24SevenOffice sells all of its shares in the Swedish consulting and accounting company Credité Consulting to its strategic partner ECIT AS.

24SevenOffice sells 651 shares, corresponding to 51% of the total shares in Credité Consulting, to ECIT AS for a total of SEK 4 820 257, with remuneration of SEK 4 720 257 in cash and SEK 100 000 in ECIT shares. 

Credité Consulting will be part of the ECIT strategic business unit focusing on 24SevenOffice technology including the highly competitive AI accounting product. This transaction marks the completion of the second acquisition of the ECIT strategic business unit focusing on 24SevenOffice technology. Thus, this sale will secure the usage of 24SevenOffice technology across a broad distribution network and customer portfolio, enabling further growth and success for 24SevenOffice.

Credité Consulting will become the spearhead of ECIT’s focus towards Sweden leveraging 24SevenOffice technology. In addition, the sale of Credité Consulting manifests 24SevenOffice’s vision to become the market leader on B2B SaaS products, rather than focusing on operating accounting firms. The enhanced focus on software and delivering SaaS technology provides 24SevenOffice with a strategic and scalable advantage for upcoming initiatives towards the Nordic enterprise market.

24SevenOffice is looking forward to collaborating closely with ECIT and developing world class B2B SaaS products going forward.
 

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 25-11-2021 07:59 CET.