Including Netmind into BTS would add 3.5% to group sales, and we estimate the profitability to be in line, or slightly below, the margin of BTS. The reason for that is Netmind’s sales/employee of SEK ~1.3m/year vs BTS’ LTM of SEK ~1.9m, which makes us believe that Netmind is slightly more dependent on consulting revenues rather than software licenses. The cash consideration is not disclosed, and the share based payment (EUR 0.5m) dilutes number of shares by less than 0.1%. We therefore estimate an EPS contribution of around 3.0-3.4%, and share likely up slightly below that today is a fair reaction (1-2%).
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