On April 17, 2023, Solteq has signed a business transfer agreement, whereby the Group’s ERP business based on Microsoft Dynamics 365 Business Central and LS Retail solutions will be sold to Azets.
The completion of the Transaction is estimated to take place on May 2, 2023. The completion of the Transaction is subject to customary preconditions.
In the financial year 2022, the revenue of the transferring business was EUR 11.2 million and the operating profit was EUR 1.5 million. At the closing of the Transaction, all assets and liabilities related to the business being sold are transferred to the buyer, with the exception of accounts receivable and accounts payable, the statement said.
“This is a logical continuum for the previously completed transactions. Azets is a natural choice as the successor for the Microsoft Dynamics 365 Business Central and LS Retail business and provides an excellent growth platform for the transferring business and experts. We will now focus even more on the chosen software solutions and IT expert services for the energy sector, retail, and e-commerce. In addition, the Transaction will significantly decrease the company’s indebtedness,” says Aarne Aktan, the CEO of Solteq Plc.
The Transaction consists of expert and maintenance services as well as clientele related to Solteq’s Microsoft Dynamics 365 Business Central and LS Retail ERP solutions. Following the transfer of the business, approximately 60 experts located in Finland, Sweden, Norway, and Denmark will be transferred to Azets.
“Our technology strategy is based on selecting the best third-party products on the market and combining those with high-quality implementation competence, including deep process knowledge and automation capabilities. Combining the competences of the acquired business and Azets around Business Central and LS Retail is part of our ambition to become a major implementation partner and provider of Business Central based services and solutions internationally, with strong opportunities to grow through our local and international customers and our presence across Europe. We warmly welcome the Solteq employees in Finland, Sweden, Norway, and Denmark to join Azets. The team consists of highly skilled professionals sharing the passion for excellent customer service and high-quality implementation projects”, says Ulla Nikkanen, CEO of Azets Insight Oy.
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