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TargetEveryone AB enters into agreement to acquire the remaining 70% of the Norwegian company Cloud Explorers AS
TargetEveryone AB (“TargetEveryone”) has entered an agreement to acquire the remaining 70% of its Norwegian associated company Cloud Explorers AS (“Cloud Explorers”) to shake up market and ramp up business in Data Analytics. For information on the terms of the acquisition, please see below under heading “Acquisition terms”.
For further details regarding financing of the acquisition, please refer to the press release published 17. February 2020, 22:20 CET.
During the last period, both organisations have achieved major milestones. TargetEveryone, under new leadership has implemented a major restructuring in terms of strategic focus, operational costs, human resources and funding. Resulting in a highly focused, lean and energetic organization primed for go to market.
In parallel Cloud Explorers have worked diligently to develop unique platform offerings. These complementary solutions can now be delivered as a single coherent offering – SpectrumOne. This is already meeting immediate success with key clients. Time has been spent maturing and refining both the commercial and technical offering, driven by real-world experience and deliveries. Trust has been established as a result of this with key partners and significant market actors.
Executing on our highly ambitious acquisition strategy
By acquiring Cloud Explorers, TargetEveryone is demonstrating its ability to deliver on its acquisition growth strategy. Throughout 2020 TargetEveryone expects to announce further acquisitions that will substantially increase sales, realize synergies and strengthen our development team.
Strong shareholders and secured funding
TargetEveryone's growth strategy has the support from its largest shareholders and they have assured the company that they will support the company in obtaining the required funding to realize its growth strategy. This will enable TargetEveryone to grow, become profitable and get ready for an even larger international market.
One company – tremendous success
With this acquisition, TargetEveryone becomes one with Cloud Explorers and can benefit from the success the company has shown, but also achieves an opportunity to scale up the overall business and grow together. This acquisition is a very natural and strategic next step for both organisations to ensure continuity, growth and joint success. Cloud Explorers has shown tremendous success in its development, customer customization and business development with very significant clients. Increasing and developing existing synergies, building on the successful relationship established during the last two years will turn to a new phase. Allowing both organisations to now take a single, focused approach, responding to the huge market opportunities emerging daily in the new data landscape.
About Cloud Explorers
Cloud Explorers was founded in 2011 with a vision to create leading solutions based around Big Data, Analytics, Visualiztion and incredible user friendliness. During the last eight years they have pioneered new approaches and techniques allowing the creation of a truly unique platform. Providing solutions to actors in various sectors such as Kantar Media, Egmont, Ice Communiations, CBRE and many more. Solving their challenges. With offices in Oslo and Brussles Cloud Explorers has a very talented and international team able to build and deliver a market leading technology both today and into the future.
Cloud Explorers CEO, Stephen Karl Ranson said “Today is a great moment in our journey to becoming a key actor in the Data Visualization and Analytics marketplace. We are happy to finally be a part of a team we have worked closely together with during the last two years and build the fundament of growth and prosperity. With our ownership now expressed via joint share holdings in TEONE we are all very passionate and highly motivated to build huge success and shareholder value together”.
TargetEveryone CEO, Hosni Teque-Omeirat said “The strategic acquisition of Cloud Explorers, secures and completes a relationship we began two years ago, which has proven to be and always seen as a perfect match. We are thrilled to have Cloud Explorers a fully integrated and unified part of TargetEveryone. With their growing client successes, the timing simply could not be better and reflects our mutual strong belief in the future.”
Under the share purchase agreement TargetEveryone will acquire the remaining 70% of the shares in Cloud Explorers from the founders for a total purchase price of SEK 62 500 000. Following the acquisition TargetEveryone will become the owner of 100% of Cloud Explorers. The purchase price will be settled by SEK 50 000 000 in cash and 12 500 000 in shares in TargetEveryone. The purchase price will be settled in two equal installments. The first installment to be settled on the closing of the transaction, while the second installment and the share consideration will be settled on or before 15. June 2020. The closing of the transaction is subject to customary closing conditions and is expected to take place on or about 1. April 2020. Under the share purchase agreement, Cloud Explorers CEO, Stephen Karl Ranson, and CTO, Tristan Andre Fily have undertaken to remain with the company for a period of at least 12 months. The shares to be issued as consideration are subject to a lock up clause for a period of 12 months. The acquisition is conditional upon the shareholders’ approval at an extraordinary general meeting to be convened in the near future. TargetEveryones largest shareholder, Vildmarksstugor i Norrland AB, has declared its intention to vote for an approval of the acquisition.
For further information contact:
+46 70 225 18 77
Mangold Fondkommission AB (556585-1267)
Box 55 691 102 15 Stockholm
Telefon: +46 8 503 015 50
TargetEveryone AB (publ) is obligated to publish this information under the EU Market Abuse Regulation. The information was provided by the above contact person's auspices, for publication on February 17, 2020 at 10.20 p.m. CET.
TargetEveryone is a MARTECH company, enabling our clients to streamline their 1-1 digital marketing, content and experiences within one SaaS online platform. Our unique solution makes marketeers able to easily target exactly the customers they want, and communicate with them in the channels they prefer, to maximize ROI. Our clients can easily segment their customers based on CRM data, market data and transactional data. Further, they can use a campaign editor to quickly build campaigns, and distribute these through our multichannel distribution system either by Email, SMS or SMS landing pages. TargetEveryone´s headquarter is in Oslo, with branch offices in Sweden, Holland and USA. TargetEveryone is listed on Nasdaq First North Growth Market in Stockholm and Merkur Market in Oslo.