DGAP-Adhoc adesso SE sells subsidiary e-Spirit AG to Crownpeak Technology Inc. / Strategic business focus as an industry-specific IT service provider and product provider
DGAP-Ad-hoc: adesso SE / Key word(s): Disposal/Contract
adesso SE sells subsidiary e-Spirit AG to Crownpeak Technology Inc. / Strategic business focus as an industry-specific IT service provider and product provider
Today, with approval of the Supervisory Board, the executive board of adesso SE has signed a contract with the US company Crownpeak Technology Inc. on the sale of the 100 % subsidiary e-Spirit AG, which until now has developed and sold the Content Management System (CMS) FirstSpirit within the adesso Group. Through the transaction, Crownpeak Technology Inc. is acquiring not only the company with its international subsidiaries but also the rights to the source code of the FirstSpirit product, which has also been internationally renowned for many years.
With over 150 employees the e-Spirit Group achieves sales of around EUR 17 million. The purchase price was agreed in the amount of approximately USD 30 million. The company valuation was not carried out as an earnings multiple due to the recent investment expenses as well as the switch from a classic license to a SaaS sales model (Software as a Service). While this temporarily led to a negative result, valuation was based on the future estimated earnings potential.
Current contracts with adesso for implementation projects, maintenance and other services in connection with FirstSpirit will be continued by adesso. adesso will also continue to be available as a premier partner of Crownpeak in relation to FirstSpirit customers.
Manager Investor Relations
Tel.: +49 231 7000-7000
Information and Explanation of the Issuer to this News:
With the transaction, adesso SE continues to focus on its core business with industry-specific IT services and products. The long-standing subsidiary, which develops a product that is in demand regardless of the sector and is not regionally limited, will also be given new business opportunities and development prospects as part of the transaction. Crownpeak is a provider of a complete solution for digital experience management with over 200 corporate customers and one of the first providers of cloud-based rental software models. Through market access in the EMEA region and e-Spirit's technological expertise, as well as through the integration of the most recently completely modernized product, Crownpeak is expanding its own market position nationally and internationally.
19-March-2021 CET/CEST The DGAP Distribution Services include Regulatory Announcements, Financial/Corporate News and Press Releases.
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|Phone:||+49 231 7000-7000|
|Fax:||+49 231 7000-1000|
|Listed:||Regulated Market in Frankfurt (General Standard); Regulated Unofficial Market in Berlin, Dusseldorf, Hamburg, Munich, Stuttgart, Tradegate Exchange; London|
|EQS News ID:||1176905|
|End of Announcement||DGAP News Service|
1176905 19-March-2021 CET/CEST