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Gofore announces the acquisition of German eMoudo GmbH. The acquisition adds c. EUR 8m or 5% to Gofore’s 2022E sales. The EUR 8m transaction is funded via Gofore shares (30%) and cash (70%). Assuming a 10% EBITDA margin for eMundo, 2022E EV/EBITDA would land at around 10x, which compares to Gofore's multiple of 14x. Gofore has for some time looked at German market; we think the acquisition will bring better scalability to its international operations.
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