Lleida.net inks the purchase of inDenova for 7.1 million euros

MADRID, Oct. 27, 2021 /PRNewswire/ -- Lleida.net (BME: LLN) (OTCQX: LLEIF) (EPA: ALLLN) has finalized the purchase of 100% of inDenova's stock for 7.1 million euros.

The contract was inked yesterday, between representatives of both companies, following a due diligence process that has taken place over the last few months.

As part of the transaction, Lleida.net assumes as financial debt of 1.6 million euros.

The initial purchase interest was announced on June 30.

With this operation, and with the aggregate data for 2020, the company's EBITDA would grow to over 3.96 million euros. The combined turnover of both companies amounts to 19.7 million.

Following the operation, the Lleida.net group of companies will increase its workforce by 60 percent.

The operation will be financed through bank loans granted during the third quarter of 2021.

"We are more than pleased to have incorporated inDenova as part of our group of companies. With this acquisition, we are more ready than ever to meet market demands, deliver on our promises to shareholders and continue to consolidate our international position," explained Sisco Sapena, CEO of Lleida.net.

The acquisition is now subject to approval by Lleida.net's General Shareholders' Meeting, which will be convened for this matter to an extraordinary meeting at the end of November.

Payment for the acquisition will be made in five stages over four years. In an initial stage, a cash payment of €4.18 million will be made, followed by a second cash payment of €1.568 million at the end of 2022. The remaining amount will be paid in a combination of cash and shares 24, 36 and 48 months.

inDenova's current COO, Jordi Gisbert, is to become COO and Executive Director of the subsidiary.

The acquisition represents the completion of the first step in Lleida.net's inorganic growth strategy, through which the listed company wants to acquire significant stakes in companies that complement its business model and add value to its growth plans.

The due diligence of the transaction has been carried out by RSM, while Bondo Advisors, on behalf of Lleida.net, and Livingstone Partners, on behalf of inDenova, have advised on the M&A transaction.

inDenova has been, for 15 years, a leading company in providing electronic signature, electronic invoicing and process automation services.

It has offices in Spain, Colombia, Peru, Chile and Paraguay and clients in other countries.

Lleida.net is the European leader in the registered electronic notification, signature and contracting industry and is listed in Spain, France and the United States. Its market cap on the stock market exceeds 80 million euros.

Since the beginning of the year, its shares have moved more than 74 million euros on the Spanish stock market alone.

SOURCE Lleida.net