October 10, 2016 / 5:41 AM / a year ago

BRIEF-Innofactor buys Lumagate to expand in Nordic countries

Oct 10 (Reuters) - Innofactor Oyj :

* Has reached agreement on acquiring Lumagate group, Nordic IT service providers focused on cloud-based solutions in Microsoft ecosystem

* Purchase price will be determined by Lumagate’s EBITDA in 2016, 2017 and 2018

* Purchase price (enterprise value) is at minimum about 4.7 million euros ($5.26 million)(about 45 million Swedish crowns) and at maximum 10.5 million euros (about 100 million crowns)

* Sellers will be paid in cash about 4.7 million euros in Swedish crowns upon closing what is planned to be financed with new bank loan

* Rest of purchase price is intended to be paid primarily in Innofactor shares during 2018 and 2019

* Receives option to acquire Ironstone, co providing hosting services for Azure in Sweden and Denmark that do not compete with Lumagate Source text for Eikon: Further company coverage: ($1 = 0.8928 euros) (Gdynia Newsroom)

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