Workamo and Simpell owners have signed an SPA where Workamo acquires all outstanding shares in Simpell. The purchase price has been agreed at SEK 19,5 million.
EPTI (“EPTI” or “the Company”) have through their majority-owned venture Workamo and with its other owner, PE Accounting, signed an SPA to acquire 100% of the shares in Simpell Gig AB (“Simpell”). Simpell is an online marketplace that matches freelancers and companies in an all-in-one platform. With the acquisition of Simpell, Workamo starts its acquisition journey and increases its revenue streams and synergies with a company that has a scalable technology for further growth.
Workamo launched its platform in September 2020 and has recently seen strong organic growth driven entirely without marketing the service. So far, the increase during the fourth quarter compared to the same period last year is +319% for the invoiced amount and +795% for the number of freelancers. The annual growth will be estimated around +280% for the invoiced amount and 500% for the number of invoices sent.
The purchase price has been agreed at SEK 19,5 million and the entire amount will be paid in newly issued shares in Workamo. The agreement date and access date is December 31 2021.
Simpell was founded in 2018 with the vision to become a market leading all-in-one platform where freelancers collaborate with customers. Simpell has managed to withhold +30% annual growth rate since the start and they are projecting +200% revenue increase during 2022.
Workamo was founded in 2019 as a joint-venture between EPTI and the digital accounting firm PE Accounting. The company believes that by combining user experience, automation and expert knowledge within accounting we create a platform to enable both freelancers and companies in the gig economy to easily take and get paid at a low price insured with the right conditions.
“EPTI is a minority shareholder in Simpell and a majority shareholder in Workamo and it’s very clear that both parties have a lot to gain from this acquisition. This acquisition is in line with EPTI’s strategy to strengthen our position within the fintech and gig-tech segment. The deal is an important step for Workamo on their journey towards becoming the market leader in the Nordics.” says Arli Mujkic, CEO EPTI.
“Simpell is our colleague within the gig-platform industry and with the acquisition we will position Simpell as the master marketplace solution where freelancers will be able to access projects from all marketplaces. Simpell is a well-run company with a distinct business model.” says Olof Norlander, CEO Workamo.
”Workamo adds synergies in several areas and together we will be able to offer freelancers and companies a complete solution. In addition to technology, Simpell adds extensive knowledge within customer acquisition and margin-increasing entry level services.” says Rasa Golali, Founder Simpell Gig AB.
For further information, please contact:
Adam Bäckström, CFO, EPTI AB
Phone: +46 73 026 68 26
For international media enquiries, please contact:
Benjamin Webb, Deliberate PR
Phone: +44 7930 408224
Information about EPTI
EPTI invests capital and operational support for companies, entrepreneurs and founders to build market-leading innovative companies under the motto “We Empower Innovation”. As a venture builder, this is done by adding experience from other founders, capital, resources, processes, state-of-the-art technology as well as commercial execution and marketing. EPTI also starts companies and joint ventures with driven co-founders and companies. The companies in EPTI’s portfolio are in the segments Gaming, Fintech, Marketplace, SaaS and Services. Since the start in 2017, a portfolio of more than 25 companies has been built up, of which the majority-owned companies comprise a total of approximately 200 coworkers in seven countries around Europe. EPTI is more than an investment company, it is partly an investment company and partly a service company. A venture builder for founders, by founders.
Information about Workamo
Workamo is a payroll system for companies working with freelancers and enables payments by handling taxes, social fees, insurance, benefits, etc. As a freelancer you can also create and send invoices through Workamo without owning a company at the market’s lowest price. Workamo is owned by the venture builder EPTI and the digital accounting firm PE Accounting.
For more information see www.workamo.com or contact Olof Norlander – firstname.lastname@example.org.