Borenius advised Gofore Plc on the EUR 21 million acquisition of Devecto Oy

We advised Gofore Plc on the EUR 21 million acquisition of the shares in Devecto Oy. In addition, the parties have agreed on an earn-out for the sellers based on Devecto Oy’s profit for the financial year 2022, the maximum amount of which is EUR 5 million.

Devecto Oy specialises in software development and testing of smart devices and machinery, and related testing systems. Part of the purchase price is paid in Gofore Plc’s shares, and the sellers will become shareholders of Gofore Plc after the transaction.

We advised Gofore Plc on both the legal and tax aspects of the transaction. With 130 professionals in Jyväskylä, Espoo, Tampere, Oulu and Kajaani, Devecto Oy is estimated to reach approximately EUR 10.7 million in net sales and approximately EUR 2 million EBITDA for the financial year 2021.

Devecto Oy will continue to operate as an independent company and will be reported as part of the Gofore group. Gofore Plc estimates that the positive growth in Devecto Oy’s net sales will continue in 2022.