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Siili just announced the acquisition of Haallas, a small Finnish public-sector-focused digital IT service provider. Using 2021 numbers, Haallas would have added 6% to Siili's sales and 7% to its EBITDA. The final valuation will be based on 2022 audited numbers, so the valuation multiple can only be estimated at this point. Our initial take is that the valuation multiple is close to Siili's current EV/EBITDA multiple of 6-7x.
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