UK markets open in 2 hours 50 minutes
  • NIKKEI 225

    27,880.02
    +332.02 (+1.21%)
     
  • HANG SENG

    26,477.52
    -844.46 (-3.09%)
     
  • CRUDE OIL

    71.64
    -0.43 (-0.60%)
     
  • GOLD FUTURES

    1,807.20
    +5.40 (+0.30%)
     
  • DOW

    35,061.55
    +238.15 (+0.68%)
     
  • BTC-GBP

    27,848.83
    +2,859.08 (+11.44%)
     
  • CMC Crypto 200

    915.13
    +121.40 (+15.29%)
     
  • ^IXIC

    14,836.99
    +152.39 (+1.04%)
     
  • ^FTAS

    4,025.12
    +33.64 (+0.84%)
     

Telenom Plc Inside information 8 July 2021 at 12.30 p.m. EEST

  • Oops!
    Something went wrong.
    Please try again later.
·4-min read
  • Oops!
    Something went wrong.
    Please try again later.

Talenom executes its growth strategy by acquiring the accounting firm Avail Services SL in Barcelona and expands into the Spanish market

Talenom Plc has agreed to acquire the accounting firm Avail Services SL in Barcelona, Spain. Avail Services SL operates under the name Avalanding. With this acquisition, Talenom is launching its operations in the Spanish market.

The size of the Spanish accounting market is about 10 billion euros and there are more than 65,000 accounting firms in the country. Spain has around three million companies, of which more than 99 per cent are small and medium-sized enterprises. This acquisition opens up the opportunity for Talenom to grow its business in one of Europe’s largest markets.

The net sales of the acquiree in 2020 amounted to around 0.9 million euros (preceding 12-month comparison period: 0.9 million euros) and its operating profit to about 0.0 million euros (preceding 12-month comparison period: 0.0 million euros). In 2021, we expect net sales of approximately 1.2 million euros and operating profit to be positive.

The acquired business will be transferred to Talenom on 1 August 2021 and its financial impact on Talenom’s 2021 figures will remain with the current guidance. The transaction will be carried out by acquiring the entire share capital of the company with cash and new Talenom Plc shares subscribed for in a directed share issue. The purchase price is 1.89 million euros, of which 1.0 million euros will be paid in cash and 0.89 million euros in shares. Additional purchase prices of up to 1.5 million euros may be paid if operational and financial targets are reached.

“I’m truly excited about venturing into Spain. The Spanish market is on the threshold of a digital transformation and the business sector is clearly picking up after the Covid-19 pandemic. Avalanding is our first step in the Spanish market and therefore our criteria for the acquisition are high, which is also reflected in the company's valuation. The commitment of entrepreneurs and key personnel to our growth goals and special expertise in international business convinced us.I warmly welcome this new accounting firm to Talenom,” says Otto-Pekka Huhtala, CEO of Talenom.

“Thanks to Avalanding’s experience in serving demanding international clients and its significant expertise in providing value-added services, Talenom is in an excellent position to develop its business in Spain. The Spanish market has substantial potential. We’re taking a big step in the execution of our strategy,” says Tuomas Iivanainen, Director, International Business at Talenom.

Financial information on the acquiree:

1,000 euros

Avail Services

Results

Estimate 2021

1-12 2020

1-12 2019

Net sales

1 250

895

886

Operating profit

90

22

-48

Opening balance sheet of the transferring company, estimate

1.8.2021

Goodwill and other intangible assets

0

Other Assets

253

Total assets

253

Equity

-111

Non-current liabilities

165

Current liabilities

199

Total shareholders’ equity and liabilities

253

Number of employees

16

The 62,591 new shares subscribed for in the directed share issue related to the transaction will be registered in the Trade Register on or about 5 August 2021. The total number of Talenom Plc shares is 43,763,216 shares following the registration of the new shares. The number of new shares to be issued corresponds to around 0.14 per cent of all Talenom Plc shares before the issue. The new shares shall give shareholders rights from the date of their registration. The shares issued in the share issue will later be admitted to trading on the stock exchange list of Nasdaq Helsinki Oy.

TALENOM PLC
BOARD OF DIRECTORS

Further information:
Otto-Pekka Huhtala
CEO, Talenom Plc
tel. +358 40 703 8554
otto-pekka.huhtala@talenom.fi

Talenom is an agile and progressive accounting firm established in 1972. Our business idea is to make day-to-day life easier for entrepreneurs with the easiest-to-use digital tools on the market and highly automated services. In addition to comprehensive accounting services, we support our customers’ business with a wide range of expert services as well as financing and banking services. Our vision is to provide unbeatable accounting and banking services for SMEs.

Talenom has a history of strong growth – the average annual increase in net sales was approximately 15.5% between 2005 and 2020. At the end of 2020, Talenom had 912 employees in Finland and Sweden at a total of 47 locations. Talenom’s share is quoted on the main list of the Helsinki Stock Exchange.

DISTRIBUTION:
Nasdaq Helsinki
Main media
www.talenom.fi


Our goal is to create a safe and engaging place for users to connect over interests and passions. In order to improve our community experience, we are temporarily suspending article commenting