Agreement on the strategic international purchase of 82.83% of Tradeticity d.o.o
Antares Vision announces that it has signed an agreement to purchase 82.83% of Tradeticity d.o.o.
Tradeticity d.o.o. was founded in 2017 in Zagreb (Croatia) and specializes in software management of advanced traceability processes (serialization). Tradeticity d.o.o. has in-depth expertise, has market shares in the pharmaceutical industry and is active on both the domestic and international markets. Upon completion of the transaction, Antares Vision will manage 100% of Tradeticity Service d.o.o., which specializes in services for the development, customization, implementation, support and maintenance of Tradeticity software solutions. In 2019, Tradeticity d.o.o. and Tradeticity Service d.o.o. ("Tradeticity Group") had a turnover of over 1 million euros and earnings before interest and taxes of 320,000 euros. They currently have a team of 20 people, mainly specialized software development engineers and programmers.
Emidio Zorzella, Chairman and Managing Director of Antares Vision: "This acquisition fits into the strategy of strengthening internal resources for the development of traceability and serialization software solutions dedicated to all the different players in the pharmaceutical supply chain (distributors, CMOs, logistics service providers, ...) up to the regulatory authorities, in order to improve data management and networking. This transaction will enable us to extend our geographical presence to Eastern Europe, increase market penetration by bringing together our customer base and sales force and promote the development and implementation of traceability solutions".
Lidija Pozaić, Managing Director of Tradeticity: "We are proud and pleased to see that our vision, our unique blend of experience and skills in the pharmaceutical industry, in the development of tracking software, and our continued commitment to quality has been recognized by the market leader Antares Vision. Today we are joining this large family and I am confident that we will provide significant support in implementing the Antares Vision software solutions portfolio and contribute to the development of a wide range of serialization and data integration solutions. Our team has already started to familiarize themselves with Antares Vision products and platforms. Specific training on the technology has begun. We are excited about the new possibilities and the potential that is opening up for us to enable a fast and seamless integration and thus a fast time to market".
Miodrag Mirčetić, Chairman of the Supervisory Board of Tradeticity: "A successful and strategic partnership requires a compatible business model and a uniform portfolio of products and services. And this is the case with Antares Vision and Tradeticity. I believe that the compatibility of our value system, which led us to this partnership, even comes first. Thanks to this agreement, we will also be able to present a wide range of products and solutions from the Antares Vision portfolio to our customers in Eastern Europe. At the same time, I am confident that our development activities, skills and experience in the market will play a significant role in the Antares Vision portfolio and that together we will be able to offer our customers a wider range of solutions, more flexibility and added value".
The acquisition of 82.83% of the share capital of Tradeticity d.o.o. is based on an equity value of Tradeticity Group of 1,256 million euros, i.e. an enterprise value of 1,610 million euros, which is 5 times the earnings before interest and taxes. The transaction price of 1.040 million euros will be paid in cash. After certain conditions have been met, the takeover is expected to be completed in the coming weeks.
In addition, the agreement also includes a purchase option for the acquisition of the remaining 17.17% from the approval of the annual financial statements as of December 31, 2021.
The managing director of Tradeticity d.o.o. is Lidija Pozaić, who will continue to manage the Tradeticity group and holds a 10.76% stake. The remaining 6.41% is held by the financial investor I4 Invention Adria d.o.o.
Antares Vision was supported by the acquisition of Wolf Theiss (legal advisor) and KP Advisory (fiscal due diligence and financial due diligence).
www.antaresvision.com
