“ReadSoft, with its world-leading products and solutions, and its global distribution network, is a perfect fit for Expert Systems”, says Christer Rygaard, CEO of Expert Systems. “I am truly enthusiastic about our new constellation, where Expert Systems will be a strong complement to ReadSoft’s leading invoice automation solution in the cloud, ReadSoft Online. Together we will develop and internationalize a unique concept and a leading solution for handling electronic documents in the cloud, which will benefit our present and future partners and customers”, finishes Christer Rygaard.
Expert Systems’ revenues for 2012 amounted to approximately 13 MSEK, with a slightly negative EBIT-result. 80 percent of Expert Systems’ revenue is recurring. Expert Systems’ revenue and result have been adapted to ReadSoft’s accounting principles for the financial statements of 2012. This has had a negative impact with approximately 4 MSEK on Expert Systems turnover and result.
The initial purchase price amounts to 40 MSEK, including assumed debts. In addition to the initial purchase price ReadSoft will pay an additional purchase price based on Expert Systems’ operating result EBITDA during the period May 2013 – April 2014. The additional purchase price can amount to a maximum of 20 MSEK.
ReadSoft’s Board of Directors believe that the consideration paid for Expert Systems is balanced and ReadSoft expects a positive contribution to earnings per share and other key numbers already in 2013.
The transaction is expected to be closed in May.