Semcon has acquired 100 percent of the shares in the Swedish IT company Squeed AB.
Markus Granlund, CEO of Semcon, said, “Squeed is a strategically important acquisition that will add a further almost 100 fantastic colleagues to our company as well as new and exciting customers. It will be extremely inspiring to work together and provide even better support to our customers in their digital transition. The acquisition of Squeed will complement the Group’s existing digital offering in, for example, AI and smart products with additional cutting-edge expertise in full-stack development and cloud services.”
Squeed president Ola Klasson commented, “Squeed’s employees are accustomed to working on projects that span across innovation and business development to implementation. As a part of Semcon, we will work on new exciting projects that combine digital and physical solutions. In terms of culture, we are an outstanding match as we are both development-oriented, people-first companies that share a passion for value-generating technology.”
The purchase price for 100 percent of the shares, on a cash and debt-free basis, initially amounts to $7.34 million (SEK 61 million), of which $6.74 million (SEK 56 million) will be paid in cash and $0.6 million (SEK 5 million) will be paid in the form of 42,585 shares in Semcon.