We have advised the ERP business based on Microsoft Dynamics 365 Business Central and LS Retail solutions of Solteq Plc, a Helsinki-listed IT company, on its sale to Azets, the leading provider of technology and services within accounting, payroll, HR, staffing and advisory in the Nordics and th UK. Azets was formed in 2016 and is held by HgCapital.
The transaction values the business at a maximum of €20m, including €5m earn-out. In the financial year 2022, the revenue of the business was €11.2m and the operating profit €1.5m.
The sold ERP business is a vertical-focused Microsoft Business Central ecosystem partner with approximately 60 experts located across the Nordics. The transaction includes expert and maintenance services and the pan-Nordic clientele with especially strong position in the retail, pharmaceuticals, and service sectors. After the transaction Solteq will focus on the chosen software solutions and IT expert services in the energy sector, retail, and e-commerce. Moreover, the transaction significantly decreases the company’s indebtedness.
