Admicom strengthens its pioneering position in software solutions for the construction industry by acquiring the asset management and IoT software solution Trackinno
Press release 19.1.2024 at 12 noon EET
Admicom strengthens its pioneering position in software solutions for the construction industry by acquiring the asset management and IoT software solution Trackinno
Admicom acquires the entire share capital of Trackinno Oy, a company developing a cloud-based asset management, maintenance and tracking solution. With the acquisition, Admicom's software family and business operations will be strengthened with new smart functionalities, IoT solutions, partnerships, and growth and internationalisation potential.
Trackinno Oy, founded in 2015, develops a software solution that can be used with a mobile application or browser especially for the construction, real estate and industrial sectors. Software solution enhances and simplifies the management, maintenance and optimisation of the use of equipment, building systems, inventory, and improves visibility for operational data.
Trackinno Oy's revenue for 2023 was approximately EUR 0.5 million and EBITDA 14% of revenue. The company's recurring software revenue accounted for approximately 87% of revenue in 2023. At the time of signing the transaction, the company's annual recurring software revenue base (ARR) was approximately EUR 0.5 million, showing an increase of 22% from the comparison period.
Trackinno's service manages more than 200 thousand lines of equipment. The company's software is also delivered to international markets through a partner network.
Structure and main terms of the arrangement
In the arrangement, Admicom Oyj will acquire the entire share capital of Trackinno Oy. Ownership and control of the acquired shares will be transferred to the buyer on 19.1.2024. The enterprise value of the arrangement is approximately EUR 1.1 million. In addition, the parties have agreed on a conditional additional purchase price tied to Trackinno's ARR growth and profitability development in 2024-2025 as well as to the fulfilment of other business targets. The additional purchase price is EUR 0.0-0.4 million. The basic purchase price and any additional purchase price will be paid in full for cash consideration.
Admicom’s Chief Development Officer Petri Aho
”It is great to be able to announce the acquisition of Trackinno right at the beginning of 2024, and to welcome a group of top experts to Admicommunity. The acquisition reflects well Admicom's strategy and pioneering position. Trackinno enables to Admicom's extensive customer base even more diverse opportunities to digitalize business operations and improve productivity in the management and maintenance of equipment and building systems, and in the utilization of related data. I am excited that the acquisition will create new paths for us also in terms of internationalization.”
Trackinno’s Co-founder and CEO Timo Ruostila
"Trackinno has been designed with the user experience in mind, and it is great to be able to offer our solution to an even wider customer base as part of Admicom's product family. During the process, we have also identified new solutions built on top of Trackinno's software, which we are excited to start developing with our team."
The transaction will not have a significant short-term impact on the company's financials or future outlook.
Additional information:
Petri Aho
Deputy CEO, CDO
petri.aho@admicom.com
+358 44 724 1767
Keywords
Admicom Oyj
Established in 2004, Admicom is a pioneer in system development and a comprehensive software and accounting services partner for small and medium-sized enterprises.
At the core of our service package is the Admicom Ultima ERP system (formerly Adminet), which covers a wide range of solutions for managing customer companies' operations from mobile tools on the construction site to real-time financial monitoring and project management. A highly automated SaaS solution helps SMEs improve their competitiveness and profitability and saves significant time on site and in the office. We also offer our clients training, consulting and accounting services.
Our software family also includes Ultima Lite (formerly Adminet Lite), a cost-effective software and service package for small businesses, Admicom Flex (formerly Hillava), a precision solution for mobile work management, Admicom Vision (formerly Kotopro), which offers modern solutions for higher quality documentation, and a project management unit whose range of services includes solutions for quantity and cost calculation (Estima and Estima Pro), scheduling (Tempo and Planner, formerly Tocoman Aikataulu) and BIM3 solutions for utilising building information models.
We are constantly working to coordinate the functions of our software family in order to provide our customers with a consistent user experience between systems and eliminate
extra work phases, enabling our customers to do more profitable business using modern software solutions.
The continuously growing Admicommunity employs more than 270 people in its offices in Jyväskylä, Helsinki, Tampere, Oulu, Seinäjoki and Turku. More information: www.admicom.com.
Admicom's press releases and financial reports: https://investors.admicom.fi/releases-and-reports
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