OEX SIGNED AN AGREEMENT TO SELL DIVANTE SHARES. THE WROCLAW-BASED SOFTWAREHOUSE TO JOIN THE CLOUDFLIGHT GROUP

On 17 December 2021. OEX S.A. signed an agreement under which it agreed to sell all of the shares (i.e. about 51%) it held in its subsidiary Divante to the Cloudflight Group. The transaction, which is expected to be completed in January 2022, will involve the sale of all the shares in Divante (including the shares held by its other shareholders), and the total price for 100% of the shares will be approximately PLN 175.1 million, which may be increased by an additional earn-out payment of no more than PLN 85.3 million, depending on the level of EBITDA generated by Divante in 2021.

Cloudflight is a major European provider of comprehensive software solutions and a major player in the area of artificial intelligence. It employs more than 600 specialists, implementing projects in the broad field of business digitization. Cloudflight operates in 18 locations in countries such as Austria, Germany, Romania and the Netherlands. The company’s clients include, without limitation, Porsche Informatik, Doka, the University of Vienna and the European Space Agency (ESA). Divante will strengthen its eCommerce expertise.

‘At the time of joining the OEX Group, Divante was an eCommerce agency with a variety of competencies: from IT to UX and marketing. We have supported the company in its development and, thanks to a consistently implemented strategy, it has become a significant provider of advanced technology services for eCommerce, working with a number of recognized clients around the world. Analysing the possibilities as part of our review of strategic options for this company, we decided that the best solution for would be to obtain a support from a strong industry investor, that would allow the company to continue its intensive development. 6 years of our cooperation with Divante’s founders and successors have brought the company into the orbit of such players as Cloudflight. The transaction confirms the competence of the OEX Group in building the value of companies operating in eCommerce and the digital area,’ said Jerzy Motz, President of the Management Board of OEX S.A.

Divante joined the OEX Group in March 2015, and the company’s shares acquired by OEX were valued at PLN 3.2 million at the time. Divante is yet another OEX Group company that was transaction-wise valued at a level significantly higher than its original investment value, following the sales in 2019 to an international industry investor of ArchiDoc, which offered document digitization and electronic archive maintenance services, and the recent financing round organised by Vue Storefront, which develops and distributes modern front-end solutions for online stores.

‘We do not anticipate any changes in our strategy after the sale of Divante. We will continue to see the biggest growth opportunities in the areas of digitalization of sales and eCommerce services. Among other things, we want to invest in logistics, which has become a key process in online sales, and in Customer Experience services. We also do not rule out acquisitions in areas that interest us, as long as suitable opportunities arise in the market,’ added Jerzy Motz, President of the Management Board of OEX S.A.

In the third quarter of 2021, the OEX Group continued its growth both on a consolidated basis and in its individual operational segments, while achieving its highest quarterly revenues and profits that year. The consolidated net profit of the Group attributable to shareholders of OEX S.A. after three quarters of 2021 amounted to PLN 17.3 million, which was a 100% increase when compared to the same period last year