Gofore Plc: Final price paid in the Qentinel Finland acquisition

GOFORE PLC PRESS RELEASE 31 MARCH 2021 AT 16.15 EET

Final price paid in the Qentinel Finland acquisition

On 10 August 2020 Gofore Plc announced that it had signed an agreement to acquire the entire share capital of Qentinel Finland Oy, a specialist in software testing automation. The acquisition was completed on 1 September 2020.

The debt-free purchase price paid upon the completion of the acquisition was EUR 8.9 million, paid in cash. The acquisition also entailed the payment of an additional purchase price based on the acquired company’s EBITDA for 2020. The additional purchase price totalled EUR 3.4 million, paid today 31 March 2021. The total debt-free purchase price of the acquisition thus amounted to EUR 12.4 million.

“Qentinel Finland's development towards the end of the year clearly exceeded our expectations. I would like to thank the sellers with whom the cooperation has been excellent, but especially the Qentinel Finland team, which has done an excellent job since the transaction was completed. The integration with the rest of Gofore has progressed well and customers have welcomed our joint service offering. As a result, the additional purchase price also increased from our initial estimate,” says Mikael Nylund, CEO of Gofore.

The payment of the final price will not have any impact on the January–June 2021 result. The acquisition is discussed in detail in Gofore's financial statements.

For further information:

Mikael Nylund, CEO, Gofore Plc
tel. +358 40 540 2280
mikael.nylund@gofore.com

Gofore Plc is a digital transformation consultancy with over 700 impact-driven employees across Finland, Germany, Spain, and Estonia – top experts in our industry who are our company’s heart, brain, and hands. We use our holistic service offering – consulting, coding and design – as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2020, our net sales amounted to EUR 78 million. Gofore Plc’s share is listed on the Nasdaq Helsinki Ltd. in Finland. Learn to know us better at www.gofore.com.