Acquisition broadens tech and offering
Following the close of the quarter, the company acquired Ultinous, based in Sweden and Hungary. The acquisition will complement Irisity's technology in edge computing, broadening its offering within the Nvidia ecosystem. It also expands its offering to include several functions in practical security, having previously focused on surveillance security. Irisity sees cost and revenue synergies through this acquisition, as Ultinous can utilise Irisity's global sales channels. The acquisition is paid for with a non-cash issue of nine million shares at SEK5 per share. In conjunction with the acquisition, Irisity is carrying out a directed share issue on the same terms as the non-cash issue to bolster its liquidity and financial position. The two issues lead to a dilution of 26.8%.
Coverage paused
As Penser by Carnegie, Carnegie Investment Bank AB is acting as an advisor in the transaction, we pause our coverage of the share. Our estimates have not been updated and should no longer be relied upon.
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