9.7.2021 13:46:35 CEST | EcoOnline AS | Non-regulatory press releases
Oslo 09 July 2021: EcoOnline AS (“EcoOnline”), a subsidiary of EcoOnline Holding AS, has entered an agreement to acquire Pilotech AS (“Pilotech”), a Software as a Service (“SaaS”) company providing crisis management and emergency response solutions.
Pilotech is the provider of InCaseIT, a cloud-based crisis management and emergency response system helping companies digitize and improve contingency plans. InCaseIT offers a well-proven and tested solution which represents an attractive EHSQ add-on to the existing EcoOnline platform.
Pilotech is based out of Oslo, Norway with local presence in Sweden. Since its inception in 2012, the company has grown its Annual Recurring Revenues (“ARR”) by double digits and its customer base already exceeds fifty clients from five countries. For 2020, the six-person strong team reported revenues of close to NOK 7 million with an ARR of approximately NOK 5 million and a break-even EBITDA contribution.
“There’s a clear strategic fit between InCaseIT and EcoOnline; and we are looking forward to welcoming the Pilotech team and their customers to our company. The acquisition will allow us to further help our customers proactively reduce risks facing employees, customers, business and the environment; and is in line with our strategy of adding relevant EHSQ adjacencies to our product portfolio. Notably, InCaseIT can be easily integrated into the existing EcoOnline platform, making it immediately available to current and new customers,” says Göran Lindö, CEO at EcoOnline.
“The SaaS product provided by InCaseIT has excellent client-acclaim and is relevant to EcoOnline’s expansive global reach. The user-friendly solution is supported by a strong team who shares EcoOnline’s vision of helping businesses in all industries and sizes to create safer, more sustainable and efficient workplaces,” he adds.
The founder and managing director of InCaseIT, Morten Køpke, points out that the strategic fit between the two companies will result in better products and services for customers:
“Demand for crisis management and emergency response systems is growing, supported by stricter regulations for crisis and emergency processes as well as the increase of cyber-attacks. By integrating InCaseIT into the EcoOnline platform, we will be better positioned to scale our offering to deliver more value and opportunity for our customers, present and future,” says Morten Køpke.
“By joining forces, the two companies will offer a broader product range to a larger client base. We already share many of the same customers; and we see great potential from upselling and cross-selling to existing customers in all markets,” he adds.
Pilotech is currently owned by the founder Morten Køpke and the management team. Following this transaction, EcoOnline will own 100%of the Pilotech shares. The parties have agreed on a settlement consisting of (i) NOK 8.8 million in an upfront cash payment, (ii) NOK 4 million to be settled by issuance of 160,000 consideration shares in EcoOnline Holding AS to certain sellers being key employees at Pilotech at a subscription price of NOK 25 per share and (iii) a potential earn-out payment based on the financial achievements of Pilotech the next two years. The Transaction will be funded with existing cash and liquidity reserves. The transaction is expected to close July 2021. Pilotech AS will be included in EcoOnline Holding’s consolidated financial statements as from Q3 2021.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
Göran Lindö, CEO EcoOnline Holding, +47 452 00 660, goran.lindo@ecoonline.com
Morten Evensen, CFO EcoOnline Holding, +47 415 11 169, morten.floberg.evensen@ecoonline.com
About EcoOnline AS
EcoOnline is a European EHSQ SaaS market leader dedicated to developing software creating safer & sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has offered a positive contribution to customers and society since its inception and is a leader in the Nordics, UK and Ireland with customers also in US and many other countries. The company has a clear history of successfully acquiring and integrating companies with same level of employee engagement as EcoOnline.
