Etteplan acquires Syncore Technologies to strengthen position in Sweden

Etteplan acquire Syncore Technologies to strengthen position in Sweden

ESPOO, FINLAND: Etteplan Oyj has acquired Syncore Technologies AB, a technology services company focusing on embedded systems. This will strengthens Etteplan´s embedded systems project business in Sweden.

The acquisition is in line with Etteplan’s growth strategy as it complements our expertise and increases our international presence.

As part of the financing of the transaction, Etteplan Oyj’s Board of Directors, at its meeting held on February 1, 2022, made a conditional decision on the share issue based on the share issue authorization given to the Board of Directors by the Annual General Meeting on April 8, 2021. The directed share issue is related to the acquisition of Syncore Technologies AB.

In accordance with the terms of the transaction, the purchase price will be paid through a share issue to the sellers and cash. The contract of sale, which was a condition of the decision, was signed today, February 2, 2022, and at the same time the sellers subscribed for 117 485 Etteplan new shares as a part payment for the purchase amount. The subscription price per share to be paid for the shares is EUR 16.42.

Through the acquisition, Etteplan will significantly strengthen its ability to deliver embedded solutions and software in Sweden and strengthen its project business expertise in embedded systems. The acquisition is a continuation to investments in digitalization and embedded systems and software development Etteplan has made during the recent years.

Founded in 2000, Syncore is specialized in advanced embedded systems projects such as design, hardware and software development, and product lifecycle services, especially for customers in the industrial systems, aerospace and defense industries. In 2020, Syncore’s net sales were approximately EUR 5 million and it employs 46 embedded systems experts in Linköping, Sweden. The parties have agreed not to publish the purchase price.

“Syncore´s very strong project expertise and extensive experience as a provider of design services and embedded solutions strengthens Etteplan’s market position in Sweden and supports the development of Etteplan’s Managed Services. The acquisition also expands our service offering and opens up many interesting growth prospects for both Etteplan and Syncore,” says Juha Näkki, President and CEO of Etteplan.

Following the acquisition, Etteplan employs more than 800 experts in embedded systems and software development, including over 150 in Sweden. In total, Etteplan employs close to 700 experts in Sweden.

“With the acquisition, our project expertise in Sweden will be significantly strengthened and together we will form an interesting supplier for Swedish and international customers. We already have common clients and we have worked on joint projects. I would like to warmly welcome Syncore´s professional experts to Etteplan and continue the cooperation that has already begun,” says Tero Leppänen, Etteplan’s Senior Vice President of Software and Embedded Solutions.

”We see a lot of opportunities for collaboration – as a part of Etteplan, we can reach more customers, and execute more complex projects. This also gives our business and colleagues diverse opportunities for development and growth,” Mattias From, CEO of Syncore says

Etteplan provides solutions for software and embedded solutions, solutions for industrial equipment and plant engineering and technical documentation solutions to the world’s leading companies in the manufacturing industry. Our services are geared to improve the competitiveness of our customers’ products, services and engineering processes throughout the product life cycle. The results of Etteplan’s innovative engineering can be seen in numerous industrial solutions and everyday products.

In 2020, Etteplan had a turnover of approximately EUR 260 million. The company currently has over 3,800 professionals in Finland, Sweden, the Netherlands, Germany, Poland, Denmark and China. Etteplan’s shares are listed on Nasdaq Helsinki Ltd under the ETTE ticker.

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