ABG Sundal Collier acted as joint bookrunner in Mercell’s private placement of shares and bond tap issue in connection with the acquisition of Cloudia

On 1 June 2021, it was announced that Mercell has signed a binding agreement to acquire Cloudia Oy for an enterprise value of EUR 102.5m. Cloudia is the leading Finnish e-Procurement platform, focusing primarily on public buyers. The Cloudia SaaS platform covers the entire procurement lifecycle with modules for sourcing, planning, contract and supplier management, meeting all the digital needs of the private and public sector. The customer base includes 95 of the 100 largest Finnish municipalities and 10 of the largest cities.
The acquisition will be financed through a share issue of approximately NOK 400 million, and a tap issue of SEK 500 million. Both the private placement of shares and the bond tap issue attracted strong interest from high quality institutional investors. ABGSC acted as joint bookrunner in the share and bond tap issue.
The acquisition makes Mercell a clear market leader in Finland and further strengthens Mercell’s European position, with an annual recurring revenue (ARR) of NOK 751 million as of the first quarter of 2021, including Cloudia. Pro forma revenue for 2020 amounts to NOK 731 million and adjusted pro forma EBITDA amounts to NOK 204 million including Cloudia.
In June 2020, ABGSC acted as joint global coordinator in the listing of Mercell on Euronext growth, providing invaluable access to capital to finance M&A and growth. In December, ABGSC acted as sole financial advisor to Mercell in connection with the acquisition of Visma Commerce, and as joint bookrunner in the related equity and debt financing.