Analyst Comment
Rite Ventures' mandatory tender offer for Lemonsoft begins on March 27
By Atte Riikola
Summary
- Rite Ventures has launched a mandatory tender offer for all Lemonsoft shares at 4.67 euros per share, following their ownership exceeding the 50% threshold.
- The offer period is set from March 27, 2026, to May 5, 2026, but the offer price is considered modest relative to Lemonsoft's long-term potential.
- Rite Ventures' increased ownership to 50.56% does not aim to delist Lemonsoft, and trading on Nasdaq First North is expected to continue.
- Kari Joki-Hollanti, a significant shareholder, has committed not to accept the offer, preventing any redemption obligation under the Limited Liability Companies Act.
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Translation: Original published in Finnish on 3/19/2026 at 6:30 am EET.
Rite Ventures has announced a mandatory tender offer for all Lemonsoft shares at a price of 4.67 euros per share. The offer is an anticipated formal step following Rite Ventures' previously announced exceeding the stake threshold (50%), which triggered the obligation under the Securities Markets Act to make a mandatory tender offer for the remaining shares. We still consider the offer price to be very modest relative to Lemonsoft's long-term earnings potential and fundamentals, and we do not believe it will attract a large number of shareholders. We have previously commented on the tender offer here.
No takeover through tender offer
Rite Ventures' ownership in Lemonsoft increased to 50.56% through share transactions on March 6, 2026, triggering an obligation under the Securities Markets Act to make a mandatory public tender offer for the remaining shares. The offer period is expected to begin on March 27, 2026, and end on May 5, 2026. The completion of the tender offer is not expected to affect Lemonsoft's operational business, management, or employee status. Rite Ventures has been the company's anchor owner since 2016, and increasing their ownership reflects their commitment to the company's long-term strategy.
Rite Ventures' goal is not to delist Lemonsoft, and the intention is for trading in the share on Nasdaq First North to continue as before. Since the company's founder and board member Kari Joki-Hollanti (26.17% ownership) has irrevocably committed not to accept the offer, the arrangement is not expected to result in a redemption right or obligation under the Limited Liability Companies Act.
Lemonsoft is a Finnish SaaS company that designs, develops and sells ERP software solutions. The company is primarily a service provider of business systems to small and medium-sized businesses. Its customer base consists of companies in industrial manufacturing, wholesale and retail trade, construction and accounting firms. The company operates mainly in Finland.
Read more on company pageKey Estimate Figures19.02
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 29.5 | 31.5 | 33.4 |
| growth-% | 1.9 % | 7.0 % | 6.1 % |
| EBIT (adj.) | 6.9 | 8.4 | 9.5 |
| EBIT-% (adj.) | 23.6 % | 26.6 % | 28.4 % |
| EPS (adj.) | 0.24 | 0.36 | 0.42 |
| Dividend | 0.14 | 0.14 | 0.15 |
| Dividend % | 2.3 % | 2.8 % | 3.0 % |
| P/E (adj.) | 25.0 | 13.7 | 11.7 |
| EV/EBITDA | 12.2 | 10.0 | 8.8 |
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