Nordhaven advised OSE-Listed Techstep ASA (TECH) on the acquisition of Famoc S.A

10 may 2021

Techstep ASA, has signed an agreement to acquire the entire share capital of Famoc S.A. and affiliates, a software company based in Poland with a European customer base.

Acquiring Famoc, its software, systems and European operations makes perfect sense. The transaction strengthens our all-in-one Managed Mobility Services solutions for enterprises in the Nordics, it unlocks a European growth opportunity and should strengthen our financial performance going forward” says Jens Haviken, Techstep CEO.

As of February 2021, Famoc has an ARR of NOK 26 million, a 19% recurring revenue CAGR, and an LTM EBITDA margin of 23%. Famoc will be acquired at an enterprise value of NOK 103 million (PLN 47 million), which corresponds to an EV/ARR multiple of 3.96x

Techstep’s Managed Mobility Services (MMS) solution is delivered via an as-a-service model to reduce complexity and cost and increase the value of mobility for enterprises. The Famoc acquisition reduces third party software dependence and provides software and systems that strengthens Techstep’s capabilities within Platform Management. Combined with Techstep’s established capabilities within Asset Management and Advisory Services, Techstep can offer customers a complete and automated MMS solution that provides control, security, compliance and lifecycle management – all on one Techstep dashboard.

The transaction will be financed by raising NOK 100 million of new equity in Techstep, fully underwritten by the largest existing shareholders, Datum AS, Middelborg Invest AS and Karbon Invest AS, and a NOK 34 million acquisition loan.

The transaction marks the third acquisition where Nordhaven has advised Techstep.

Link to official press release: Link

About Techstep
Techstep is purpose-built to become a leading Managed Mobility Services provider in the Nordics. Techstep combines device management, software, hardware and connectivity into a managed service. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has 300 employees based in Norway, Sweden and Denmark, serving 550+ enterprise customers across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange.
For more information, please visit www.techstepasa.no.
 
About FAMOC
Famoc was founded in Poland in 2006 with offices in Gdansk and Warsaw. Famoc delivers software solutions for mobility management to SMEs and enterprises via channel partners, and offer products within the categories Software to manage mobile devices and secure mobility in business, Security software to defend confidential data, and Software that locks down the devices of users with overdue payments.
For more information, please visit https://famoc.com/

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