Techstep acquires eConnectivity and strengthens its Managed Mobility Services capabilities in the Nordics

Oslo, 18 December: Techstep ASA (Techstep) through its wholly owned subsidiary Optidev AB (Optidev) today announces that it has acquired Sweden based eConnectivity CC AB (eConnectivity), a specialized provider of mobility advisory services and solutions.

The acquisition strengthens Techstep’s managed mobility services (MMS) position by enhancing its advisory capabilities, an important part of Techstep’s services stack and end-to-end bundled services solutions.

eConnectivity was established in Gothenburg in 2017, and its team of six mobility experts today provide their services to large enterprises such as SKF, Volvo and City of Gothenburg. The company is expected to deliver revenues of SEK 8 million in 2020. By joining Techstep via Optidev, both new sales, upsell and cross-sell opportunities increase across the combined companies’ markets and customer bases.

“We are happy to announce that eConnectivity will become a part of our growing company. eConnectivity’s mobility transformation know-how and best practice is highly valued, and their capabilities strengthen our ability to provide our MMS solution to existing and new customers” says Jens Haviken, Techstep CEO.

Techstep is purpose-built to service mobility needs with an ambition to be the leading MMS provider in the Nordics managing more than 1 million devices in 2025. “The acquisition is in line with Techstep’s growth strategy driven by organic growth and accretive M&A”, Jens Haviken adds.

Following completion of the transaction, eConnectivity will be consolidated with Optidev, a fully owned subsidiary of Techstep headquartered in Borås, Sweden. The transaction is settled through an equal combination of cash, equity and seller's credit.

TRANSACTION DETAILS 

The acquisition was signed and completed simultaneously and Techstep has partly settled the purchase price by the issuance of 755,958 new consideration shares to the sellers. The consideration shares have been issued pursuant to an authorization to issue up to 35,000,000 new shares resolved by the general meeting on 22 June 2020. Following the issuance of such consideration shares, Techstep's new share capital is NOK 183,295,472 divided into 183,295,472 shares, each with a par value of NOK 1.

Techstep will register the new share capital with the Norwegian Register of Business Enterprises and issue a separate announcement when the registration of the share capital increase is completed. Once the registration of the share capital increase is completed, the consideration shares will be registered in the Norwegian Central Securities Depository and admitted to trading on the Oslo Stock Exchange.

ADVISERS 

Nordhaven Corporate Finance and Wistrand Advokatbyrå have acted as Techstep’s advisers in this transaction.

FOR FURTHER INFORMATION: 

Jens Haviken, CEO, Techstep ASA: +47 930 90 070
Marius Drefvelin, CFO, Techstep ASA: +47 958 95 690
Erik Haugen, CCO, Techstep ASA: +47 967 90 101

ABOUT TECHSTEP ASA

Techstep is purpose-built to become a leading Managed Mobility Services provider in the Nordics. Techstep combines device management, software, hardware and connectivity into managed services and solutions. This enables enterprises and their employees to do their work across mobile devices and locations, with a high degree of security and operational stability. Techstep has 290 employees based in Norway, Sweden and Denmark, serving 550+ enterprise customers across various industries in the private and public sectors. The company is listed on the Oslo Stock Exchange. For more information, see www.techstepasa.no.