Inside information: Digitalist Group’s subsidiary Digitalist Finland Oy has signed a term sheet for acquiring Walker & Handson Oy

By Globe Newswire Published on January 28, 2023, 17:00 IST

Digitalist Group Plc Inside information January 28nd, 2023 at 14:00

Inside information: Digitalist Group’s subsidiary Digitalist Finland Oy has signed a term sheet for acquiring Walker & Handson Oy

Digitalist Group Plc (“Digitalist Group”) and its fully-owned subsidiary Digitalist Finland Oy have signed a term sheet (“LOI”) to an agreement (“Transaction”) in which Digitalist Finland Oy would acquire Walker & Handson Oy (“W&H”) to strengthen the management and tech & design business in Digitalist Finland Oy.

In the intended Transaction Digitalist Finland Oy would acquire all shares in W&H through share exchange by issuing new Digitalist Finland Oy’s shares in a direct share issue to W&H representing approximately 10% of all shares in Digitalist Finland Oy after completion of the Transaction. The owner of W&H Jussi Hermunen will at the same time take over the position of Managing Director of Digitalist Finland Oy. Mr Jussi Hermunen would bring in solid experience of leading teams and businesses within design & technology consulting, with most recent employments as Head of EY Doberman Finland, as Leader of Wavespace Nordics and as Head of Studio at Idean.

W&H is an emerging Finnish CX Design company that has since Q4 2022 started to build their business within CX Design and is currently working together with Digitalist Group companies in selected customer projects. The turnover of the W&H on financial year 2022 was approximately EUR 83k with a positive EBITDA. W&H has 3 employees including the owner, Jussi Hermunen.

The intended transaction would strengthen the management of Digitalist Finland Oy and would improve its performance under a new leadership of Jussi Hermunen, as well as adding the growing customer prospect list of W&H into Digitalist Finland Oy.

The Transaction is conditional for customary due diligence process and approval of final terms and conditions in the Transaction documentations. The target is to sign the final Transaction documents by the end of February 2023 at the latest.