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Checkin.com Group acquires tech company specialized within AI

INSIDER INFORMATION: Checkin.com Group (STO:CHECK), the tech company that changes how people all over the world checkin with services online, has today entered into an agreement to acquire all shares in the Estonian tech company DATACORP OÜ (DATACORP). DATACORP and its co-workers are specialized in developing AI software for image analysis based on neural network algorithms, computer vision and machine learning. Checkin.com Group assesses the acquired technology and knowledge to be a crucial piece of the puzzle in their ongoing development of the next generation checkin solutions.

The transactions in brief:
  • Checkin.com Group acquires all shares in DATACORP OÜ.
  • The purchase price amounts to a total of MEUR 4.15, whereof 52 % is paid in Consideration Shares in Checkin.com Group and 48 % is paid in cash and cash equivalents.
  • The Consideration Shares are subject to a lock-up period of 12 months, during which they may not be sold.
  • The number of Consideration Shares is based on a price equal to the volume weighted average price on Nasdaq First North Growth Market during the twenty days of trading from November 11 to December 8, 2021. 
  • After the acquisition is completed all key personnel in DATACORP OÜ will own approximately 1.3 % of the shares in Checkin.com Group AB, which are issued as part of the transaction.
DATACORP in brief:
  • DATACORP had a turnover of MSEK 1.2 during Q3 2021. 
  • DATACORP has 17 co-workers and their head office is in Tallinn. 
  • DATACORP is expected to have a neutral impact on the group's operational cash flow.
  • More information about DATACORP is available at https://datacorp.ai/

"The DATACORP team has cutting-edge expertise within this complex area and the AI technology they have started to build is just brilliant. We always strive to stay far ahead in our product development, and we have identified their knowledge and technology as an important pillar in our development of the checkin solutions of the future. Their technology also complements the technology developed by GetID in a great way, and will strengthen our software both in the short and mid term", comments Kristoffer Cassel, CEO and co-founder of Checkin.com Group.

Vladimir Alekseev, CEO and co-founder at DATACORP gives the following comment:
"We have been following Checkin.com Group for some time now and are as impressed by the software they have built as we are convinced that our AI technology will fit perfectly into their end-to-end market offering. We are excited to become part of Checkin.com Group and play our part in changing the Internet."

Background and rationale

The founders of DATACORP have strong technology experience and have managed several tech companies. The company's co-workers are experienced developers with deep technical excellence within several technology areas. The technology the company is building focuses on an advanced AI engine that combines neural network algorithms and computer vision with a vector database to identify similarities in huge amounts of data. These similarities are identified in a flash and with very high accuracy.

The acquisition is a next step in Checkin.com Group's strategy to acquire advanced technology within hyper specialized key areas that strengthens the group's already leading SaaS software for checkins. The outcome of the acquisition and the combined companies will enable technological synergies but also economies of scale within cost efficiency.

"We buy a tech company with highly skilled co-workers and the technology they are building is extremely powerful. Both teams now look forward to working together with developing the next generation of software for checkins. The acquisition also builds further on our acquisition of GetID since it not only increases our presence in Estonia but also strengthens our excellence within image recognition. We hereby continue to acquire specialized teams and technology to safeguard that our software maintains its technical lead going forward", concludes Kristoffer Cassel.

Completion of the transaction

Completion of the transaction is expected to take place during January 2022. 

Advisors

Bird & Bird is acting as legal advisor to Checkin.com Group in relation to the transaction. 

For further information, please contact:

Jonas Köpniwsky, Head of Communications Checkin.com Group, press@checkin.com

This information is information that Checkin.com Group is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication through the agency of the contact person set out above, at 2021-12-15 17:31 CET.

Certified Adviser

Checkin.com Group's Certified Adviser on Nasdaq First North Growth Market is Erik Penser Bank AB, +46 8463 83 00, certifiedadviser@penser.se.

About Checkin.com Group

Checkin.com Group creates shareholder value through capital efficient growth achieved by strong organic growth and strategic acquisitions. The Group's advanced technologies and innovations offers a unique end to end solution that reshapes how consumers checkin with products and brands online. The comprehensive framework gathers multiple hyper specialized technologies that covers every aspect of a consumers checkin experience.

The company has its headquarters in Stockholm, Sweden, but operates and recruits globally to attract world-leading talent across the globe. 

Checkin.com Group's share is since 2021 listed on Nasdaq First North Growth Market under the trading symbol "CHECK". Certified Adviser is Erik Penser Bank, available via +46 (0)8 463 83 00 or by e-mail: certifiedadviser@penser.se. 

For more information about the company visit: https://group.checkin.com/investors/

 

IMPORTANT INFORMATION

The release, announcement or distribution of this press release may, in certain jurisdictions, be subject to restrictions and the recipients of this press release in jurisdictions where this press release has been published or distributed shall inform themselves of and follow such restrictions. The recipient of this press release is responsible for using this press release, and the information contained herein, in accordance with applicable rules in each jurisdiction. This press release does not constitute an offer, or a solicitation of any offer, to buy or subscribe for any securities in Checkin.com Group in any jurisdiction, neither from Checkin.com Group nor from someone else.

Forward-looking statements

This press release contains forward-looking statements that reflect the Company's intentions, beliefs, or current expectations about and targets for the Company's and the Group's future results of operations, financial condition, liquidity, performance, prospects, anticipated growth, strategies and opportunities and the markets in which the Company and the Group operates. Forward-looking statements are statements that are not historical facts and may be identified by words such as "believe", "expect", "anticipate", "intend", "may", "plan", "estimate", "will", "should", "could", "aim" or "might", or, in each case, their negative, or similar expressions. The forward-looking statements in this press release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the Company believes that the expectations reflected in these forward-looking statements are reasonable, it can give no assurances that they will materialize or prove to be correct. Because these statements are based on assumptions or estimates and are subject to risks and uncertainties, the actual results or outcome could differ materially from those set out in the forward-looking statements as a result of many factors. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. The Company does not guarantee that the assumptions underlying the forward-looking statements in this press release are free from errors and readers of this press release should not place undue reliance on the forward-looking statements in this press release. The information, opinions and forward-looking statements that are expressly or implicitly contained herein speak only as of its date and are subject to change without notice. Neither the Company nor anyone else undertake to review, update, confirm or to release publicly any revisions to any forward-looking statements to reflect events that occur or circumstances that arise in relation to the content of this press release, unless it is not required by law or Nasdaq First North Growth Market's rule book for issuers.

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Source: Cision
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