Today we entered into an agreement and completed the acquisition of all the shares of Inprog AS, adding additional customer base and valuable competence and software solution in the electro domain to SmartCraft’s portfolio.
“Through the acquisition Inprog, SmartCraft strengthens our market-leading portfolio of SaaS based services for craftsmen and contractors in the Nordics, and we are increasing our portfolio in the electro domain even further, said Gustav Line, CEO of SmartCraft.
The acquisition of Inprog is our second acquisition within the electro space during 2022.
“Our goal is to provide the best solutions for electricians in the Nordics, and with the recent additions to our portfolio I can say that we are among the very best. This is good news for our customers”, said Gustav Line.
“Similarly to Elverdi, which we acquired in June this year, Inprog shows a solid ARR growth of 20% at the end of June and the software solution is gaining commercial traction. EBITDA is positive, and SmartCraft expects to realize synergies in sales and costs both near term and in the future. The solution is today used by 250 electrician companies with 1600 users,” said Gustav Line.
The Inprog solution, ELinn, is cloud based and made by electricians for electricians. ELinn is intuitive and easy to use and has gained traction especially among customers requiring a tool for their electricians out in the field. Today, the solution is popular among the smaller and newly established electrician companies as the functionality and flow in the solution is intuitive and attractive to this customer group. However, going forward the standardized solution and ease of use can be utilized by larger electro companies.
“We are very excited about becoming part of the SmartCraft Group. When we founded Inprog we saw a need for a good digital tool for electricians on site and have developed our SaaS solution to an intuitive and easy to use solution which has become very popular among our customers. We have proven that there is a need for this in the market and are very pleased to continue the commercial journey with SmartCraft which we regard a leader in the Nordics,” said Roald Stene, Managing Director at Inprog.
Inprog had NOK 4.3 million of revenue in 2021, of which 99% was recurring. The EBITDA was NOK 1.7 million in 2021, a margin of 41%. Inprog is based in Verdal in middle of Norway and has 4 employees.
“Inprog is our ninth acquisition, and so far, all the other acquisitions have been successful with growth both in revenue and EBITDA. We have an active approach to M&A and consolidating of the industry is a key part of SmartCraft’s strategy. Through the acquisition of Inprog, we expect to achieve further synergies with our existing services for construction companies,” said Gustav Line.
The purchase price for the shares is NOK 14.2 million which was paid in cash. Additionally, the sellers can achieve an earnout of up to NOK 4 million based on EBITDA performance in 2023.
Roald Stene and Tom Stallvik, founders and two of the sellers of Inprog, have undertaken to acquire shares in SmartCraft on the open market for a total amount of NOK 1 million, within six months of SmartCraft’s acquisition of Inprog. The shares acquired by Roald Stene and Tom Stallvik will be subject to a 12-month lock-up period after the completion of the share acquisition.
For more information contact:
Gustav Line, CEO SmartCraft ASA
Mobile: +47 952 671 04