Lund, July 25, 2011 - Anoto has today agreed to purchase 51 percent of the shares in UK based Destiny Wireless Ltd. The company, with 28 employees and net annual sales of GBP 5 million, develops and sells mobile data capture solutions based on Anoto’s unique digital pen technology.
The purchase is in line with Anoto’s ambition to secure an efficient value chain for mobile data capture in a number of sectors, including healthcare where Destiny has a strong foothold. It is Anoto’s clear strategy to become more market and customer-focused.
Destiny is one of Anoto’s most successful partners in B2B mobile data capture, delivering more than 600 solutions to 250 active customers who currently process more than 500,000 digital forms every month.
Anoto’s CEO, Torgny Hellström comments: “The acquisition of Destiny brings us closer to the market, granting us an enhanced understanding of our customers and their needs. This will have a positive impact on our performance.”
The development of digital platforms for mobile data capture based on Anoto’s technology is currently deployed across a number of smaller, often local, platform providers. This acquisition is the first step in a strategy that allows Anoto to consolidate existing platforms and achieve efficiency measures that will generate economies of scale.
Torgny Hellström continues: “Anoto’s new strategy will afford us excellent opportunities for growth which is crucial for a company like ours where a substantial part of any increase in sales will affect earnings.”
Edward Belgeonne, the CEO and founder of Destiny says: “Our agreement with Anoto means that we will be part of a larger organization than we are today. This gives us opportunities to expand and develop in several sectors.”
Destiny, for which Anoto will assume immediate responsibility, will be operated as a separate unit at arm’s-length, but will be consolidated into Anoto’s accounts.
The purchase price for the 51 percent, which amounts to GBP 1.5 million, will, subject to completion, consist of a combination of cash and shares. Anoto will subscribe for GBP 1 million worth of new shares in Destiny Wireless Ltd., being GBP 500,000 in cash along with the issue of a credit note for GBP 500,000. At the same time Anoto will secure GBP 500,000 worth of Destiny shares in exchange for Anoto shares. This is made in accordance with the Board’s authorization to issue new shares approved by Anoto’s 2011 Annual General Meeting. The share component of the purchase price will be determined on the basis of the middle market quotation of the Anoto share on the OMX Nordic Stock Exchange on the average price between Signing and Completion. At today’s share price the share component represents approximately 1.5 million Anoto shares with a dilution of 1.2%.
Anoto has also acquired an option to purchase the remaining 49 percent of the shares in Destiny Wireless by 2014, at a company valuation which is the higher of twelve times profit before tax or 1.2 times revenues.
Completion of the purchase is subject to the General Meeting of Destiny Wireless Ltd. approving the transaction.
Anoto Group AB may be required to disclose the information provided herein pursuant to the Securities Markets Act. The information was submitted for publication at 08.30 on July 25, 2011.
For more information please contact:
Torgny Hellström, CEO
Anoto Group AB
Tel. +46 (0)733 45 13 00
About Anoto Group:
Anoto Group is the company behind and world leading in the unique technology for digital pen and paper, which enables fast and reliable transmission of handwritten text into a digital format. Anoto operates through a global partner network that focuses on user-friendly solutions for efficient capture, transmission and storage of data within different business segments, e.g. healthcare, bank and finance, transport and logistics and education. The Anoto Group has around 80 employees, offices in Lund (head office), Boston and Tokyo. The Anoto share is traded on the Small Cap list of OMX Nordic Exchange in Stockholm under the ticker ANOT. For more information: www.anoto.com
About destiny®
destiny® is the registered trademark for Destiny Wireless Ltd, a world leader in the business market for the delivery of mobile workforce solutions. destiny® is a global Platinum Partner of Anoto Group AB, one of seven in the world. destiny® owns the IP rights of the Logitech io2 digital pen, making them one of two digital pen manufacturers in the world. destiny® enables organisations with mobile workforces to get fast returns from high technology at low cost, with little or no training or change to working practices and upfront capital. The destiny® digital pen solutions are based on Anoto Digital Pen and Paper technology and replaces paperwork delays and expensive journeys back to the office with an easy-to-use and energy efficient way of collecting accurate, reliable data from the field and transmitting it back to base in seconds. destiny’s services include digital pens; digitised forms, mobile devices and web-based tools for the efficient collection and management of data from the field, resource management, intelligent scheduling and asset tracking. For more information:
