Nets A/S: Nets has purchased the remaining shares in EDIGard AS
| Company announcement |
| Nets A/S |
Company Registration no. 37427497
31 January 2017
Nets has purchased the remaining shares in EDIGard AS
With reference to Nets A/S's prospectus dated 13 September 2016, Nets has today purchased the remaining 42.3% shares in EDIGard AS for a cash consideration of DKK 37 million. In 2013, Nets issued a convertible loan to EDIGard AS. The loan was converted into a majority shareholding in 2014, and an agreement on Nets' purchase of the remaining shares was entered into at the same time. On 31 December 2016, EDIGard was owned 57.7% by Nets and 42.3% by its founders and key employees.
Tom Scharning, Senior Vice President, Corporate Services in Nets, says
"We have been developing EDIGard in a partnership with the founders since 2013, and I am delighted to look back at the excellent development of this company. EDIGard's digitisation technology has strengthened our ability to deliver more flexible services with short time-to-market to our customers."
EDIGard AS provides the digital distribution platform ediEX, which is a solution for digitising processes within corporates and banks. EDIGard AS' largest customer base is in Norway, but the company also provides services to customers in other Nordic countries. Nets is using the ediEX technology to optimise internal processes. The company has seen a solid growth over the last years. EDIGard AS is part of the offering from the Corporate Service business segment.
The share purchase was funded by Nets' own cash and existing credit facilities and in accordance with Nets' capital allocation principles, where investments in organic growth and add-on acquisitions are prioritised.
For further information, please contact:
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Information on Nets
Nets is a leading provider of digital payment services and related technology solutions across the Nordic region. Nets sits at the centre of the digital payments ecosystem and operates a deeply entrenched network, which connects merchants, corporate customers, financial institutions and consumers enabling them to make and receive payments as well as, increasingly, utilise value-added services to help them improve their respective activities.
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