EcoOnline acquires Chymeia ApS
Oslo 02 July 2021: EcoOnline AS (“EcoOnline”) has entered into and completed an agreement to acquire 100% of the shares in Chymeia ApS (“Chymeia”), a Danish-based company providing a next generation software tool for safety data sheet (“SDS”) authoring. The acquisition will enable EcoOnline to offer a leading SDS authoring software (called ALMEGO) as part of its broader chemical management solution.
“Safety data sheets authoring is a key part of EcoOnline’s product offering in chemical management, allowing customers who sell, distribute or manufacture chemicals to efficiently produce and update this key safety resource. ALMEGO is an efficient and intuitive authoring solution for safety data sheets; and an attractive add-on to EcoOnline’s chemical management solution. “This acquisition confirms our continued commitment and leading expertise in the chemical management market,” says Göran Lindö, CEO at EcoOnline.
“This SaaS product has received exceptional critical acclaim and is supported by a highly competent team. The ALMEGO software will enhance EcoOnline’s already expansive chemical safety offerings and will be published in multiple languages in all markets. This acquisition is especially relevant for customers with international operations,” he adds.
ALMEGO is the culmination of more than a decade of experience and offers a high degree of automation supported by intuitive guidance enhancements, a flexible structure, and a modern user interface.
The founder and CEO of Chymeia, Johannes Jind, sees good growth potential for the combined businesses:
“Chymeia and EcoOnline make a strong strategic fit; and the combined offering will ensure a significant competitive advantage in helping workplaces comply with the latest chemical risk requirements. Our ambition is to scale the SDS authoring business significantly going forward. And now, our international expansion strategy has been realized by joining EcoOnline,” says Johannes Jind, founder and CEO of Chymeia.
Chymeia is located in Roskilde, close to Copenhagen. The company was established in 2006 and has demonstrated a consistent average annual growth in Annual Recurring Revenues (ARR) since then. Today, its client base consists of more than 160 customer contracts. The team includes 15 employees, and for 2020, the company reported revenues of DKK 10.4 million with an ARR of approximately DKK 8.7m and a positive EBITDA contribution.
The company has currently been owned by the management team Johannes Jind (CEO), Claus Ankjærgaard (COO), and Lars Bugge (Sales & Marketing Manager). The parties have agreed on a transaction value of DKK 35 million in cash payment in addition to an earn-out settlement during next 36 months based on the annual growth of the annual recurring revenue of customer contracts for certain of Chymeia's products. The contingent earn-out is not capped. Following this transaction, EcoOnline will own 100% of Chymeia shares. The Transaction was funded with existing cash and liquidity reserves. Chymeia will be included in EcoOnline’s consolidated financial statements as from Q3 2021.
Disclosure regulation
The information included in this announcement is defined as inside information pursuant to MAR article 7, and is publicly disclosed in accordance with MAR article 17 and section 5 -12 of the Norwegian Securities Trading Act.
This stock exchange announcement was published by Elise Heidenreich, IR, at EcoOnline Holding AS on 2 July 2021 at 10:40 am CEST.
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About EcoOnline AS
EcoOnline is a European EHSQ SaaS market leader dedicated to developing software creating safer & sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has offered a positive contribution to customers and society since its inception and is a chemical management leader in the Nordics, UK and Ireland. The company has a clear history of successfully acquiring and integrating companies with same level of employee engagement as EcoOnline.
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