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Talenom strengthens its business in the financial management of associations by acquiring Balance-Team Oy and raises its net sales guidance
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Talenom Plc Inside information 15 April 2021 at 13:30 EEST
Talenom strengthens its business in the financial management of associations by acquiring Balance-Team Oy and raises its net sales guidance
Talenom Plc has acquired the Helsinki-based Balance-Team Oy, which specialises in financial management for associations. Talenom already has a business unit focused on associations and foundations, which, with the acquisition of Balance-Team Oy will make Talenom a leading provider of financial management services for nonprofit organisations in Finland.
The share capital of Balance-Team Oy will be transferred to Talenom on 15 April 2021. The acquired company was formed on 1 April 2021 in a demerger in which non-accounting activities and assets were separated from the company. Net sales of the transferred accounting business for the financial year ended 31 December 2020 were 2.7 million euros (31 December 2019: 2.8 million euros) and EBITDA was 1.0 million euros (31 December 2019: 1.0 million euros).
As a result of the acquisition, Talenom revises its financial outlook and raises its guidance for 2021 regarding net sales.
New guidance for 2021
Net sales for 2021 are expected to amount to 80–84 million euros and operating profit is expected to be 14–16 million euros.
Previous guidance for 2021
According to the previous guidance published on 18 March 2021, net sales for 2021 were expected to amount to 78–82 million euros and operating profit was expected to be 14–16 million euros.
Due to integration costs and the depreciation of the transaction price, the acquisition will not materially increase operating profit for the financial year in the short term, especially as the business will be transferred to Talenom after the most profitable spring months.
Completion of the acquisition
The transaction will be carried out by acquiring the entire share capital of the company and paid in the form of new Talenom Plc shares subscribed for in a directed share issue and with cash. The transaction price is 5.3 million euros, of which 2.65 million euros will be paid in cash and 2.65 million euros in shares. The potential additional purchase price, if the operational and financial targets are reached, is 0.7 million euros at maximum.
“The entrepreneurs of Balance-Team Oy, Susanna and Jyrki Aaltonen, together with their staff, are leading experts in the financial management of associations in Finland. For this reason, I am particularly honoured to have them on board to develop our existing business, which provides financial management services that meet the specific needs of associations," says Otto-Pekka Huhtala, CEO of Talenom.
“From the start of our operations, it has been important for us to provide our customers with high-quality, personalised service that takes into account the special features of the associations. With the digitalization of the accounting industry, and as customer expectations increase and regulatory requirements become stricter, we have looked for additional resources to help develop our operations. Talenom's values, strategy and vision of the future of the industry are in line with our thoughts. We believe that together, we can provide our customers with the most advanced solutions in the industry and offer secure employment and new career paths for our employees,” say Susanna and Jyrki Aaltonen, who will continue their work at Talenom’s employ.
Financial information on Balance-Team Oy
| 1,000 euros | Balance-Team Oy* | |
| Results | 1-12/2020 | 1-12/2019 |
| Net sales | 2,702 | 2,768 |
| EBITDA | 1,044 | 990 |
| Opening balance sheet of the transferring company, estimate | 15 April 2021 | |
| Goodwill and other intangible assets | 397 | |
| Other assets | 460 | |
| Total assets | 857 | |
| Equity | 374 | |
| Non-current liabilities | - | |
| Current liabilities | 483 | |
| Total shareholders’ equity and liabilities | 857 | |
| Number of employees | 20 | |
*) The company was formed on 1 April 2021 in a demerger in which non-accounting activities were separated from the company. The figures reflect the share of the transferring accounting firm business.
The 235,003 new Talenom shares subscribed for in the directed share issue related to the transaction will be registered in the Trade Register approximately on 19 April 2021. The total number of Talenom Plc shares is 43,700,625 shares following the registration of the new shares. The number of new shares issued corresponds to approximately 0.54% of all Talenom Plc shares outstanding before the new shares are issued. The new shares will carry shareholders rights as of their registration day. The shares issued in the share issue will later be admitted to trading on the stock exchange list of Nasdaq Helsinki Oy.
TALENOM PLC
BOARD OF DIRECTORS
Further information:
Otto-Pekka Huhtala
CEO, Talenom Plc
tel. +358 40 703 8554
otto-pekka.huhtala@talenom.fi
Talenom is an agile and progressive accounting firm established in 1972. Our business idea is to make day-to-day life easier for entrepreneurs with the easiest-to-use digital tools on the market and highly automated services. In addition to comprehensive accounting services, we support our customers’ business with a wide range of expert services as well as financing and banking services. Our vision is to provide unbeatable accounting and banking services for SMEs.
Talenom has a history of strong growth – the average annual increase in net sales was approximately 15.5% between 2005 and 2020. At the end of 2020, Talenom had 912 employees in Finland and Sweden at a total of 47 locations. Talenom’s share is quoted on the main list of the Helsinki Stock Exchange.
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