements in the near future. Our business now consists of both ConTech (Zutec and CreateMaster) and PropTech (Resi-sense) and we are exploring M&A targets within both areas. Our geographic M&A focus will primarily remain in our home markets in the U.K., Ireland and Australia. Our target remains of reaching SEK200 million in sales within three years. Shareholder value creation will remain a top priority for us as we are embarking on this next stage in our growth journey.” says Gustave Geisendorf, CEO of BuildData.
The name change in subject to an extraordinary general meeting which will be convened shortly.
For more information, please contact:
Gustave Geisendorf, CEO, firstname.lastname@example.org, +44 7760760777.
BuildData. Group AB (to be changed from Zutec Holding AB (publ)) is a SaaS provider within construction and property technology. Zutec Holding AB (publ) is listed on Nasdaq First North Growth Market and Redeye AB is the Company’s acting Certified Adviser (Tel. +46 8 121 576 90, email@example.com www.redeye.se).