CORRECTING and REPLACING

Avanquest Enters Into a Binding Agreement to Acquire the German Software Publisher, PDF forge

Regulatory News:

This replaces the announcement made at 8:31 PM on April 4, 2022 due to the following corrections:

• Purchase price for this acquisition of €24.5m, with €19m payable on the signature and the balance due one year after the closing date

And not:

• Purchase price for this acquisition of €24.5m, with €19m payable one year after the closing date

Avanquest Enters Into a Binding Agreement to Acquire the German Software Publisher, PDF forge

• Purchase price for this acquisition of €24.5m, with €19m payable on the signature and the balance due one year after the closing date
• Closing date anticipated no later than June 15, 2022
• Acquisition to be fully paid in cash

Claranova (Paris:CLA) today announced that its Avanquest division entered into a binding agreement with the German company, pdfforge GmbH ("PDF forge") to acquire all of its share capital (the "Acquisition") for a purchase price of €24.5m. Fully financed in cash, the Acquisition provides for an initial payment of €19m on the closing date and €5.5m at the end of the one-year anniversary date.

With this latest acquisition, Avanquest reaffirms its ambition to establish itself as the key competitor of Adobe Acrobat in the PDF document management software segment.

Soda PDF, Avanquest's flagship PDF software solution, continues to demonstrate its potential for future growth, as reflected by its increase in revenue of 33% in H1 2021-2022¹. This performance has been driven by its successful customer acquisition campaigns as well as the strength of its recurring revenue model, which represented 83% of the total sales of Avanquest's PDF segment in H1 2021-2022¹.

Downloaded more than 50 million times over the past three years and sold in more than 180 countries, PDFCreator, marketed by PDF forge, offers advanced features and options for creating PDF documents for the B2B segment².

PDF forge’s integration into Avanquest's PDF solutions portfolio will further expand the division’s business solutions offering while accelerating growth in recurring revenue. With 85% of sales in the form of subscriptions, PDF forge products’ also enjoy considerable popularity among their users, highlighted by a renewal rate of over 80%.

PDF forge is also a historical partner of Avanquest, who have been doing business together for the past ten years. The PDF Architect software, the second PDF application sold by the company, is indeed a white label version of the Avanquest’s Soda PDF solution.