Helsinki, Finland, 2017-02-16 07:30 CET (GLOBE NEWSWIRE) --
Norvestia Oyj Stock Exchange Release 16 February 2017 at 8:30
A SIGNIFICANT EXIT OF IDEAN ENTERPRISES OY FOR NORVESTIA
Norvestia has agreed to sell its ownership in the rapidly growing Idean Enterprises Oy to the global IT services Group Capgemini. Capgemini will acquire the entire share capital of Idean and the transaction is estimated to close by the end of February. Norvestia invested in Idean in 2014 and owned 24.8 per cent of the company. Norvestia is part of CapMan Group.
31 December 2016, Norvestia’s Net Asset Value (and shareholders’ equity) was EUR 124.6 million. The effect of the sale on Net Asset Value corresponds to approximately 6 per cent in the first quarter of the year. According to market practice, the final purchase price is determined in the next two years following the exit. The parties have agreed not to disclose the purchase price but the exit has a significant positive effect on cash flow upon completion. Norvestia’s original investment in Idean was EUR 3.3 million.
Idean is a global design firm that works with the world’s leading companies, helping them create long-lasting relationships with their customers, through truly value-creating experiences. Idean’s core know-how is the design of different strategic customer and user experiences.
”Idean has been an excellent investment for us. Our goal was to take Idean’s design know-how global and in this we have succeeded well – Idean is the first Finnish-born design company to make a breakthrough in the US. We are proud that we have had the opportunity to co-operate with professionals of Idean. This transaction represents a marquee deal by any metrics and proof that Idean’s know-how is highly appreciated“, says Juha Mikkola, member of the Board of Idean and Senior Investment Director at Norvestia.
”The active cooperation with Norvestia has had a significant impact on the growth and development of our company, and we are very grateful to Norvestia for their support. Idean has grown profitably and our team today consists of over 150 designers, technologists and strategists. A significant part of our current customers are major global companies”, summarizes Risto Lähdesmäki, Founder and CEO at Idean.
Helsinki, 16 February 2017
NORVESTIA OYJ
DISTRIBUTION
Nasdaq Helsinki
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More information:
Norvestia Oyj / Juha Mikkola, Senior Investment Director, p. +358 50 590 0522, juha.mikkola@norvestia.fi
Idean Enterprises Oy / Risto Lähdesmäki, Managing Director, p. +1 650 308 6288, risto.lahdesmaki@idean.com
Norvestia Oyj is a publicly listed investment company. Norvestia’s twofold investment strategy consists of market investments and Growth Equity. Growth Equity investments are made in Nordic unlisted companies, growth-oriented listed companies and private equity funds. The target of Norvestia’s Growth Equity investment activities is to be an active investor together with other main owners, and increase the value of the target company. Investments are long-term and no strict time limit are set for exits. Norvestia’s Growth Equity portfolio consists of Aste Helsinki, Coronaria Hoitoketju, Digital Workforce Services, Fluido, Polystar Instruments and Touhula Varhaiskasvatus. In addition, the company has investments in private equity funds. Norvestia is a subsidiary in the CapMan Group since 19 December 2016. www.norvestia.fi
Idean Enterprises Oy is a Finnish-born company specialized in the design of digital services and user experiences, whose customers include world-leading companies in Europe, the US and Asia. Hundreds of millions of people all around the world use the services designed by Idean. In 2016, Idean’s revenue amounted to EUR 25 million of which 70% came from international markets. Idean’s studios are located in Finland (Helsinki, Tampere), Germany (Berlin) and in the US (Palo Alto, San Francisco, Los Angeles, Austin (TX) and New York). The company employs over 150 people. www.idean.com