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22.12.2021 18:31:25 CET | EcoOnline | Additional regulated information required to be disclosed under the laws of a member state
Oslo, 22 December 2021 | EcoOnline AS ("EcoOnline"), a subsidiary of EcoOnline Holding AS, has today acquired Munio AS (“Munio” or “the Company”), an EHS eLearning Software as a Service (“SaaS”) company.
Munio is a Norwegian company providing EHS eLearning and Learning Management Systems (LMS) with product extension into access and contractor management. The Company has a solid customer portfolio of larger Nordic manufacturing and chemical processing companies and has recently been awarded some German contracts while investing for further German expansion.
Munio’s technology and products will strengthen EcoOnline’s eLearning business with an extensive EHS course library and production competence and contribute to the further enrichment of EcoOnline’s EHS offerings within access and contractor management. Munio has +50 eLearning platform customers as well as +1500 customers using the eLearning courses.
Munio is based in Horten (Norway) and has a highly competent team of 19 employees. The sellers of the Company are key personnel with extensive EHS eLearning knowledge that are eager to join forces with EcoOnline. The Company has experienced strong growth during the last years and is expecting a 2021 total revenue of MNOK 20 with Annual Recurring Revenue (ARR) of MNOK 10.5 and EBITDA of MNOK 2.
The total purchase price of all shares in Munio amounted to MNOK 58, and was settled at closing today by:
- MNOK 40.5 in cash, funded with existing cash reserves
- MNOK 17.5 in shares in EcoOnline Holding AS at NOK 20.525 per share.
There is an earn-out element related to ARR growth in Europe outside the Nordics and UK over the next 30 months.
“In EcoOnline, the safety and wellbeing of workers is at the forefront of all development – our investments in eLearning are a key part of that goal. The acquisition of Munio strengthens and broadens our offering, both through their leading product, content and a best-in-class team. Through Munio, we can offer a full in-house EHS learning solution, in addition to further modules such as access management. I look forward to welcoming the team and their customers to the EcoOnline,” says Göran Lindö, CEO of EcoOnline.
"We in Munio have in the last couple of years seen a rapid increase in demand and interest for smart learning systems and e-courses. There is no doubt; we are at a watershed moment for how we think about learning, competency, and people management. As part of the EcoOnline organization, we can much more efficiently provide a comprehensive and ground-breaking solution in more geographies, benefitting new and existing customers alike. The match between Munio and EcoOnline fits like a glove,” adds Eddy Robertsen, CEO of Munio.
The Transaction was completed today. The share capital increase, through the issue of 851,894 new shares in EcoOnline Holding AS at a price of NOK 20.525 per share, was resolved by the EcoOnline Holding AS’s board of directors pursuant to a board authorization granted on 15 March 2021.
Disclosure regulation
This information is subject to the disclosure requirements pursuant to section 5-12 of the Norwegian Securities Trading Act.
Contacts
- Siw Ødegaard, CFO and Head of IR at EcoOnline, +47 957 59 848, siw.odegaard@ecoonline.com
About EcoOnline
EcoOnline is a European EHSQ SaaS market leader dedicated to developing software creating safer & sustainable workplaces while ensuring compliance and environmental sustainability. EcoOnline has offered a positive contribution to customers and society since its inception and is a leader in the Nordics, UK and Ireland with customers also in US and many other countries. The company has a clear history of successfully acquiring and integrating companies with same level of employee engagement as EcoOnline.