Eniro Acquires Idium in Norway
STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
“Idium will complement our offering in keyword and banner advertising while strengthening our offering to small and medium sized companies.”
Eniro Norge AS is acquiring Idium, one of the leading media agencies in Norway. The acquisition complements and strengthens Eniro’s offering in the Campaign products revenue area and will lead to cost synergies. Eniro’s revenue from Idium in 2014 is expected to amount to approximately SEK 35 M, with reported EBITDA of approximately SEK 2 M.
Eniro has agreed to acquire Idium, one of the leading media companies in Norway. Idium conducts a broad range of business in digital advertising and offers search engine optimization, video and website production, and keyword advertising on Google and Microsoft Bing. The acquisition will give Eniro a broader and more attractive range of services for small to medium sized companies and media agencies in Norway while strengthening Eniro’s cooperation with Google. It will also boost Eniro’s customer base by slightly more than 3,000 customers.
Full year sales for Idium in 2013 amounted to approximately SEK 75 M, and EBITDA was approximately SEK -1 M. In 2014, revenue from Idium, which will be consolidated in Eniro, is expected to total approximately SEK 35 M, with EBITDA of approximately SEK 2 M. Eniro Norge AS will pay total consideration of approximately SEK 35 M, including cash payment of approximately SEK 22 M, which will be made upon transfer of possession. The remaining consideration of approximately SEK 14 M will be paid over a three-year period. In addition to the agreed-upon purchase price, scope has been created for contingent consideration based on the company’s future sales and earnings performance. Transfer will take place beginning of August 2014.
“The acquisition of Idium will significantly improve our position in the Norwegian media market,” comments Johan Lindgren, President and CEO of Eniro. “Idium will complement our offering in keyword and banner advertising while strengthening our offering to small and medium sized companies.”
Eniro is a search company that aggregates, filters and organizes local information. Our growth is driven by users’ increasing mobility and multiscreen behavior, where we are at the forefront with modern technical solutions. For more than 100 years Eniro has helped people find local information and companies find customers. Today it is a multiscreen solution – our users search for information using their smart phones, tablets and desktops. This creates great business opportunities for us as the local search company. Mobile advertising is today the fastest growing part of Eniro’s business. Eniro is the local search engine. A smart shortcut to what you need, no matter where you are or where you are going.
Eniro is one of the largest search companies in the Nordic region and Poland. The company has approximately 2,800 employees and has been listed on NASDAQ OMX Stockholm since 2000. During 2013, Eniro’s revenues amounted to SEK 3,660 M and EBITDA was SEK 849 M. More than 80 percent of Eniro’s advertising revenues come from multiscreen channels. The company’s headquarters are located in Stockholm, Sweden. More on Eniro at www.enirogroup.com.
Eniro – Discover local. Search local.
This information is such that Eniro AB (publ) is required to disclose in accordance with the Swedish Financial Instruments Trading Act and/or the Swedish Securities Market Act. The information was submitted for publication at 08.00 CET on July 2nd, 2014.
This information was brought to you by Cision http://news.cision.com