Leading tech M&A advisory firm Corum Group International announced today that its client, Expert Systems, has been acquired by Sweden-based ReadSoft, the largest vendor for automated invoice processing solutions globally. Expert Systems Development Svenska AB (Expert Systems) is a supplier of SaaS solutions for electronic business, with one of the leading cloud-based networks for exchanging e-invoices and other electronic documents in Sweden.
Expert Systems is an influential supplier of cloud-based services for electronic business in the Nordics. The company provides user-friendly and reliable systems for the exchange of e-invoices and other electronic documents in a network for companies and their suppliers. Expert Systems’ solutions and systems include Exder, the most widely used business system for EDI (Electronic Document Interchange) in the retail sector in Sweden, as well as systems used for the handling of electronic invoices within most government agencies, municipalities and counties in Sweden.
“The acquisition of Expert Systems is entirely in line with our acquisition strategy and we acquire a technology that is an excellent complement to our existing cloud-based offering,” says Per Åkerberg, President and CEO of ReadSoft.
“With its world-leading products and solutions, and global distribution network, ReadSoft is an ideal fit for Expert Systems,” says Miro Parizek, Corum Group Managing Director. “Expert Systems attracted significant interest from other leading eBusiness, ERP, and IT solutions providers, both in Europe and globally, but the right deal was in their own backyard.”
“It was clear to us from the beginning of our M&A discussions that integrating Expert Systems into ReadSoft would bring both companies and their customers great advantages,” added Sven Rygaard, Chairman of Expert Systems. “However, it was also clear to us that the details of the transaction were going to be complex. We are very glad we had Miro Parizek and Mark Johnson from Corum supporting us in all the intricacies of the transaction, and working tirelessly with us throughout the process to completion.”
Expert Systems’ revenues for 2012 amounted to approximately 13 MSEK ($2M USD), 80 percent recurring. The initial purchase price amounts to 40 MSEK ($6M USD). In addition to the initial purchase price, ReadSoft will pay an additional purchase price based on Expert Systems’ operating result EBITDA during May 2013 – April 2014. The additional purchase price can amount to a maximum of 20 MSEK ($3M USD).
About Corum Group
Corum Group is the global leader in merger and acquisition services, specializing in serving software and information technology companies worldwide for 27 years, with offices in eight countries. Experience makes the difference: Corum’s M&A advisors have completed over 270 software M&A transactions across six continents, working with its clients through a proven business model. Corum also does much to educate the industry with its conferences and webinars and the industry’s most widely distributed software and IT M&A research.