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Innofactor Plc has been awarded damages

Innofactor Oyj
·1-min read

Innofactor Plc Inside Information, on November 11, 2021, at 17:00 Finnish time

Innofactor Plc has been awarded approximately 2,3 million euros in damages in a Stockholm Chamber of Commerce (SCC) arbitration proceeding due to breach of contract. The damages awarded relate to the acquisition of Lumagate in 2016, in which, as part of the arrangement, Innofactor received an option to acquire the Ironstone group.

Due to uncertainties in the collection of the damages the receivable will not be recognized at this point, and it will not have any immediate effects on Innofactor’s financial result. Any successfully collected damages will be recognized at the time of collection to those parts they are collected.

Espoo, November 11, 2021

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INNOFACTOR PLC

Sami Ensio, CEO

Additional information:
Sami Ensio, CEO
Innofactor Plc
Tel. +358 50 584 2029
sami.ensio@innofactor.com

Distribution:
NASDAQ Helsinki
Main media
www.innofactor.com

Innofactor
Innofactor is the leading driver of the modern digital organization in the Nordic Countries for its approximately 1,000 customers in commercial, public and third sector. Innofactor has the widest solution offering and leading know-how in the Microsoft ecosystem in the Nordics. Innofactor has over 500 enthusiastic and motivated top specialists in Finland, Sweden, Denmark and Norway. In 2016–2020, the annual growth of Innofactor's net sales has been approximately 8.3%. The Innofactor Plc share is listed in the technology section of the main list of NASDAQ Helsinki Oy. www.innofactor.com #ModernDigitalOrganization #HybridWork #PeopleFirst #CreatingSmiles