Enersize to acquire foothold in Europe
Finnish company Enersize is planning to acquire Leakage Management Systems Nordic’s (LMS) LEAQS business to gain immediate market access to Europe.
The strategic acquisition will complement Enersize’s software offering for optimising industrial compressed air systems, and provide it with a large customer base and already established distribution channels in Europe.
In order to finance the acquisition worth around six million Swedish krona (580 000 euros) and its expansion in Europe, Enersize intends to enter into a financing arrangement with Formue Nord Focus, which includes convertible loans of a maximum of 30 million Swedish krona (approx. three million euros) and the directed new issue of shares.
“With this acquisition, we can make reality of our planned Europe expansion and we get a useful commercial ready-made software that fits perfectly with our current software, and both are based on the same software-as-a-service (SaaS) philosophy,” says ChristianMerheim, chairman of Enersize, in a release. “We also get sales resources with long industry experience, well-known reference customers and a European distribution and customer network.”
Enersize’s board believes its revenue will increase significantly in the coming fiscal year with the European expansion and its recent profit-sharing agreements in China.