Sikri Holding has entered into an agreement with Construction Analytics AS to divest its ownership in Prognosesenteret, an independent market analysis company that specialises in the Nordic construction and property markets.
"The agreement sharpens our strategic focus on facilitating and integrating the property life cycle through SaaS-based information and data services. We also acknowledge that the continuity in the ownership of Prognosesenteret will secure a seamless transition for Prognosesenteret’s employees and clients," said CEO of Sikri Holding, Nicolay Moulin.
"Ambita and Sikri Holding have been active and supportive owners of Prognosesenteret. We are now embarking on a new chapter in our company’s journey and look forward to building our position as the leading Norwegian real estate and construction research provider under new ownership," said Bjørn Birkeland, CEO of Prognosesenteret.
The transaction values Prognosesenteret at an enterprise value (EV) of NOK 255 million, implying a cash EBITDA (EBITDAC) multiple of 18.2 using 2021 figures. For Sikri Holding, the expected gross proceeds of the sale are NOK 142 million. Sikri Holding will continue to develop the prop tech portfolio previously a part of 4CastGroup, and the cash effect of the transaction is NOK 108 million, of which NOK 37.5 million is a two-year seller´s credit. Prognosesenteret has been part of Sikri Holding (through Ambita) since it was acquired on 9 September 2019, at an enterprise value (EV) of approximately NOK 140 million.
Closing of the transaction is expected on or about 15 November 2022. Prognosesenteret, including 4CastGroup AS, had full year 2021 revenues of NOK 75 million, with an EBITDA of NOK 22 million (EBITDAC NOK 14.0 million). During the first half of 2022, revenues were NOK 40 million, with an EBITDA of NOK 13 million (EBITDAC NOK 8.0 million).