Sale of PLM software and services business, Intrinsys Limited
“This transaction reinforces the strength and quality of technology businesses within the local area. The acquisition by the Swedish listed group Addnode Group AB, with combined net sales of SEK 2,195mil (approximately £190mil), will help Addnode further extend their global market reach. We were delighted to act for the shareholders on their exit from Intrinsys and it is particularly reassuring to see that EU buyers are determined to invest in UK businesses notwithstanding the current uncertainty surrounding Brexit.”
We are pleased to have advised the shareholders on the sale of Milton Keynes headquartered product lifecycle management software and services business Intrinsys Limited to Addnode Group AB, whose Series B shares are listed on Nasdaq Stockholm.
Intrinsys delivers projects to companies in the automotive, aerospace, formula 1, marine, oil/gas and industrial equipment sectors. The company has 60 employees across its offices in the UK and South Africa.
The initial purchase price for the entire issued share capital of Intrinsys amounts to SEK 119mil (approximately £11mil), subject to an adjustment based on the actual level of net cash and net working capital in Intrinsys at 31 July 2017. In addition a capped conditional purchase price of SEK 43mil (approximately £4mil) is payable if certain targets are achieved linked to the company’s operating profit during 2017 and 2018.
John McLean, who is one of the co-founders of Intrinsys, comments: “I would like to express a special thank you to the EMW team for an outstanding job during the transaction. It was a pleasure working with them.”