09 CONSOLIDATED ANNUAL ACCOUNTS
NOTE 1 - ACQUISITIONS OF BUSINESS, ASSETS AND NON-CONTROLLING INTEREST (NOK 1,000)
Name
Description
Percentage of voting equity Acquisition instruments date acquired
Cost associated with Cost the price acquisition 1)
Consideration total
Finnvalli Finland Ab OY
Sw SaaS ERP
10.01.14
100.00%
128 739
298
129 037
Priorite Oy
Consulting
06.01.14
100.00%
65 740
263
66 002
100.00%
161 326
221
161 547
838
-
838
124 731
242
124 973
Logium OY
Sw SaaS Travle
03.02.14
Lavit
Last year earn-out, paid this year
15.01.14
Wallmob A/S
Retail SaaS
07.02.14
50.10%
Visma Teleboekhouden BV
Sw SaS
16.06.14
100.00%
43 589
125
43 714
SIA FMS
Sw GLA
01.07.14
100.00%
27 249
530
27 779
100.00%
24 248
-
24 248
4 491
-
4 491
120 000
151
120 151
511
-
511
SIA FMS Software
Sw GLA
01.07.14
Visma Information Factory AB
Last year earn-out, paid this year
20.08.14
Info Consensus AS
Sw GLA
10.08.14
Kapp Regnskap
BPO Asset
10.10.14
50.10%
Visma Software PL
SW suport
01.10.14
100.00%
489
-
489
Creno AS
Collecting services
15.12.14
100.00%
89 800
134
89 934
791 753
1 963
793 716
Total The cash outflow on acquisition are as follows: Cost price (excluded costs associated with the acq.)
786 423
Last year earn-out, paid this year
5 329
Change in estimated earn-out
-
Deferred payment
(243 026)
Cash paid
(548 726)
Net cash acquired with the acquisitions Net cash (outflow)/inflow
62 382 (486 344)
Other intangible assets acquired
8 100
Machinery and equipment acquired Net investment in businesses
11 989 (466 255)
1) All costs associated with the acquisition are expensed as “Other operating expenses”, including reimbursements to the acquiree for bearing some of the acquisition costs.
Finnvalli Finland AB OY On 10 January Visma acquired 100% of the voting shares of Finnvalli Finland AB OY. Finnvalli Finland AB OY is a Finnish consulting and software solutions company
Priorite Oy On 6 January Visma acquired 100% of the voting shares of Priorite OY. Priorite OY is a Finnish consulting and software solutions company
Logium OY On 3 February Visma acquired 100% of the voting shares of Logium OY. Logium OY is a Finnish travel expense management software company
Wallmob A/S On 7 February Visma acquired 51% of the voting shares of Wallmob A/S. Wallmob A/S is a Danish tech company with cutting edge mobile Point of Sale solutions.
Creno AS On December 15th, Visma acquired 100% of the voting shares of Creno AS. Creno is one of Norway’s leading debt collection agency Consideration for the acquisition includes the acquisition-date fair value of contingent consideration. Changes to contingent consideration resulting from events after the acquisition date are recognised in profit or loss. Estimated earn out in the balance sheet for most entities, are considered at the best estimate. Companies acquired are valued on a mix of revenue, EBITDA, growth, cash-flow, product and market and due dilligence. The primary reasons for doing acquisitions are to achieve growth, consolidate the market and improve the competitive position.
50