Devecto Ltd is acquired by Gofore Plc
Oaklins advises the shareholders of Devecto Ltd on the sale of the entire share capital of the company to Gofore Plc, listed on Nasdaq Helsinki main market
Devecto specialises in software development for smart devices and machinery, and related testing systems. Among Devecto’s customers are well known industrial players such as Ponsse, Valtra, and ABB. The company employs 130 professionals across Finland (Jyväskylä, Espoo, Tampere, Oulu and Kajaani). Devecto has experienced a strong annual growth of more than 30% during previous years. For the financial year 2021, the company’s net sales are estimated to reach EUR 10.7 million with EBITDA of EUR 2.0 million. In 2020, the company’s net sales amounted to EUR 7.8 million and EBITDA to EUR 1.5 million.
The purchase price of the share capital to be acquired by Gofore amounts to EUR 21.0 million, with 70% paid in cash and 30% in the form of share consideration. Also, an earnout of up to EUR 5 million has been agreed upon, based on Devecto’s profit for the year 2022.
The new owner will support further growth and internationalization of the company and enhance digitalization journey of Devecto’s industrial customers. Through this transaction Gofore strengthens its services within industrial digital transformation and its position within the private sector.
Oaklins' team in Finland was engaged by the owners of Devecto as an exclusive strategic and financial advisor in this transaction. Our dedicated team identified the best possible buyer among local and international buyer candidates and supported the shareholders throughout the whole transaction process.
Devecto Ltd is a rapidly growing software development company. It specialises in demanding software design for smart devices and machinery, and related services and tools. Devecto provides industrial digitalisation solutions, software development for mobile machinery, and embedded systems. The company’s clientele rangers from leading international companies to start-ups. Devecto was established in 2014, employs 130 professionals and is headquartered in Jyväskylä. Read more about Devecto: www.devecto.com
About Gofore Group
Gofore Plc is a digital transformation consultancy with over 900 employees across Finland, Germany, Spain, and Estonia. Gofore provides expert services for holistic transformation, including digital transformation consulting, service design, digital service development, and digital quality assurance. In 2020, its net sales amounted to EUR 78 million. Gofore Plc’s shares are listed on Nasdaq Helsinki in Finland. Read more about Gofore: www.gofore.com