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24SevenOffice Group AB (24SevenOffice), a leading provider of cloud-based business management solutions, announced today the acquisition of the remaining Intellectual Property Rights (IPR) for South America, Africa, Middle East, Asia, and Australia & Oceania. The acquisition of these IPR rights aligns with 24SevenOffice's long-term international strategy, which aims to expand its reach to new emerging and international markets.
Currently, 24SevenOffice has the IPR rights for Europe and North America and operates in Norway, Sweden, Denmark, and the US. 24SevenOffice's comprehensive ERP suite includes AI Accounting, CRM, Project Management, HR, Payroll, Debt collection, MRP and more, all delivered through a single, integrated SaaS cloud platform.
The acquisition of the remaining IPR rights is part of 24SevenOffice's long-term international strategy, which seeks to capitalize on the potential opportunities presented by new emerging and international markets. By controlling all IPR, the company has increased its strategic value with endless opportunities for growth on a global market.
The rest of the world IPR is acquired from R-Venture AS based on a synthetical option pricing model calculated to approx 500,000 USD using Black Scholes option pricing ranging from a share price of 17.5 SEK per share to the cap of 45 SEK per share. The transaction is done on arm's length terms with external guidance on the pricing mechanism. The Board of Directors in 24SevenOffice has approved the transaction according to this being a related party transaction.
24SevenOffice's chairman Karl-Anders Grønland has not voted as he has a conflict of interest also serving as the Chairman in R-Venture AS which has transferred the IPR-rights.
"We are excited about the acquisition of the remaining IPR rights, which will consolidate all IPR in 24SevenOffice and provide us with strategic value in controlling all IPR" said Eirik Stranden, CEO of 24SevenOffice. "Access to the full global market with endless opportunities is a significant strategic rationale for this acquisition. We believe that this acquisition will enhance our position as a leading provider of cloud-based business management solutions and enable us to capitalize on the international opportunities in the future."
The management believes that the acquisition of the remaining IPR rights will be a strategic move for the company. By having full global access and control of all IPR, it will significantly increase the list of potential M&A targets and provide a more attractive investment case for our shareholders.
This disclosure contains information that 24SevenOffice Scandinavia AB is obliged to make public pursuant to the EU Market Abuse Regulation (EU nr 596/2014). The information was submitted for publication, through the agency of the contact person, on 03-05-2023 21:06 CET.