Lime Technologies AB (publ) ("Lime" or the "Company") today announces the outcome of the Initial Public Offering of the Company's shares (the "Offering") and the listing of the shares on Nasdaq Stockholm. The Offering was substantially over-subscribed and attracted very strong interest from institutional investors in Sweden and internationally as well as from the general public in Sweden.

• As previously announced, the price per share in the Offering was SEK 72, corresponding to a total value of the outstanding number of shares in Lime of SEK 900 million
• The Offering comprised 4,428,261 existing shares in Lime, corresponding to SEK 318.8 million, which were primarily offered by the Main Shareholder[1]
• Furthermore, the Main Shareholder has undertaken through an Over-allotment Option to sell a maximum of 664,239 additional existing shares in the Company, corresponding to SEK 47.8 million and 15.0 percent of the total number of shares in the Offering (the "Over-allotment Option")
• Assuming a full exercise of the Over-allotment Option, the value of the Offering will amount to SEK 366.7 million and correspond to 40.7 percent of the total number of shares in the Company upon completion of the Offering
• The Offering was substantially over-subscribed and attracted very strong interest from institutional investors in Sweden and internationally as well as from the general public in Sweden
• In accordance with their commitments, Swedbank Robur Fonder AB[2], Aktiebolag Grenspecialisten[3], LMK Venture Partners AB, RoosGruppen AB and C Worldwide Asset Management[4] (together "Cornerstone Investors") have acquired a total of 2,038,888 shares for a total of SEK 146.8 million in the Offering, corresponding to 40.0 percent of the shares in the Offering, assuming that the Over-allotment Option is exercised in full
• Erik Syrén, CEO of Lime, has via his wholly owned company Syringa Capital AB been allocated 97,222 shares, corresponding to SEK 7.0 million, and will thus increase his ownership in Lime from 10.0 percent before the Offering to 10.8 percent of the total number of shares in Lime after completion of the Offering
• Immediately following completion of the Offering, assuming that the Over-Allotment Option is exercised in full, Lime's largest shareholders will be; Monterro 1 AB (30.0 percent of the outstanding shares in the Company), Syringa Capital AB[5] (10.8 percent), Swedbank Robur Fonder AB (9.2 percent), Aktiebolag Grenspecialisten (7.5 percent), LMK Venture Partners AB (3.4 percent), RoosGruppen AB (3.4 percent) and C Worldwide Asset Management (2.8 percent) 
• Trading in the Lime share on Nasdaq Stockholm commences on December 6, 2018 and the shares will be traded under the ticker "LIME". Settlement will take place on December 10, 2018

Erik Syrén, CEO of Lime, comments:

"Lime has since its founding showed strong profitable growth. Today, the Company is one of the leading SaaS CRM providers in Sweden with a clear ambition to reach the same position in rest of the Nordics. Our product platform and unique go-to-market model, through which we work closely with our customers and supports them in all aspects of their CRM implementation, from development to aftermarket, gives us important competitive advantages to realize our strategy to further fortify our market position. We see considerable opportunities in a rapidly growing market with digitalization and regulations as well as increasing need for automation in our customer's processes to reach higher sales effectivity to be key market drivers for many years to come. The IPO will strengthen Lime's profile towards customers, employees, business partners and investors."

Peter Larsson, Managing Partner at Monterro and chairman of the board of Lime, comments:

"Lime has developed into one of the leading providers of SaaS CRM solutions with thousands of customers and many times more users. During the last three years, sales growth has averaged 19 percent per year to above SEK 230 million with high profitability and recurring revenue of close to 60 percent. The five-year partnership with Lime, during which Lime has progressed into a leading B2B software company, is a good example of how Monterro realizes its vision and the Listing is a logical step in Limes development to strengthen Lime's profile and support continued expansion."

Advisors

Carnegie Investment Bank AB (publ) is Sole Global Coordinator and Joint Bookrunner. Skandinaviska Enskilda Banken AB is Joint Bookrunner. Gernandt & Danielsson Advokatbyrå KB is legal advisor to the Company and the Main Shareholder. Roschier Advokatbyrå AB is legal advisor to Joint Bookrunners.

For further information, please contact:

Johan Holmqvist, IR
Telephone: +46 708 37 66 77
E-mail: johan.holmqvist@lime.tech

Erik Syrén, CEO
Telephone: +46 707 38 50 72
E-mail: erik.syren@lime.tech

The information was submitted for publication at 08:00 CET on 6 December, 2018.

About Lime

Lime is one of the leading players in SaaS Customer Relationship Management (CRM) in the Nordic market. Lime develops, sells and implements user-friendly and flexible CRM systems. Lime's business model is based on the offering of long-term subscription agreements as well as consulting services for implementation and continuous customization of its products to each customer's needs and demands. Lime has a comprehensive organization including everything from development, sales, implementation and support, which creates a turnkey offering that facilitates efficient and value-creating CRM solutions for the customers.

The head office is located in Lund and as of September 30, 2018 the Company had 189 employees located at six offices in Sweden, Norway, Denmark and Finland. During the twelve month period that ended 30 September 2018, net sales increased by 21 percent to SEK 232.9 million and adjusted EBITA amounted to SEK 51.5 million, representing an adjusted EBITA-margin of 22 percent.

