21.05.18 / News
MAQS has advised Semcon in its acquisition of Squeed AB
MAQS Advokatbyrå was the purchaser’s representative in connection with Semcon Sweden AB’s acquisition of 100% of the shares in the Swedish IT company Squeed AB, which reported sales of SEK 105 million in 2020.
Semcon is an international technology company with over 1, 800 employees in seven countries. Semcon helps its customers to transform technology into unique user experiences by uniting physical and digital solutions. Semcon was founded in Västerås, Sweden in 1980 and has a long tradition of being close to customers’ operations and needs. As a result, Semcon has grown to be an international group with cross-border collaborations.
Squeed’s strong position within software development and agile change management complements Semcon’s digital offering, adds sectors and broadens the group’s customer portfolio.
Squeed, which will join Semcon’s Engineering & Digital Services business area, has 95 employees who will reinforce Semcon’s presence mainly in Göteborg and Stockholm, but also in Oslo. In 2020, sales amounted to SEK 105 million and operating profit to SEK 14 million.
The purchase price for 100 percent of the shares in Squeed, on a cash and debt-free basis, initially amounts to SEK 61 million, of which SEK 56 million will be paid in cash and SEK 5 million will be paid in the form of 42, 585 shares in Semcon. In addition, earn-outs, which will be paid in cash, may amount to a maximum of SEK 39 million if the operating profit exceeds certain benchmark levels during 2021-2023.The cash portion of the purchase price will be financed using available funds in Semcon. The share portion will be met using existing holdings of own shares and the authorisation permitting the transfer of own shares that the Annual General Meeting resolved to provide to the Board of Directors on 29 April 2021.