Banks to terminate cooperation agreement with Enento related to Swedish platform supporting housing transaction processes for banks and real estate brokers in 2023; the Company will book an impairment in relation to the transfer; the negoti
ENENTO GROUP PLC, INSIDE INFORMATION ON 24 MARCH 2022 AT 12.00 A.M. EET
Banks to terminate cooperation agreement with Enentorelated to Swedish platform supporting housing transaction processes for banks and real estate brokers in 2023; the Company will book an impairment in relation to the transfer; the negotiations on the terms of transfer continue
As a part of Enento Group Plc’s operations in Sweden, the Company provides a platform for supporting housing transaction processes for banks and real estate brokers under the Tambur Brand, which the Company has developed over the past years based on an agreement with a consortium of seven banks in Sweden. The platform forms part of the Company’s Digital Processes Business Area in Sweden. The consortium has informed Enento that it is terminating the cooperation agreement in accordance with its terms and will use its right to purchase the related platform consisting of software and source code. The Banks will pay 16 million Swedish kronas (appr. 1.5 million euro) for acquiring the platform. Based on the termination notice period, the transfer of the platform is currently expected to take place earliest during the second quarter of 2023, but negotiations regarding terms of the operations under transition period and timeline for the transition continue.
The Company will book an impairment in relation to development expenses of 1.6 million euro due to the future discontinuation of the service. The impairment will impact the first quarter 2022 Adjusted EBIT by 1.6 million euro of which the effect on Adjusted EBITDA will be 0.3 million euro. The net sales from the services offered based on the housing transaction platform represents approximately one third of the net sales of the Digital Processes Business Area. Enento will continue to provide services based on the housing transaction platform until the final handover date, but the terms related to transition period continue to be under negotiations.
While the services based on the platform will be discontinued in 2023, the Company’s Digital Processes Business Area will continue to provide real estate and apartment information services, including housing valuation services, and will focus on enhancing its services especially for the real estate broker segment in Sweden. The Digital Processes Business Area aims to invest in growth especially in the apartment information services not only for financial sector, but also for real estate broker segment from 2023 and onwards.
ENENTO GROUP PLC
For further information:
Director, Digital Processes Business Area
Tel. +358 44 230 9688
Tel. +46 72 141 00 00
Enento Group is a Nordic knowledge company powering society with intelligence since 1905. We collect and transform data into intelligence and knowledge used in interactions between people, businesses and societies. Our digital services, data and information empower companies and consumers in their daily digital decision processes, as well as financial processes and sales and marketing processes. Approximately 432 people (FTE) are working for Enento Group in Finland, Norway, Sweden and Denmark. The Group’s net sales for 2021 was 163.5 MEUR. Enento Group is listed on Nasdaq Helsinki with the trading code ENENTO.To view this piece of content from www.globenewswire.com, please give your consent at the top of this page.
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