July 18, 2023 SmartCraft ASA (SMCRT) – Acquiring Coredination and strengthening Nordic construction software leadership position 18 July 2023: SmartCraft ASA has acquired Coredination AB, a Swedish SaaSsolution for construction companies, expanding the value proposition to newcustomer groups in the construction industry and allowing for increasing cross-sell and upsell to existing customers."We have a proven history of successful acquisitions, adding product offeringsand accelerating revenue and margin development in the acquired companies. […] 18 July 2023: SmartCraft ASA has acquired Coredination AB, a Swedish SaaSsolution for construction companies, expanding the value proposition to newcustomer groups in the construction industry and allowing for increasing cross-sell and upsell to existing customers."We have a proven history of successful acquisitions, adding product offeringsand accelerating revenue and margin development in the acquired companies. Thisis our 10[th] bolt-on acquisition, and we are confident that the Coredinationteam and their solution will be a good supplement to the group. They have amodern Software-as-a-Service (SaaS) application for construction companies,covering workforce management, machine rental, and fleet management. This ishighly complementary to our existing software portfolio", said Gustav Line, CEOof SmartCraft.Coredination reported SEK 10 million in revenue in 2022. Year to date June 2023the company achieved 18 percent organic growth in revenue with a 12 percent cashEBITDA margin. More than 90 percent of the revenue is recurring and the companyhas a low churn of 6 percent last 12 months. The Stockholm-based company hasmore than 200 contracted customers and more than 3000 users."Coredination is a perfect example of the type of company we would like to buy.They have a small, but dedicated team of 10 people which over the last ten yearshas built a modern specialized SaaS solution catering to specific needs of aconstruction company. The team has a great SaaS mindset and most of the peoplework in development," said Gustav Line."We are excited to become part of the SmartCraft Group. We have over the lastfew years built the company and Swedish market position stone by stone and weare now ready for acceleration in Sweden and other markets. We believeSmartCraft, with its solid position and attractive culture, will be the best tobe to take Coredination to the next level," said Folke Lundblad, CEO atCoredination.The transaction is based on an enterprise value of SEK 23.7 million. Thepurchase price for the shares is SEK 25 million which was settled in cash.Folke Lundblad, Kent Malmström and Martin Insulander, founders and three of thesellers of Coredination, have undertaken to acquire shares in SmartCraft on theopen market for a total amount of SEK 2.25 million, within six months ofSmartCraft's acquisition of Coredination. The shares acquired by Folke Lundblad,Kent Malmström and Martin Insulander will be subject to a 12-month lock-upperiod after the completion of the share acquisition.ContactGustav Line, CEO, +47 952 67 104, gustav.line@smartcraft.comAbout SmartCraftSmartCraft is the leading Nordic provider of mission-critical SaaS solutions toSME's in the construction sector. The company's business model is highlyscalable, based on 97% recurring revenue and low churn. The construction sectoris among the least digitalized industries and represents a NOK 10bn softwaremarket in the Nordics, growing at a double-digit rate. SmartCraft's solutionshelp customers to increase their productivity, margins, and resource efficiency.
