Panostaja Oyj Stock Exchange Bulletin September 15, 2017 at 1:00 pm
Panostaja Oyj has today signed an agreement on acquiring the shares in CoreHW Ltd which designs radio frequency (RF) microchips and antennas for wireless technologies. After the transaction Panostaja will own 63 per cent of the new group to be formed through the transaction.
Established in 2013, CoreHW is a company providing high-added-value design services in the RF IC sector, developing RF microchips and antenna technology and offering related consulting services. The company’s business is divided into design services, consulting services as well as the development of own microchips products and licensed technologies (IP).
In conjunction with the transaction the company will be capitalized in order to enable the current research and development plans.
The company’s customers include network operators, chipset manufacturers, module manufacturers and wireless technology companies providing IoT solutions (Internet of Things).
The company’s head office is located in Tampere. CoreHW’s net sales have increased rapidly. In 2016, the net sales were approx. €3.5 million. The company employs about 45 people.
The value of the company’s entire share capital (100%) is €5.2 million.
The five founders of CoreHW will continue as company employees and important minority shareholders. Mr. Heikki Tenhunen will be appointed as the Chairman of the Board of the company. Mr. Tenhunen has more than 30 years management experience in the telecommunications and wireless semiconductor industries including management positions in Nokia, Renesas, Broadcom and NXP.
The owners aim to build CoreHW to become a company with its own array of successful products and a global offering of high-quality design services.
“IoT will continue the strong global growth of wireless solutions and technologies. The IoT markets boast an almost unlimited variety of areas where a specific wireless technology (Bluetooth, Wi-Fi, 5G, LTE, etc.) provides the optimal solution. CoreHW has extensive expertise in a diverse range of radio technologies. The company is still small, but it is growing rapidly. We are convinced of the company’s competence in radio technologies and the opportunities this provides. On the one hand, the company’s design and consulting business is stable and profitable, while on the other hand the investments in R&D will offer amazing opportunities in the future. CoreHW is an extremely attractive company in the exploding IoT markets and represents an entirely new kind of investment in Panostaja’s portfolio”, the CEO of Panostaja, Mr. Juha Sarsama, says.
”We are happy to have found a renowned and reliable partner that values the entrepreneurial spirit and with whom we can continue the active development of the company to the next level. Despite the rapid growth and relatively short history, we found that the support and development tools provided by Panostaja were a good fit for our company’s life span and needs. This will be particularly important as we expand our operations on international markets,” the CEO of CoreHW, Mr. Tomi-Pekka Takalo, explains.
CoreHW Oy’s net sales and EBIT in the financial periods of January 1, 2016−December 31, 2016 and January 1, 2015−December 31, 2015 were as follows (FAS):
(in thousands of euros)
| January 1–December 31, 2016 | January 1–December 31, 2015 | |
|
Net sales |
3,458 | 1,597 |
|
EBIT |
899 | 569 |
The balance sheets in the financial statements on December 31, 2016 and December 31, 2015 were as follows:
(in thousands of euros)
| December 31, 2016 | December 31, 2015 | |
|
Non-current assets |
69 | 34 |
|
Inventories |
0 | 19 |
|
Receivables and Liquid assets |
1,867 | 1,013 |
| Total assets | 1,936 | 1,066 |
|
Equity |
1,158 | 540 |
|
Liabilities |
778 | 526 |
|
Total equity and liabilities |
1,936 | 1,066 |
Further information:
Juha Sarsama, CEO, Panostaja Oyj, tel. +358 040 774 2099, e-mail juha.sarsama@panostaja.fi
Tomi-Pekka Takalo, CEO, CoreHW Oy, tel. +358 40 354 5880, e-mail tomi-pekka.takalo@corehw.com
Panostaja is an investment company developing Finnish SMEs in the role of an active majority shareholder. The company aims to be the most sought-after partner for business owners selling their companies as well as for the best managers and investors. Together with its partners, Panostaja increases the Group's shareholder value and creates Finnish success stories. After the CoreHW acquisition, Panostaja has a portfolio of eight majority holdings. Panostaja’s shares (PNA1V) are quoted on the Nasdaq Helsinki Stock Exchange. In the 2016 financial year, the Group’s net sales totaled MEUR 172.5.