Insider information: Lemonsoft Oyj acquires Atmotics Oy, which develops a maintenance and field service management software Spotilla

Lemonsoft Oyj | Insider information | June 17, 2024 at 10:00:00 EEST

Lemonsoft Oyj acquires the entire share capital of Atmotics Oy, a software company focused on maintenance and field service management. With the acquisition, Lemonsoft strengthens its offering for industrial manufacturing customers and will offer more possibilities to streamline their business processes. Lemonsoft Oyj and Atmotics Oy’s owners have signed the share purchase agreement on 17 June 2024 and the transaction is expected to be completed on 1 July 2024.

Atmotics Oy’s product Spotilla offers a comprehensive cloud-based software solution for maintenance and field service management. Spotilla’s platform allows companies to manage tasks such as work orders, preventive maintenance and asset management through mobile and web interfaces. With features like real-time data access, automated workflows, and user-friendly mobile applications, Spotilla is helping its close to 200 SME customers to streamline maintenance activities and improve overall productivity. Atmotics Oy employs a total of 8 experts in its office in Vantaa.

The net sales of Atmotics Oy, according to Finnish accounting standards (FAS), for the period 1 January 2023 – 31 December 2023 was approximately EUR 0.7 million, EBIT 7% of net sales and balance sheet total EUR 0.3 million. At the time of signing the transaction, Atmotics Oy’s contract-based annual recurring revenue (ARR) was EUR 0.8 million. In 2023, over 80% of the group’s net sales was recurring. The acquisition doesn’t affect Lemonsoft Oyj:s profit forecast for 2024.

Atmotics will be reported as part of Lemonsoft Group as of the completion of the transaction, expected on 1 July 2024. The current management and shareholders Harri Wahlroos and Lauri Kelahaara will continue to work for Atmotics, and Harri Wahlroos will continue as CEO.

The purchase price for the share capital of Atmotics Oy is EUR 2.2 million and the net debt-free enterprise value is EUR 2.0 million. The purchase price will be paid fully in cash at closing and will be financed with a bank loan. In addition, the parties have agreed on an additional purchase price for 2025-2027, which will be based on the company's Rule of 40 (revenue growth-% + EBIT-%) figure for each fiscal year. The additional purchase price amounts to a maximum of EUR 1.25 million, and if realized, will be paid fully in cash.

”Spotilla’s comprehensive cloud-based solution for maintenance and field service management aligns perfectly with our strategic goal to enhance our offering towards our industrial manufacturing customers. Equipment maintenance and after-sales service is an important part of our manufacturing customers’ business and operations and we are thrilled to be able to offer a modern solution designed directly for this purpose. This acquisition not only broadens our software offering but also brings us a wide range of industrial customers combined with an excellent team. I warmly welcome the entire Spotilla team to Lemonsoft”, comments Kari Joki-Hollanti, CEO of Lemonsoft Oyj

”We have worked hard on developing a focused product for maintenance and field service for the past few years. Our team has solid expertise in developing maintenance operations. We particularly focus on the product’s ease of use and the ability to provide tangible benefits to our customers' operations. Cooperation with Lemonsoft allows us access to a large customer base that fits perfectly with our growth ambitions ”, continues Harri Wahlroos, CEO of Atmotics Oy

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