White Pearl Technology Group AB: Correction - Acquisition of Lumin4ry AB
INSIDE INFORMATION - CORRECTION
A previous version of this press release published on 24 February 2025 at 10:00 CET incorrectly referred to the acquired company as "Lumi4ry AB". The correct company name is "Lumin4ry AB". Below is the complete corrected press release.
White Pearl Technology Group AB (WPTG) has today entered into a binding agreement to acquire 100% of the shares in Lumin4ry AB ("Lumin4ry"), a Swedish IT services provider. Lumin4ry, which has a workforce of 100 people based in Stockholm, is expected to contribute with an annual revenue of approximately SEK 140 million and a profit of SEK 5 million. The purchase price amounts to SEK 9 million, paid in cash and a performance-based earn-out structure over 4 years, with potential additional consideration of up to SEK 11 million in WPTG shares. The acquisition strengthens WPTG's presence in the Nordic market and creates significant synergy opportunities.
Transaction Highlights:
- Purchase price: Initial cash payment of SEK 9 million
- Performance-based earn-out structure over 4 years, with potential additional consideration of up to SEK 11 million in WPTG shares
The acquisition will be financed through existing cash resources and newly issued WPTG shares for the earn-out component. The earn-out structure is divided into four periods:
- Year 1: Up to SEK 2.75M in shares
- Year 2: Up to SEK 2.75M in shares
- Year 3: Up to SEK 2.75M in shares
- Year 4: Up to SEK 2.75M in shares
Strategic Rationale:
- Strengthens WPTG's direct presence in the Swedish market
- Adds complementary IT service capabilities
- Creates cross-selling opportunities in the Nordic region
- Provides access to skilled IT professionals
- Expected to be earnings accretive from year one
Marco Marangoni, CEO of White Pearl Technology Group, commented: "The acquisition of Lumin4ry marks an important step in our Nordic growth strategy. Their strong client relationships and technical expertise complement our existing operations and will help accelerate our expansion in Sweden."
Tony Lynden, CEO of Lumin4ry, added: "Joining WPTG provides an excellent platform for our continued growth. We look forward to leveraging WPTG's international presence and broader service offering to benefit our clients."
This information is such that White Pearl Technology Group AB is obliged to make it public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out below at 10:30 CET on 21 February 2025.
For further information, please contact: Investor Relations White Pearl Technology Group AB Email: ir@whitepearltech.com Phone: +46 707 340804
The company's Certified Adviser is Amudova AB, email: info@amudova.se, phone: +46 8 546 017 58.
About White Pearl Technology Group AB:
White Pearl Technology Group AB (WPTG) is a global technology company specialising in digital transformation solutions. With a presence in over 30 countries and a team of more than 650 experts, WPTG helps organisations navigate the complexities of the digital age, offering services ranging from ICT and system integration to business software and digital innovation.