- Strong partnership paves the way for growth
- Signing of a long-term strategic cooperation agreement
- Defined contract conditions create legal certainty and growth potential
EASY SOFTWARE AG (ISIN: DE0005634000) has sold its entire 46 percent stake in otris software AG to the existing shareholders from the group of founders and employees of the Dortmund software manufacturer as well as otris software AG itself. At the same time, both companies signed a strategic partnership agreement that will ensure continued close cooperation in the coming years. As part of the partnership agreement, EASY SOFTWARE AG was able to negotiate improved long-term conditions.
EASY SOFTWARE AG holds around 183,920 shares, corresponding to 45.98 % of the share capital of otris software AG. The agreed purchase price totals just under EUR 9.2 million and is due in September 2019. Should the buyers (with the exception of otris software AG) resell the shares they have acquired within two years of the transaction, EASY SOFTWARE AG will also receive a compensation payment in the amount of the difference between the purchase price and the net resale proceeds (compensation agreement). The compensation agreement relates to a total of approximately 163,920 shares.
As a prerequisite for the sale of shares, EASY SOFTWARE AG has also signed a new, five-year framework agreement with otris software AG with a three-year grace period, which sets the sale of otris software by EASY SOFTWARE AG on a new long-term basis.
The sale of the shares in otris software AG will not change EASY SOFTWARE AG’s EBITDA forecast for fiscal year 2019, as the investment was previously accounted for as an equity investment.
By concluding this partner agreement, EASY SOFTWARE AG secures the long-term use of otris software technology for integration into its Content Services platform at attractive conditions.
“We look forward to intensifying our cooperation with otris software AG as a strategic partner in the coming years. The future-oriented and long-term design of the partner agreement promotes further technology exchange and creates legal security for both partners to expand their business,” says Dieter Weißhaar, CEO of EASY SOFTWARE AG. He adds: “Together we have decided to solve our minority stake in otris software AG so that both partners can push their growth targets in the future.”
EASY SOFTWARE AG previously held around 46 percent of otris software AG. The otris founders and employees held the remaining 54 percent and thus the majority of the shares. The shares now released by EASY were purchased in full by them and otris software AG.
“For the founders and employees of otris software AG, it is an important step to take over the company shares completely, which underlines the high level of identification with the company. We are now looking forward to continuing into the future with EASY as a strong partner,” says Dr. Frank Hofmann, CEO of otris software AG.