Analyst Comment
Lemonsoft: Rite Ventures' holding will increase by 8.4 percentage points with the tender offer
By Atte Riikola
Summary
- Rite Ventures' mandatory tender offer for Lemonsoft resulted in an 8.38% increase in their ownership, bringing their total stake to 58.93%.
- The tender offer was accepted by a surprisingly large portion of shareholders despite the low offer price, which was considered modest given Lemonsoft's fundamentals and long-term potential.
- Lemonsoft's ownership remains concentrated, with founder Kari Joki-Hollanti holding 26.2% of the company.
- Some shareholders may have accepted the offer to exit an illiquid share, influenced by AI-related concerns.
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Translation: Original published in Finnish on 07/05/2026 at 07:37 am EEST
The preliminary result of Rite Ventures’ mandatory tender offer for Lemonsoft was published on Wednesday. The 1,490,590 shares offered in the tender offer represent approximately 8.38% of all Lemonsoft's shares, excluding treasury shares held by Lemonsoft. Rite Ventures' total ownership of the company will rise to 58.93% as a result of the transaction. Overall, Lemonsoft's ownership structure is highly concentrated, with the company's founder, Kari Joki-Hollanti, owning 26.2% of the company.
Given the low offer price, we feel a surprisingly large portion of shareholders accepted it. We commented on the bid earlier here and found it very modest given Lemonsoft's fundamentals and long-term earnings potential. It is likely that some of the previously involved funds saw the offer as an opportunity to exit an illiquid share, and AI fears have probably increased the selling interest. Lemonsoft published its Q1 earnings last week, and our latest update can be read here.
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 Figures30/04
| 2025 | 26e | 27e | |
|---|---|---|---|
| Revenue | 29.5 | 31.3 | 33.3 |
| growth-% | 1.9 % | 6.4 % | 6.2 % |
| EBIT (adj.) | 6.9 | 8.7 | 9.6 |
| EBIT-% (adj.) | 23.6 % | 27.8 % | 29.0 % |
| EPS (adj.) | 0.24 | 0.37 | 0.43 |
| Dividend | 0.14 | 0.14 | 0.15 |
| Dividend % | 2.3 % | 2.8 % | 3.0 % |
| P/E (adj.) | 25.0 | 13.2 | 11.6 |
| EV/EBITDA | 12.2 | 9.6 | 8.6 |
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