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21 Grams acquires Addoro AB

Pressmeddelande   •   Feb 24, 2017 16:35 CET

21 Grams acquires 100% of the shares in Addoro AB, and all assets of Addoro Nordic AB, their Nordic distributor. The founding team and all employees of Addoro will join 21 Grams and the Addoro business will become a separate business unit at 21 Grams.

Addoro develops and markets a market leading cloud-based solution for document design and document distribution, where the user controls its business communications regardless of business systems and distribution channel.

The company was founded in 2009, originally as a spinoff of StreamServe AB, which later was acquired by Canadian software group Open Text (Nasdaq OTEX).

Addoro currently has over 500 customers in various segments and has been successful in solutions for example real estate. Clients include Brio, Office Depot, Canon and Ikano.

"- We are very pleased to add Addoro to the 21 Grams group. All members of their team has more than 15 years of experience in document management, and belongs to the absolute elite in software development and services in the area, "says Stefan Blomqvist, CEO of 21 Grams.

"- Addoro has developed well, but now need to get into a larger structure to take advantage of all market opportunities and take the company to the next level in terms of growth and internationalization," states Lars Granelli, CEO of Addoro AB.

"- With 21 Grams’ size and position, we can scale up Addoro faster towards partners and major customers. We have worked successfully with 21 Grams for many years and now we build on this foundation together ", says Granelli.

“- For 21 Grams the acquisition of Addoro is a natural development that makes it easier for our customers to access our cost efficient physical mail solutions as well as the portfolio of digital options that are now available with e-invoicing, e-mail boxes, etc. in several countries. Addoro’s self-service feature makes it easier and cheaper for customers to design their own documents and keep them updated through a simple web interface. With Addoro 21 Grams also gets a new local office in Gothenburg close to our key customers in the region", concludes Blomqvist.

For more information:

Stefan Blomqvist, CEO, 21 Grams
Tel: +46 76 808 21 21
stefan.blomqvist@21grams.com

Lars Granelli, CEO Addoro AB
Tel: +46 73 540 55 92
lars.granelli@addoro.com

About 21 Grams

21 Grams was founded in 2004 and is a Swedish service company that provides smart communication solutions for companies with large or medium-sized mail volumes. The company offers data from sorting mail and postage to the electronic distribution of business documents and direct mail. 21 Grams achieves fast postage savings, long-term purchasing power and better control and quality throughout the post process. 21 Grams offers a network of different postal operators both domestically in Sweden and internationally. In 2016, the company had a turnover of SEK 600 million and 45 employees. 21 Grams' customers include: Google, Viasat, the Tax Agency, Collectum, Länsförsäkringar and Shell. For more information, please visit www.21grams.com.

About Addoro

Addoro was founded in 2009 as a spin-off from the Swedish-American software house StreamServe (Open Text). The company offers a web-based service that makes it possible to design, manage and deliver your business documents. Addoro has a turnover of approximately 11.5 million and has 6 employees in offices in Gothenburg and Ukraine. Customers include: Office Depot, Brio, Ikano, WallVision and Deloitte. For more information, please visit www.addoro.com.

About Priveq Investment

For more than 30 years, Priveq Investment has invested in profitable growth companies. The business concept is to generate value through long-term investments and active ownership in unlisted growth companies. Since 1983, approximately SEK 3,5 billion has been invested and Priveq Investment and its employees have carried out 121 investments and been involved in taking 25 companies to an IPO. The current portfolio consists of 16 companies which had a total revenue of SEK 6 billion and approximately 2,100 employees as per December 31, 2016. Some of the current portfolio companies are 21 Grams, Crem International, Ports Group, QleanAir Scandinavia and Visual Art. Behind Priveq Investment is essentially a number of long-term, institutional pension funds in the Nordics and Europe, for example Skandia Liv, Fjärde AP-fonden, Kommunal Landspensjonskasse (KLP) and Europeiska Investeringsfonden (EIF). Priveq Advisory AB acts as investment advisor to the Priveq Funds.

More information is available at www.priveq.se.

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