Admicom strengthens its pioneering position in software solutions for the construction industry by acquiring the asset management and IoT software solution Trackinno
Press release 19.1.2024 at 12 noon EET
Admicom strengthens its pioneering position in software solutions for the construction industry by acquiring the asset management and IoT software solution Trackinno
Admicom acquires the entire share capital of Trackinno Oy, a company developing a cloud-based asset management, maintenance and tracking solution. With the acquisition, Admicom's software family and business operations will be strengthened with new smart functionalities, IoT solutions, partnerships, and growth and internationalisation potential.
Trackinno Oy, founded in 2015, develops a software solution that can be used with a mobile application or browser especially for the construction, real estate and industrial sectors. Software solution enhances and simplifies the management, maintenance and optimisation of the use of equipment, building systems, inventory, and improves visibility for operational data.
Trackinno Oy's revenue for 2023 was approximately EUR 0.5 million and EBITDA 14% of revenue. The company's recurring software revenue accounted for approximately 87% of revenue in 2023. At the time of signing the transaction, the company's annual recurring software revenue base (ARR) was approximately EUR 0.5 million, showing an increase of 22% from the comparison period.
Trackinno's service manages more than 200 thousand lines of equipment. The company's software is also delivered to international markets through a partner network.
Structure and main terms of the arrangement
In the arrangement, Admicom Oyj will acquire the entire share capital of Trackinno Oy. Ownership and control of the acquired shares will be transferred to the buyer on 19.1.2024. The enterprise value of the arrangement is approximately EUR 1.1 million. In addition, the parties have agreed on a conditional additional purchase price tied to Trackinno's ARR growth and profitability development in 2024-2025 as well as to the fulfilment of other business targets. The additional purchase price is EUR 0.0-0.4 million. The basic purchase price and any additional purchase price will be paid in full for cash consideration.
Admicom’s Chief Development Officer Petri Aho
”It is great to be able to announce the acquisition of Trackinno right at the beginning of 2024, and to welcome a group of top experts to Admicommunity. The acquisition reflects well Admicom's strategy and pioneering position. Trackinno enables to Admicom's extensive customer base even more diverse opportunities to digitalize business operations and improve productivity in the management and maintenance of equipment and building systems, and in the utilization of related data. I am excited that the acquisition will create new paths for us also in terms of internationalization.”
Trackinno’s Co-founder and CEO Timo Ruostila
"Trackinno has been designed with the user experience in mind, and it is great to be able to offer our solution to an even wider customer base as part of Admicom's product family. During the process, we have also identified new solutions built on top of Trackinno's software, which we are excited to start developing with our team."
The transaction will not have a significant short-term impact on the company's financials or future outlook.
Additional information:
Petri Aho
Deputy CEO, CDO
petri.aho@admicom.com
+358 44 724 1767
Keywords
Admicom Oyj
Established in 2004, Admicom is a pioneer in system development and a comprehensive software and accounting services partner for small and medium-sized enterprises.
At the core of our service package is the Admicom Ultima ERP system (formerly Adminet), which covers a wide range of solutions for managing customer companies' operations from mobile tools on the construction site to real-time financial monitoring and project management. A highly automated SaaS solution helps SMEs improve their competitiveness and profitability and saves significant time on site and in the office. We also offer our clients training, consulting and accounting services.
Our software family also includes Ultima Lite (formerly Adminet Lite), a cost-effective software and service package for small businesses, Admicom Flex (formerly Hillava), a precision solution for mobile work management, Admicom Vision (formerly Kotopro), which offers modern solutions for higher quality documentation, and a project management unit whose range of services includes solutions for quantity and cost calculation (Estima and Estima Pro), scheduling (Tempo and Planner, formerly Tocoman Aikataulu) and BIM3 solutions for utilising building information models.
We are constantly working to coordinate the functions of our software family in order to provide our customers with a consistent user experience between systems and eliminate
extra work phases, enabling our customers to do more profitable business using modern software solutions.
The continuously growing Admicommunity employs more than 270 people in its offices in Jyväskylä, Helsinki, Tampere, Oulu, Seinäjoki and Turku. More information: www.admicom.com.
