OSLO: Sikri Holding AS has entered into a binding agreement with the Norwegian Ministry of Trade, Industry and Fisheries (NFD) regarding the acquisition of Ambita AS.

The agreed enterprise value is NOK 950 million per 31 December 2020 (purchase price NOK 962.8 million). NOK 50 million of the purchase price will be settled by a 360 days seller’s credit.

The remaining part of the purchase price is fully financed, and funded by existing cash, new debt under current bank facilities and NOK 350 million in new equity guaranteed by the following existing shareholders of the Company: Karbon Invest AS, Carucel N59 AS and M25 Industrier AS.

The transaction is expected to close early May 2021.

Sikri is one of Norway’s leading suppliers of technology for public administration with a strong position within the state, municipalities and health sector.

During the last year, Sikri has expanded its’ portfolio through the acquisition of companies like PixEdit, Augment, Whatif, Sureway, and now Ambita, which is the largest investment so far.

Ambita is a technology company delivering solutions digitizing the real estate market. The company’s services are used by several thousands of users in real estate transactions and construction projects every day.

Ambita’s portfolio of services includes Infoland, Ambita’s digital registration service, Virdi, Boligmappa and a solution for digital building applications amongst others. The company is also the majority shareholder in Prognosesenteret.

Ambita consolidated revenue for 2020 was approximately NOK 500 million, with an EBITDA margin of 12%. Sikri’s management has so far identified NOK 20-40 million in yearly synergies between the companies.

However, Sikri expects there to be further synergy potential from common solutions and services, cross-selling towards combined customer bases, and growth in the Nordics in the upcoming years.

This acquisition marks a change of pace in utilizing public data and developing new services for citizens, public administration, and private businesses, says the CEO of Sikri, Nicolay Moulin.

CEO of Ambita, Stig W. Seljeseth, is very pleased with the new owner of Ambita. – With Sikri’s acquisition of Ambita we will create a strong center of excellence for digitalization of the Nordic society. Sikri’s strong position in public sector, combined with Ambita’s leading role within data and analysis services for the real estate market will in combination strengthen an established technology powerhouse in the Nordics.

Majority owner and chairman of the board of Sikri, Jens Rugseth, has high ambitions. “Our ambition is to build the leading ecosystem for public administration, proptech, data and analytics within the Nordics. Based on existing market positions, we will develop new services creating sustainable values. The Nordic countries all have a strong public sector. To meet the economic and demographic challenges ahead, cooperation between private and public sectors and citizens is key,” says Rugseth.

Together these companies will represent a strong Nordic innovation center, uniquely positioned to offer the public sector, private businesses, and citizens better services.

ABG Sundal Collier ASA is acting as financial advisor and AGP Advokater is acting as legal advisor to Sikri in connection with the transaction.

Sikri is a software company that specializes in delivering good digital solutions to the public sector in the Nordic region. www.sikri.no