Consolidation continues in the Scandinavian digital signage ecosystem, with news overnight that ZetaDisplay has acquired Norwegian solutions provider Webpro in a cash deal worth NOK 21 million, which is about $2.5 million USD.
The deal also has performance-based supplemental payments.
Webpro would have been attractive to the Swedish firm ZetaDisplay, in part, because clients include IKEA and McDonalds (in Russia).The company’s solutions are installed in over 75 IKEA stores around the world and in over 600 McDonalds restaurants. In 2017, the company had sales of NOK 24 million, with about a quarter of that in contracted and recurring revenue. Operating earnings were NOK 4.1 million.
ZetaDisplay has done several acquisitions in the region as it rolls up a variety of solutions providers and their key accounts. The company’s stated goal is “to continue to carry out acquisitions in accordance with the adopted growth strategy and to actively participate in the ongoing consolidation of the digital signage industry in Europe. Through this acquisition, the company further strengthens its delivery capacity and takes an important international step in the digital signage industry.”
“Webpro has succeeded in attracting renowned international customers and, together with our platform and organization, Webpro’s customers will be able to benefit from a broader range of products and services which can be rolled out internationally,” says Leif Liljebrunn, CEO of ZetaDisplay, in a press release.
“It is in the interest of both Webpro’s customers as well as our own to be a part of a larger organization with a broader range of products and services and with an international presence. Together with ZetaDisplay, we will achieve this and will be able to offer complete solutions on the cutting edge of technology to existing and new customers,” says Trond Hatling, CEO of Webpro.
The deal closing should happen in Q3.
Dave Haynes is the founder and editor of Sixteen:Nine, an online publication that has followed the digital signage industry for more than 13 years. Dave does strategic advisory consulting work for many end-users and vendors, and also writes for many of them. He’s based near Halifax, Nova Scotia.