Admicom's press releases and financial reports: https://investors.admicom.fi/releases-and-reports
Alternative languages
Subscribe to releases from Admicom Oyj
Subscribe to all the latest releases from Admicom Oyj by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Admicom Oyj
ADMICOM OYJ BUSINESS REVIEW Q1 1.1.-31.3.2024: Growth in a challenging market, ARR growth +10 %10.4.2024 09:05:00 EEST | Press release
Unofficial translation of the company release on April 10, 2024 at 9 AM EEST. In case the document differs from the original, the Finnish version prevails. Welcome to join an investor call on Admicom's Q1 results on 10 April 2024 at 11.00 EEST. You can register for the event via this link: https://us06web.zoom.us/webinar/register/WN_xN6ug9BvTgatFJ9Quq7_VA. Figures in parenthesis refer to the comparable period in the previous year, unless otherwise stated. January-March 2024 (Q1): Annual recurring revenue (ARR)1) grew by 10.0% to EUR 33.8 million (30.7). Recurring revenue2) grew 7.4 % and was EUR 8.1 million (7.5). Revenue grew 4.8 % and was EUR 8.6 million (8.2). Adjusted EBITDA3) was EUR 2.7 million (3.0), 30.9% of revenue (36.7%). Adjustments to EBITDA were EUR 80 thousand. Adjusted EBIT3) was EUR 1.7 million (2.3), or 19.9% of revenue (27.6%). Earnings per share were EUR 0.21 (0.32). Admicom strengthened its forerunner position in construction technology solutions by acquiring asset
Decisions of Admicom Oyj's Annual General Meeting on March 19, 202419.3.2024 16:25:00 EET | Press release
Unofficial translation of the company release on March 19, 2023 at 4:20 p.m. EET. In case the document differs from the original, the Finnish version prevails. Admicom Oyj's Annual General Meeting on March 19, 2024 approved the company's financial statements for the financial year 2023 and discharged the members of the Board of Directors and the CEO from liability for the financial year 2023. The decisions can be read in full from the minutes of the Annual General Meeting, available in Finnish on Admicom Oyj’s website https://investors.admicom.fi/annual-general-meeting/ on April 2, 2024 at the latest. Distribution of profits The Annual General Meeting resolved that a dividend of EUR 0.70 per registered share be paid of the profit for the financial period. The dividend will be paid to a shareholder registered in the Company’s shareholders’ register maintained by Euroclear Finland Oy on the dividend record date March 21, 2024. The dividend will be paid on March 28, 2024. The Board of Dir
Admicom Oyj: Notice convening the annual general meeting 202427.2.2024 10:05:00 EET | Press release
Unofficial translation of the company release on February 27, 2024 at 10:00 a.m. EET. In case the document differs from the original, the Finnish version prevails. Notice is given to the shareholders of Admicom Oyj of the Annual General Meeting to be held on Tuesday 19 March 2024 at 13.00EET at Hotelli Verso, conference room (2nd floor), Kauppakatu 35, 40100 Jyväskylä, Finland. The reception of persons who have registered for the meeting and the distribution of ballots at the meeting venue will commence at 12.30 EET. Shareholders may also exercise their voting rights by voting in advance. Instructions on advance voting can be found in this notice under section C. Shareholders who have registered for the General Meeting and their proxy representatives may also follow the meeting via an online broadcast. A link to the online broadcast will be sent to the email address and/or mobile phone number provided at the time of registration. It is not possible to present questions, make counterpro
Proposals from Admicom’s Nomination Committee for the AGM 20241.2.2024 09:05:00 EET | Press release
Unofficial translation of the company release on February 1, 2024 at 9:00 a.m. EET. In case the document differs from the original, the Finnish version prevails. The nomination committee As decided by Admicom’s AGM in 2023, a nomination committee has been formed among Admicom’s largest owners to prepare proposals for the AGM 2024. The members of the nomination committee are: Jan Andersson, elected by Swedbank Robur Fonder, Antti Katajisto, elected by SEB Investment Management, Ville Kivipelto, elected by Danske Fonder and Jonathan Schönbäck, elected by ODIN Fonder. Petri Niemi, chairman of board of Admicom, has been co-opted to the nomination committee. The nomination committee has held three meetings to prepare it proposals to the 2024 AGM. Beside discussing the Company’s strategy and challenges over the next few years with the chairman, the nomination committee has made individual interviews with all board members and have concluded that the board work is efficient with ambitious and
ADMICOM OYJ’S FINANCIAL STATEMENTS RELEASE 2023: Execution of growth strategy continued in a challenging market. Organic recurring revenue growth +11% and EBITDA margin 37% of revenue19.1.2024 09:05:00 EET | Press release
Admicom Oyj: Financial statements release 1.1. -31.12.2023 Unofficial translation of Admicom Oyj’s financial statements release January 19, 2024 at 9:00 EET. In case the document differs from the original, the Finnish version prevails. October – December 2023 (Q4) Comparable organic recurring revenue grew to EUR 7.5 million (7.0), an increase of 6.7% year-on-year Revenue grew to EUR 8.2 million (8.0), an increase of 1.9% year-on-year. Growth was entirely organic. The operating margin (EBITDA) decreased by 17.2% to EUR 2.4 million (2.9), or 29.8% of revenue (36.7%). Operating profit before amortization of goodwill (EBITA) decreased by 16.1% to EUR 2.4 million (2.9), or 29.4% of revenue (35.7%). Operating profit (EBIT) decreased by 59.7% to EUR 0.7 million (1.8) and profit for the review period was EUR 0.5 million (1.2). During the review period, an additional amortization of EUR 1.0 million was recognised in Kotopro's goodwill due to a change in the amortization period. Helena Marjokorp
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom