Enea announced that it has acquired Aptilo, a leading provider of policy and access control solutions for carrier Wi-Fi and IoT (Internet of Things), headquartered in Stockholm, Sweden. The total consideration amounts to SEK 92 million which corresponds to an enterprise value of SEK 150 million on a cash and debt free basis. The acquisition will be financed through cash and bank loan and is expected to be earnings per share accretive in 2021. Aptilo is estimated to generate sales of approximately SEK 88 million for the full year 2020.
Aptilo’s flagship product is the Aptilo Service Management Platform™ (SMP), a carrier-class system for management of data services, with advanced functions for policy and access control. Aptilo SMP is used in large-scale deployments of carrier Wi-Fi, while Aptilo SMP IoT is a solution for connectivity and security management over both cellular and Wi-Fi technologies.
Aptilo’s solutions have been deployed by more than 100 operators in 75 countries and are sold both directly to operators and indirectly through technology and channel partners. More than half of Aptilo’s total revenue is recurring, and the products are sold either as software licenses, as managed services, or in a cloud-based SaaS (software as a service) model to a growing number of customers.
“I’m pleased to announce this acquisition, which complements Enea in an excellent way,” says Jan Häglund, President and CEO of Enea. “Aptilo is a leader in Wi-Fi and IoT connectivity management. The acquisition strengthens our data management portfolio, expands our reach with existing and new customers, and creates interesting business opportunities in the fields of 5G, Internet of Things, and SaaS.”
“I’m glad to join Enea that has a strong position as a supplier of innovative software products for 4G and 5G mobile core,” says Paul Mikkelsen, CEO of Aptilo. “Our solutions will be an excellent addition to Enea’s core network portfolio, as the combination of 5G and Wi-Fi 6 creates a strong and unique offering to the market.”
Aptilo will continue to operate under its own brand as a business unit within Enea, and the business unit will be headed by Paul Mikkelsen.
PwC has acted as financial advisor and Setterwalls as legal advisor for this acquisition.
Investors, financial analysts, and media are invited to an online press conference during which Jan Häglund, President and CEO of Enea, and Björn Westberg, CFO, will present the acquisition and answer questions.
