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Infront: Continued revenue and user growth for the leading European financial market solutions provider
Q2 2019 EBITDA included vwd Group transaction-related costs of NOK 10.1 million. Adjusted EBITDA increased to NOK 20.8 million from adjusted EBITDA of NOK 10.7 million in Q2 2018. Before implementation of IFRS 16, adjusted EBITDA amounted to NOK 18.6 million compared to NOK 10.7 million in adjusted EBITDA for the same period last year. The increase was mainly due to the inclusion of Infront Italia.
On 17 July, Infront completed the acquisition of vwd from a fund managed by The Carlyle Group to create the leading European financial market solutions provider. The acquisition of vwd was initially announced on 11 April 2019. The final purchase price was approximately EUR 130 million on an enterprise value basis financed through the issue of a four-year EUR 105 million bond in April and an over-subscribed NOK 242.6 million rights issue that was completed in June.
“We are building a very strong platform for future growth across European and international markets with a highly competent organisation and state-of-the-art solutions. The integration process is underway; we have started to explore cross- and upselling opportunities from an expanded product range, and we are capturing significant cost synergies. As a top-three provider of financial terminals in Europe, we are uniquely positioned to offer innovative, value-adding products and services to both existing and new customers.,” said Kristian Nesbak, CEO and Founder of Infront.
vwd will be included in Infront’s financial accounts from the third quarter of 2019. As a result of the acquisition, the Board of Directors of Infront has unanimously voted to change the presentation currency in the group’s consolidated financial statements from Norwegian kroner (NOK) to Euro (EUR) from Q3 2019.
Infront generates most of its revenue based on recurring subscription contracts for the products. Subscription revenue represented 99% of total sales in Q2 2019.
Please find the full financial report and presentation on https://www.infrontfinance.com/ir/reports-and-presentations
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