TIDMWPS
RNS Number : 3065S
Eurowag
15 November 2021
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THIS ANNOUNCEMENT CONTAINS INSIDE INFORMATION.
15 November 2021
EUROWAG
Eurowag to acquire WebEye, a leading Fleet Management Solution
provider, and updates on current trading
W.A.G payment solutions plc ("Eurowag", or the "Group") a
leading pan-European integrated payments & mobility platform
focused on the Commercial Road Transportation industry ("CRT"),
today announces it has entered into an agreement to acquire 100% of
the share capital of WebEye Telematics Zrt. ("WebEye"), a leading
Fleet Management Solution provider in Central and Eastern Europe,
from the founders and management.
WebEye has an established presence in Europe with a total
portfolio of more than 57,000 connected trucks. It is led by Pál
Németh, who has been instrumental in the growth of the company and
will remain in the role to oversee the integration in Eurowag.
Eurowag's acquisition of WebEye will expand the Group's customer
base and WebEye's customers will gain access to Eurowag's
unrivalled range of integrated end-to-end payment and mobility
solutions leading to incremental revenue opportunities.
Furthermore, data from the connected trucks will provide insights
and enable the continual development of new and improved solutions
to address customers' needs. The transaction will be funded from
cash on balance sheet and is expected to be immediately earnings
accretive.
Upon closing, Eurowag will pay a cash consideration of EUR 38.5
million taking into account adjustments for net debt and normalised
working capital. Eurowag will also pay a deferred settlement
component within three years from closing, a part of which is
subject to the fulfilment of certain KPIs. The maximum
consideration, including the deferred settlement component, is
capped at EUR 55.9 million.
WebEye generated revenues of EUR 16.5 million and normalised
adjusted EBITDA of EUR 4.3 million in the year ended 31 December
2020. Revenues for the first six months of 2021 were EUR 8.3
million, while normalised adjusted EBITDA accelerated to EUR 2.6
million thanks to increased profitability of the business.
Closing of the deal is anticipated in Q1 2022, subject to
customary completion conditions including clearance from the
Hungarian Competition Authority, Romanian Competition Council and
Ministry of Innovation and Technology in Hungary.
Current trading
Trading continues to be consistent with management's
expectations and the Group expects to deliver FY21 revenue in line
with medium-term guidance. Key performance indicators, such as the
number of payment solutions active customers, trucks, and
transactions have continued to grow in line with expected
trends.
Martin Vohánka, CEO and Founder of Eurowag, said:
"I am pleased to announce the acquisition of WebEye in line with
the strategy we set out at the time of our recent IPO and further
expanding our payments and mobility platform. With integrated
services we aim to reduce the impact of our industry on the
environment. The solutions allow to reduce the ratio of trips with
empty load and improve road safety, as the fleet operators can have
a thorough overview of the conditions of their vehicles."
Pál Németh, the CEO of WebEye, said:
"Joining forces with Eurowag opens doors to new markets and
offers our customers access to a wide range of services and
solutions for their businesses to thrive. Eurowag's integrated
digital platform helps transport operators make their business more
efficient and more profitable, while making the lives of truck
drivers easier. I am excited to join the Eurowag team and help
achieve its vision to democratize the on-road mobility industry
through a technological revolution."
The acquisition constitutes a class 2 transaction, and this
announcement has been made pursuant of Chapter 10 of the UK
Financial Conduct Authority's Listing Rules.
The person responsible for the release of this announcement on
behalf of Eurowag is Tomáš Novotný (Head of Investor
Relations).
ENQUIRIES
Eurowag
Tomáš Novotný (Head of Investor Relations)
investors@eurowag.com
Michal Malysa (Head of Group Communications)
michal.malysa@eurowag.com
+420 775 70 80 86
About Eurowag
Eurowag was founded in 1995 and is a leading pan-European
integrated payments & mobility platform focused on the
commercial road transportation industry. It makes life simpler for
commercial drivers and operators across Europe through its unique
combination of payments solutions, seamless technology, a
data-driven digital eco-system and high-quality customer service.
www.eurowag.com
About WebEye
WebEye was established in 2001 with focus on CRT customers in
Hungary. Today it is the leader in CRT Fleet Management Solution in
Hungary and Romania, with customers in Bulgaria, Croatia, Czech
Republic, Germany, Poland, Portugal, Slovakia, and Slovenia. WebEye
generated a profit before tax of EUR 2.2 million in the year ended
31 December 2020. Its gross assets were EUR 9.7 million as at 31
December 2020 based on unaudited consolidated management accounts
prepared under Hungarian GAAP.
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END
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