Doro acquires Innocom, expanding the technology enabled care business in the Netherlands
In line with its strategic ambition to become a European market leader in technology enabled care, Doro has acquired the Dutch company Innocom Bureau voor Bedrijfscommunicatie B.V. (“Innocom”). Together with its existing service business in Sweden, Norway and the UK, Doro will handle approximately 400,000 end users.
Doro will pay in cash approximately SEK 72 million on cash and debt free basis for the acquisition of Innocom.
Revenue for Innocom for the financial year 2020 was EUR 4.9 million (approximately SEK 50 million). The acquisition will be consolidated into Doro Group from September 1, 2021 and is expected to have a negligible effect on earnings per share for 2021 including transaction costs.
“The Dutch market is an attractive market and a pioneer in adapting technology enabled care solutions. For Doro it is an important step to acquire one of the leading companies in our sector in the Netherlands, fully in line with our strategy to expand and strengthen our geographical reach. This also creates a stronger Doro Care ahead of the planned separate listing of the business”, said Carl-Johan Zetterberg Boudrie, President and CEO of Doro Group.
Innocom is one of the top three technology enabled care service providers in the Netherlands. The business started in 1998 and has successfully grown its turnover and user base since. Today the business employs approximately 40 full time equivalent staff and supports approximately 26,000 end users.
“Innocom started almost 33 years ago and has been active in the market for personal alarms in the Netherlands, growing into an important and reliable supplier of solutions that enable longer living at home. With solutions such as personal alarms, digital access to the home and monitoring, we contribute to making people’s lives more pleasant and safe. With Doro we have found an excellent partner to develop our business, expand our knowledge and experience to create more opportunities for innovative solutions”, said Jan Verasdonck, CEO of Innocom.