About Monterro

Monterro is a leading B2B software investor in the Nordics, with a mission to turn Nordic software companies into market leaders. With operational experience from successfully developing and running companies such as Pointsec, Episerver and Orc Software, Monterro actively supports its portfolio companies in all aspects of growth, in which more than 25 percent of the funds capital is coming from the partners. Since its founding in 2012, Monterro has completed nine investments as well as eight add-on investments. 

Important information

This press release does not contain or constitute an invitation or an offer to acquire, sell, subscribe for or otherwise trade in shares or other securities in Lime Technologies AB (publ) (the "Company"). Invitation to the persons concerned to acquire shares in the Company will only be made through the prospectus referred to in this press release. The prospectus will contain, among other things, risk factors, financial statements as well as information regarding the Company's Board of Directors. This press release has not been approved by any regulatory authority and is not a prospectus and accordingly, investors should not acquire any securities referred to in this press release, except on the basis of information provided in the prospectus referred to in this press release.

In certain jurisdictions, the publication or distribution of this press release may be subject to restrictions according to law, and persons in those jurisdictions where this press release has been published or distributed should inform themselves about and abide by such restrictions.

The shares or securities of the Company have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act") or with any securities regulatory authority of any state or jurisdiction within the United States, and no shares or other securities in the Company may, directly or indirectly, be offered, sold, resold, transferred, delivered or distributed to or within the United States. No shares or other securities in the Company will be offered in the United States. There are no plans to register shares or other securities in the Company, or to conduct an offering of such shares or securities, in the United States.

This press release may not be announced, published or distributed, directly or indirectly, in or into Australia, Canada, Hong Kong, Japan, New Zealand, Singapore, South Africa or the United States or any other country where such action is wholly or partially subject to legal restrictions or where such action would require additional prospectuses, other offer documentation, registrations or other actions in addition to what follows from Swedish law. The information in this press release may not be forwarded, reproduced or disclosed in such a manner that would contravene such restrictions or would require such additional prospectuses, other offer documentation, registrations or other actions. Failure to comply with this instruction may result in a violation of the Securities Act or laws applicable in other jurisdictions.

Financial information and forward-looking statements

This press release contains certain financial measures that are not defined under International Financial Reporting Standards ("IFRS"), including certain measures such as "net sales", "growth", "adjusted EBITA", "adjusted EBITA margin", and "recurring revenues" which are referred to as "non-IFRS financial measures". These non-IFRS financial measures supplement the IFRS financial measures and should not be considered an alternative to the IFRS financial measures. Non-IFRS financial measures have certain limitations as analytical tools and they should not be considered in isolation or as substitutes for analysis of results reported under IFRS.

Matters discussed in this press release may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this presentation are free from errors nor does it accept any responsibility for the future accuracy of the opinions expressed in this presentation or any obligation to update or revise the statements in this presentation to reflect subsequent events. Undue reliance should not be placed on the forward-looking statements in this document.

The information, opinions and forward-looking statements contained in this press release speak only as at its date and are subject to change without notice. The Company does not undertake any obligation to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release.

Information to distributors 

Solely for the purposes of the product governance requirements contained within: (a) EU Directive 2014/65/EU on markets in financial instruments, as amended ("MiFID II"); (b) Articles 9 and 10 of Commission Delegated Directive (EU) 2017/593 supplementing MiFID II; and (c) local implementing measures (together, the "MiFID II Product Governance Requirements"), and disclaiming all and any liability, whether arising in tort, contract or otherwise, which any "manufacturer" (for the purposes of the MiFID II Product Governance Requirements) may otherwise have with respect thereto, the shares in Lime have been subject to a product approval process, which has determined that such shares are: (i) compatible with an end target market of retail investors and investors who meet the criteria of professional clients and eligible counterparties, each as defined in MiFID II; and (ii) eligible for distribution through all distribution channels as are permitted by MiFID II (the "Target Market Assessment"). Notwithstanding the Target Market Assessment, Distributors should note that: the price of the shares in Lime may decline and investors could lose all or part of their investment; the shares Lime offer no guaranteed income and no capital protection; and an investment in shares in Lime is compatible only with investors who do not need a guaranteed income or capital protection, who (either alone or in conjunction with an appropriate financial or other adviser) are capable of evaluating the merits and risks of such an investment and who have sufficient resources to be able to bear any losses that may result therefrom. The Target Market Assessment is without prejudice to the requirements of any contractual, legal or regulatory selling restrictions in relation to the Offering.

For the avoidance of doubt, the Target Market Assessment does not constitute: (a) an assessment of suitability or appropriateness for the purposes of MiFID II; or (b) a recommendation to any investor or group of investors to invest in, or purchase, or take any other action whatsoever with respect to the shares in Lime.

Each distributor is responsible for undertaking its own target market assessment in respect of the shares in Lime and determining appropriate distribution channels.

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[1] "Main Shareholder" refers to Monterro 1 AB.

[2] Swedbank Robur Fonder AB has made a commitment as Cornerstone Investor on behalf of Swedbank Robur Microcap and Swedbank Robur Focus. Swedbank Robur Microcap owns shares in the Company since before the Offering.

[3] Aktiebolag Grenspecialisten has made a Cornerstone Investor commitment through Grenspecialisten Förvaltning AB. Aktiebolag Grenspecialisten owns shares in the Company since before the Offering.

[4] C Worldwide Asset Management Fondsmaeglerselskap AS Danmark Filial i Sverige.

[5] Wholly owned company by Erik Syrén, CEO of Lime.