Sale of Aitio Finland and Hillava to Admicom
Admicom Oyj acquires majority of the shares in Aitio Finland Oy as well as all the shares in Hillava Oy. Through the acquisition of the two companies, Admicom’s personnel grows by 20 software developers and experts. The acquisition is part of Admicom’s goal to increase its product development resources and technological expertise.
Founded in 2007 and based in Jyväskylä, Aitio Finland provides its customers with development services of tailored software solutions as well as related integration and maintenance services, mobile applications and cloud service solutios. Included in the same group, Hillava offers and develops a cloud-based enterprise resource planning system, especially designed for planning and maintenance of field work. The development of Hillava’s product was commenced in 2014 as part of Aitio Finland’s business.
The customer base of Aitio Finland and Hillava mainly comprises small and medium-sized building technology, construction and industrial companies, including building technology company Terawatt Oy, Seinäjoen Energia Oy and Puustelli Group Oy. In 2020, the two companies’ combined revenue was 2.3 million euros and EBITDA 25.5 % of the revenue. Approximately 0.4 percent of the revenue was formed by recurring software and maintenance related income. Aitio Finland is estimated to achieve a revenue of c. 2.0 million euros in 2021 with an EBITDA of c. 0.5 million euros. Meanwhile, Hillava’s estimated revenue in 2021 is c. 0.6 million euros.
Admicom will acquire 83.5 percent of Aitio Finland through a directed share issue from the company’s current majority owners, Rouhee Group and Toni Paloniemi. These shares are worth 5.3 million euros. The company employs approximately 190 persons in its offices in Helsinki, Tampere, Oulu, Seinäjoki and Turku.
“I am very happy to be able to announce the acquisitions of Aitio Finland and Hillava at the end of the first year of our strategy period. They support Admicom’s growth strategy and core expertise excellently. As part of our ongoing strategy work and acquisition process, we have identified significant investment opportunities for new products, to strengthen the market leadership and growth of our current product portfolio, and to ensure technological competitiveness. Aitio Finland’s and Hillava’s expertise in software products and in engineering and installations, construction, and industrial manufacturing software verticals complements Admicom’s and Tocoman’s expertise brilliantly, and together we can take the development of our software solutions forward more quickly, take advantage of the growth opportunities we have identified and improve the customer experience. I warmly welcome Aitio Finland and Hillava’s customers and staff to the Admicom family”, comments Admicom’s interim CEO Petri Aho.
“We are very excited to be involved in developing the most comprehensive and advanced software solutions in the industry as part of Admicom. I believe that our high-quality and versatile expertise will provide excellent support for Admicom’s product development and also open up new opportunities for the future. At the same time, we are also able to offer our developers even more interesting challenges to solve”, says Thomas Raehalme, CEO of Aitio Finland Oy and main owner of Rouhee Group Oy.
Carner Corporate Finance advised the owners of Aitio Finland and Hillava throughout the transaction process.
Founded in 2004, Admicom is a pioneer in construction, building technology and industry related software development and a comprehensive software and accounting company partner. The company’s cloud-based, SaaS enterprise resource planning system, Adminet, helps small and medium-sized companies increase their competitiveness by automatizing both construction site and office routines seamlessly all the way to accounting processes.