Acquisition, recovery and issuance of shares for Tobii
October 29, 2021
Eyetracking equipment and solutions company Tobii announced organic revenue growth of 26% in the third quarter, the acquisition of the Belgian company Acapela Group and the issuance of shares worth 250 million euros. SEK (US $ 29.1 million) to help finance this acquisition and the earlier acquisition of Phasya. .
In the quarter ended September 30, the Swedish group achieved sales of 390 million Swedish kronor (US $ 45.4 million), with a gross margin of 71% (70%). The share issuance, which will be carried out via a so-called “fast-booking” procedure, will also be used to strengthen the balance sheet of both Tobii and its Dynavox division (which is moving towards a separate listing), and to “ create margin ”for other acquisitions and investments.
Phasya provides software for monitoring physiological and cognitive states such as drowsiness, cognitive load, and distraction, which influence human behavior, and its acquisition was announced on August 5 of this year. Tobii announced today that it will also spend (via Dynavox) 9.8 million euros in cash to acquire its long-time partner company Acapela Group Babel Technologies SA, a provider of digital voice and text-to-speech software powered by AI with around 50 employees and 2020 turnover of around € 6 million. The deal is expected to be finalized in the first quarter of 2022. Fredrik Ruben, CEO of Tobii Dynavox, said: “We continue our quest to give all people with communication disabilities a voice and the ability to be who they want. be, “adding that the merger” will create solutions that will allow our users to create their own identity and be able to express themselves clearly, personally and effectively as they wish. ” Remy Cadic, CEO of Acapela Group, comments: “We are proud of what we have accomplished as a company and look forward to taking an exciting new step in our journey, so that together with Tobii Dynavox we can step up our pace. of production development and expansion ”.
Third quarter results showed recovery from Covid’s economic setbacks: Group net profit for the period amounted to -SEK8 million (a sharp improvement from -49 million last year) ; Tobii Dynavox revenue grew 27% organically; and residual Tobii Restantco revenue grew 26% organically, exceeding Q3 2019 levels. CEO Henrik Eskilsson (photo) comments: “We had a strong quarter with 26% organic growth, despite the headwinds linked to the pandemic and logistical disruptions. After six quarters of challenges at Covid, we are seeing a constantly improving business climate, and I dare say that we have turned the page and returned to growth mode at both Tobii stayco and Tobii Dynavox. The spin-off and planned listing of Tobii Dynavox towards the end of the year is progressing as planned. All in all, both companies are approaching this new chapter with strong momentum ”.
Tobii is listed on Nasdaq Stockholm and online at www.tobii.com.