Digital Workforce’s e18 earn-out underlines strong momentum in the UK
Summary
- Digital Workforce will pay the first installment of the earn-out for the e18 Consulting acquisition, confirming the acquired business's strong performance and alignment with UK healthcare market expectations.
- The total earn-out payment is approximately 2.8 MEUR, primarily in cash, with a minor share dilution of about 2% due to the transfer of 232,723 treasury shares at EUR 2.535 per share.
- The earn-out payment supports the company's international growth strategy, reinforcing confidence in the UK healthcare market's momentum as highlighted in the recent Q3 report.
- No changes to operational forecasts are prompted by this expected step in the acquisition process.
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Translation: Original published in Finnish on 10/26/2026 at 9:10 am EET.
Digital Workforce announced on Friday that it will pay the first installment of the earn-out for the e18 Consulting acquisition and carry out a related directed share issue to the seller. The earn-out being paid at around 79% of the maximum confirms our view that the business acquired a year ago has performed well against its targets, and that the UK healthcare market is developing in line with our expectations. As this is an expected step in the normal mechanics of an acquisition, the release prompts no changes to our operational forecasts.
The total earn-out payment is ~2.8 MEUR, mostly in cash with the remainder in shares. The company will transfer 232,723 treasury shares to the seller at a subscription price of EUR 2.535 per share, resulting in minor dilution of ~2% of the shares outstanding. We will include the impact of the cash portion on cash flow and the balance sheet in our next update. We already highlighted the strong momentum in the UK healthcare market in our recent Q3 report, and the earn-out payment reinforces our confidence that the e18 acquisition is supporting the company’s international growth strategy as planned.