The cutting-edge provider of visual ideation and collaboration tools, Hoylu, today announces the acquisition of Huddlewall business from its partner Scalable Display Technologies, Inc. Included in the transaction is a sales team of four team-members in Boston, US, as well as customer base, intellectual property and trademarks, current book of business and prospects. The total purchase price is estimated to USD 800,000. The sellers will receive a convertible note of USD 300,000 plus an earn-out based upon actual sales in 2017.
Hoylu plans to issue a convertible note of USD 300,000 to the sellers with the option to convert at latest on December 31st, 2017 at SEK 6 per Hoylu share. In addition, the sellers will receive an earn-out based upon actual Huddlewall sales in 2017. The maximum total pay-out, including the USD 300,000, is equal to 1x Huddlewall sales in the period April 1st to December 31st 2017. Current run rate Huddlewall sale is approximately USD 150,000 per quarter and growing, of which Hoylu software has represented around 15% of sales. Hoylu will include the acquired business in its numbers from the beginning of Q2 2017.
Scalable Display Technologies has been a reseller of Hoylu Software Suite with their packaged solution Huddlewall(TM). The purpose of the acquisition is to include Huddlewall solution in Hoylu's portfolio of Immersive Room Solutions, Collaboration- and Smart Office Solutions. In addition, part of Hoylu's go-to-market strategy is to have a sales team on the ground in Boston, US. Following the transaction, Andrew Jamison, Scalable's CEO of 10 years, will take on the role as VP Sales US at Hoylu.
"Hoylu has brought together a global team and unique technologies that are required to deliver solutions that solve the specific collaborative workflow needs of our global customers", said Andrew Jamison, new VP Sales US at Hoylu.
"This acquisition is a natural consolidation of a business that is already a part of our value chain. By including this award-winning flagship product in our portfolio we can easier meet the growing demand, shorten lead times and work directly with our largest customers to deliver total solutions," said Hoylu CEO Stein Revelsby.
About Huddlewall
Huddlewall is specifically designed for team collaboration. Its large size and workstation performance place Huddlewall in a much different class from traditional electronic whiteboards that may appear similar. For more information go-to www.scalabledisplay.com/products/product-packages/huddlewall(TM)
Scalable Display Technologies
Scalable Display Technologies, Inc. is a leading provider of software and services to enable multi-projector display systems. Scalable's patented edge-blending software, originally developed at MIT, simplifies the creation of super-resolution, multi-projector displays of the highest quality and scalable size. Scalable software has been widely adopted as a key part of the world's most advanced flight simulators, museum and planetarium exhibits, and theme park attractions. For more information visit http://scalabledisplay.com.
Hoylu AB
Hoylu delivers solutions for presentation, ideation and collaboration that focus on enhancing the user experience. The company's main area of interest is software for Creative Collaboration, combined with intuitive input and display technologies. This includes technologies for remote collaboration, Internet of Things and for connecting workspaces in different locations together, with the objective of simplifying work processes while improving productivity and creativity. For more information: www.hoylu.com or visit www.introduce.se/foretag/hoylu
Ticker symbol: Hoylu
Marketplace: Nasdaq First North Stockholm
Certified Adviser: Remium Nordic AB +46(0)84543200
For more information, please contact
Stein Revelsby, CEO at Hoylu +1 213 440 2499 Email: sr@hoylu.com
Karl Wiersholm, CFO at Hoylu +1 425 829 2316 Email: kw@hoylu.com
Publication
This information is information that Hoylu AB is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, at (8:30) CET on April XX 2017