Netum Group Plc acquires Studyo Oy, which specializes in software products and services in the education sector

Netum Group Plc and Studyo Oy have today, 29 December 2022, signed an agreement whereby Netum will purchase the entire share capital of Studyo Oy. The planned completion date of the transaction is January 2, 2023. With the acquisition, Netum will strengthen its product and service offering in the education sector and expands its office network to the economic region of Kuopio.

Studyo was founded in the summer of 2018 from ”a passion for developing and improving.” The software products designed by Studyo are already used daily by more than 200,000 students in almost 50 Finnish universities and upper-secondary schools. The company's turnover in the financial period ending on 31 December 2021 was approximately EUR 1.3 million, and the reported EBITDA was approximately EUR 0.1 million. About half of the turnover came from the annual recurring revenue of software products. At the end of 2022, Studyo will employ 14 people with offices in Kuopio, Helsinki, and Tampere.

”Netum and Studyo have cooperated since the founding of Studyo by delivering Peppi systems for universities’ study administration. We share the same value base and both customer- and personnel-oriented operating culture, which creates a sustainable foundation for our shared future”, says Matti Mujunen, CEO of Netum Group Plc. Studyo’s incorporation into the Netum family significantly strengthens Netum's position as one of the leading players in the education sector,” Mujunen continues.

“It is terrific that Studyo got a new strong owner, which opens up new opportunities for the company, its customers, and personnel. Studyo has a strong foothold in the Finnish education sector in the application market for learning, teaching, and study management. Netum is a profitable listed company, and as part of this company, Studyo's ability to produce and deliver new solutions will improve significantly. We already know that together we can produce even better products and services for our customers”, states Lauri Stigell, CEO of Studyo Oy.

The purchase price consists of a cash payment, Netum shares, and separately paid net cash. Furthermore, a possible additional purchase price has been agreed upon, which is tied to Studyo's business development in 2023-2024. The acquisition has no personnel effects. Studyo continues to operate as a subsidiary of Netum Group Plc.

For additional information, please contact:

Netum Group Plc
Matti Mujunen, CEO
+358 400 476 401
matti.mujunen@netum.fi

Studyo Oy
Lauri Stigell, CEO
+358 400 279 262
lauri.stigell@studyo.fi

Netum Group in brief

Netum Group Plc is a profitably growing IT services company with over 20 years of experience of demanding IT projects. The company offers its public administration and corporate customers its “Legacy to Digi®” concept. This concept enables combining traditional IT solutions with the latest digital applications safely and in a responsible way. Netum's goal is to be the most trusted partner and the preferred employer in the industry. Netum's services include digital service development, system continuity services, integration services, cyber security services as well as management consulting services. Additionally, the company offers applications as SaaS: the electronic message validator “Truugo and the IT asset management system “Netum DUX”. In 2021, Netum Group's revenue was EUR 22.4 million, and the company currently has 270 employees in Finland.

www.netum.fi/