24SevenOffice acquires Smartbob AS
Smartbob AS has developed Prisolve, a 100% cloud based financial reporting system which is already integrated with 24SevenOffice. The software allows customers to do advanced financial reporting and is tailored for accounting firms, auditors and managers including CFOs. The reporting system is flexible and customizable to fit each customer's specific requirements as well as having several reporting templates, including regulatory reporting for accounting firms.
Smartbob AS has four employees and revenues in 2021 is expected to be around 5 MSEK with marginally positive EBITDA. 24SevenOffice acquires with cash settlement 100% of the shares in the company at a revenue multiple of 3. Expected closing will be 8 October.
The employees in Smartbob AS will continue to work in 24SevenOffice and we will continue to invest in the platform and advanced financial reporting software in 24SevenOffice. There are substantial upsell opportunities to existing 24SevenOffice customers as well as being a stand alone software offering in the market.
This disclosure contains information that 24SevenOffice Scandinavia AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 06-10-2021 08:55 CET.