Today, MapsPeople announces the acquisition of all Point Inside’s customer contracts and indoor mapping assets. Point Inside is a US-based indoor mapping company founded in 2009. The acquired indoor mapping assets from Point Inside include indoor maps of more than 1,800 shopping malls in the US and more than 200 airports globally.
The strategic acquisition will accelerate MapsPeople’s growth opportunities for MapsPeople’s partners and will add new products to the MapsIndoors platform. With the acquisition, MapsPeople also gets more than 170 large retail stores for MapsIndoors, primarily in the UK, strengthening the retail vertical.
Financially, the acquisition will have a positive effect on 2023 results. Specifically, MapsPeople expects that the transaction will contribute with an ARR of DKK 8m, DKK 4-5m in revenues for 2023 (annualized impact of DKK 8m), and a positive 2023 EBITDA impact of DKK 2-3m (annualized DKK 4m). Furthermore, MapsPeople also expects that the transaction will have a positive impact on its cash flow from operations in 2023.
The transaction price for Point Inside’s contracts and assets is approx. DKK 19.5m, which will be paid by issuing new MapsPeople shares at a price per share of DKK 6.00. With Point Inside’s ARR of DKK 8m, the transaction price corresponds to an ARR multiple of approx. 2.5x. Additionally, Point Inside will be entitled to an earn-out (cash) of up to DKK 2.4m. For comparison, MapsPeople is traded to an EV/ARR multiple of approx. 7.9x (end of 2022) and EV/ARR of approx. 3.2x (2023E) based on midrange in the 2023 guidance range and yesterday’s closing price of DKK 4.24 per share.
The final closing of the acquisition is expected to be in April 2023. All Point Inside's current investors will be shareholders in MapsPeople, and Point Inside's employees will become a part of MapsPeople.
MapsPeople maintains its guidance for 2023, which is an ARR of DKK 77-87m and cARR of DKK 105-115m.
Read the full announcement here: https://investors.mapspeople.com/news/news-details/2023/MapsPeople-to-acquire-activities-from-Point-Inside-Inc/default.aspx
HC Andersen Capital receives payment from MapsPeople for a Corporate Visibility/Digital IR subscription agreement. /Kasper Lihn 08:34, 19 April 2023.
MapsPeople
MapsPeople är verksamt inom IT-sektorn. Bolaget är specialiserat inom utveckling av SaaS-lösningar. Programvaran är egenutvecklad och används huvudsakligen för navigering i stora kontorsbyggnader, sjukhus, arenor och universitet. Bolaget har utvecklat sin egen inomhuskarta och navigationsplattform, MapsIndoors, som bolagets kunder använder i sina egna appar och andra system på global nivå.
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