EPTI AB announces a correction regarding the press release "EPTI publishes Interim Report for Q1 2023" which was published today, May 31, 2023 at 08:15. The correction refers to financial key figures that were omitted from the press...
EPTI AB (publ) (“EPTI”) portfolio company Linky Tech AB (“Linky”) acquires the parking technology company ApParkingSpot Nordic AB (publ) (“ApParkingSpot”) in a transaction that can be equated with a so-called reverse acquisition. The transaction means that Linky's current shareholders will receive shares and votes corresponding to approximately 88 percent in the private held company ApParkingSpot, which after completion of the transaction will be renamed Linky AB (publ).
The purchase price amounts to SEK 76.5 million and is paid through newly issued shares in ApParkingSpot. The two companies have clear commercial synergies through their complementary services and existing contractual partners. Through the transaction, EPTI will become the majority owner of a public PaaS company prividing an attractive and comprehensive offering within mobility.
Background and rationale
ApParkingSpot is a public company with over 600 shareholders that provides a platform for leasing parking spaces between private individuals, companies and organizations. The service can be compared to Airbnb for parking and consists of an app for smartphone as well as a website, apparkingspot.com. By integrating ApParkingSpot service into Linky's unique Platform-as-a-Service solution with seamless payment via web or a QR code, the new joint venture can benefit from extensive synergies through its respective complementary services within parking technology. In addition, the companies already have several joint contractual partners, including the parking companies Parkman and Apcoa as well as the hotel chains First Hotel Kungsbron, Scandic Backadal and Radisson Blu Waterfront.
The transaction between Linky and ApParkingSpot:
- If the Transaction is carried out, it means that the joint venture (“New Company”) will provide a B2B2C Platform-as-a-Service solution (PaaS) that enables companies, organizations, associations, cities, operators and individuals to easily rent, manage, maintain and charge for their parking spaces and charging stations.
- ApParkingSpot will be renamed Linky AB (publ).
- The purchase price amounts to SEK 76.5 million and is paid through newly issued shares in ApParkingSpot.
- The transaction means that Linky's current shareholders will receive shares and votes corresponding to approximately 88 percent in ApParkingSpot.
- Sasa Farkas, co-founder and current CEO of ApParkingSpot, will remain as CEO of the New Company after the completion of the acquisition.
- The transaction is subject to approval at ApParkingSpot’s Annual General Meeting.
- The transaction is estimated to be completed during the second quarter 2022.
For further information, please contact:
Arli Mujkic, CEO, EPTI AB
Phone: +49 176 626 999 64
Adam Bäckström, CFO, EPTI AB
Phone: +46 73 026 68 26
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.
For more information, see EPTI’s website www.epti.com
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