Carasent ASA Acquires Avans Soma

"We are very pleased to have completed this transaction, as Avans Soma, with its strong presence in the Norwegian healthcare market, provides a foundation for our continued expansion in Norway and other growth opportunities in new segments," says Johan Lindqvist, Chairman of the Board of Carasent.

Avans Soma is characterized by a large, loyal customer base and steady growth in market share over the past 15 years. This will provide Carasent with a smooth entry into the Norwegian healthcare market.

An existing organization in Norway, with the solid knowledge and experience that Avans Soma possesses, is extremely important. It creates great value by allowing us to utilize the existing technical system integrations and solutions that Avans Soma provides today. Through its robust organization of 25 highly competent employees, Avans Soma will also offer tangible guidance regarding sales, support, and consulting in the Norwegian market, he says, and continues:

The extensive network of contacts and business relationships that Avans Soma has developed over the past 15 years—including customers and clients in the Norwegian healthcare market, both private and public sector organizations, and partner relationships—represents a key strategic asset for the merged company. Avans Soma serves more than 140 customers and holds a strong market share in key segments.

The acquisition of Avans Soma and its products for social care and mental health rehabilitation has expanded our product portfolio, and this new partnership enables Avans Soma to intensify its efforts to offer SaaS-based services. Consequently, there are strong opportunities for organic growth, both from our existing customer base and through the acquisition of new clients.

Avans Soma’s revenue and EBITDA were approximately NOK 24 million and NOK 6 million as of the 12-month period ending September 2020, with an annual recurring revenue (“ARR”) of approximately NOK 21 million.

The agreed purchase price is NOK 122.5 million, corresponding to an enterprise value of NOK 125 million less Avans Soma’s consolidated net debt of NOK 2.5 million (the “Purchase Price”).

The purchase price for the transaction has been settled as follows:

– 50% of the purchase price in cash upon closing,

– 50% of the Purchase Price in the form of shares in Carasent valued at NOK 27.7 per share (the “Share Settlement”).

The majority shareholder of Avans Soma, the Norwegian family office Rieber & Søn, will become a major shareholder in Carasent, holding approximately 2% of the outstanding shares following the transaction. All selling shareholders have entered into a 15-month lock-up agreement regarding the Share Settlement.

DNB Markets served as financial advisor to Carasent in connection with the transaction.

About the companies:

Carasent ASA:

Carasent ASA was founded in 1997. In May 2018, the company acquired Evimeria EMR AB, a Swedish provider of cloud-based medical record services to the healthcare industry. Carasent’s strategy is to develop and expand digital solutions that help customers provide efficient and high-quality healthcare services in the Scandinavian market.

Avans Soma Holding AS:

Avans Soma is a Norwegian company that develops and sells digital systems and tools tailored for users in the healthcare, rehabilitation, and mental health sectors. Avans Soma currently has 25 employees at its offices in Oslo, Bergen, and Dale.