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Doro - Announces a complementary technology M&A

30 september 2020

Acquires Victrix SocSan for ~SEK 26m (7x EV/S)…
…which adds complementary technology to Doro
The acquisition should improve Doro’s long-term ARPU
Victrix offers a software solution for proactive care services
Today, Doro announced that it has acquired the Spanish technology company Victrix SocSan. Victrix was founded in 2016 and offers solutions that creates synergies between health and social systems. This involves extraction and analysis of data in order to provide effective proactive interventions for chronic disease management, eldery care and wellbeing.

The transaction price of ~SEK 26m equates to 7x EV/sales
In 2019, Victrix generated sales of EUR 0.35m (~SEK 3.7m). The transaction price of ~SEK 26m comprises SEK 14.8m in cash together with 232,744 shares in Doro. This equates to roughly 7x EV/sales, which is above Doro’s previous acquisition multiples, and largely reflects the fact that the acquisition of Victrix is due to its technology and not because of its scale and profitability. All else equal, Victrix adds 0.7% on our 2020 Care sales forecast (0.2% on our group forecast).

We think that the acquisition makes a lot of sense
The rationale behind the acquisition is clear, as it should improve Doro’s offering and in turn render higher ARPU in due time. The current telecare market is responsive (e.g. responses to alarms and sensors), while the future telecare market will be more predictive. This means higher degrees of automation that can detect and interpret changed patterns. We believe that the future market will result in a higher ARPU than the current market; thus Doro’s acquisition of Victrix makes sense as it drives value-added products.

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