Unifiedpost Group Announces divestment of the stand-alone products FitekIN and ONEA

La Hulpe, Belgium – August 1, 2023, 7:00 a.m. CET – Unifiedpost Group (Euronext Brussels: UPG), a leading provider of integrated business communication solutions, today announces the planned divestment of the stand-alone products FitekIN and ONEA. This divestment represents a strategic decision for Unifiedpost. This divestment allows Unifiedpost to sharpen its focus on its core offering of e-invoicing and payments, while ensuring continued growth and value creation.

Commenting on this divestment, Hans Leybaert, CEO and founder stated: “ The decision to divest FitekIN and ONEA was reached after a comprehensive evaluation of the company’s portfolio and strategic priorities. The divestment is expected to streamline operations and allow us to concentrate our resources on our core competency to optimize long-term shareholder returns.”

Transaction details

Unifiedpost has successfully integrated procure-to-pay processes and functionality into its products Collect (for corporates) and Banqup (for SMEs). As a result, the stand-alone procure-to-pay products FitekIN and ONEA are being sold, aligning with Unifiedpost's strategic focus on fully integrated solutions.

It is important to note that FitekIN is a product developed by the former Fitek Group, which was acquired by Unifiedpost Group in 2019. The divestment pertains solely to this product (FitekIN) and does not affect the entire business of Fitek Group - which is still owned by Unifiedpost.

Combined, the products FitekIN and ONEA generate a gross margin of 52% in 2022, with revenue of 3,7M. Over 11,2 M documents have been processed on behalf of 815 customers. The transaction will have an impact on the business in Belgium, Estonia, Lithuania, Latvia, Slovakia, Poland and Serbia.

Unifiedpost is pleased to announce that Baltcap, a Private Equity Fund in the Baltic States and a former shareholder of Fitek, has been selected as the buyer for the divestment of these assets. The transaction includes the Intellectual Property of FitekIN and ONEA, current customer contracts for the standalone products, part of the contracts and licenses related to FitekIN and ONEA, and a mutual reselling agreement between Unifiedpost’s Banqup business and FitekIN. As part of the transaction, Baltcap will assume responsibility for the 65 employees of the products teams for FitekIN and ONEA, with the transfer of personnel being conducted in accordance with the European "transfer of undertakings" regulations, ensuring the preservation of all rights of the employees.