Using the authorisation from the 2018 Annual General Meeting, the Board of Directors of BIMobject AB has decided to implement a directed new share issue of approximately SEK 240 million to the EQT Ventures Fund ("EQT Ventures"). The issue comprises 7,757,588 new shares, corresponding to 15 percent of the share capital prior to the issue. The subscription price is SEK 31 per share. On completion of the new share issue, EQT Ventures will own approximately 13 percent of BIMobject. It is proposed that Hjalmar Winbladh, Partner at EQT Partners and Head of the EQT Ventures advisory team, join the Board. In conjunction with the new share issue, a secondary transaction will lead to changes in the shareholding of BIMobject.
The new share issue is taking place without preferential rights for shareholders. The Board's justification of the derogation from shareholders' preferential rights is that EQT Ventures is a strategically important and internationally established player whose capital contribution enables continuing rapid expansion. The Board considers that EQT Ventures' strategy of having industrial advisors as co-investors is particularly attractive as this adds invaluable expertise and experience, which together contribute to increasing value for BIMobject's shareholders. In conjunction with the new share issue, a secondary transaction will lead to changes in the shareholding of BIMobject. MOJO Capital One, with Matthias Ummenhofer, is purchasing a total of 1.6 million shares in BIMobject, 1,000,000 of which are being sold by Stefan Larsson (via Procedural Labs AB), 300,000 by Sven Holmgren and a further 300,000 by Johannes Reischböck, at the same price as in the new share issue. All sellers are members of BIMobject's management group. In addition, Abvent SA (of which Director Philippe Butty is a major owner) is selling a total of 666,666 shares in BIMobject at the same price as in the new share issue and issuing put options to sell a further 1,333,334 shares in BIMobject (duration 30 months, market priced) to investors Patrick Söderlund, gaming pioneer and Chief Design Officer at Electronic Arts, and Johan Svanström, President of Hotels.com.
The new share issue will bring BIMobject approximately SEK 240 million (before transaction costs) and comprises 7,757,588 new shares, corresponding to 15 percent of the share capital prior to the issue. The subscription price is SEK 31 per share, which has been determined based on BIMobject's share price following negotiation with EQT Ventures. The subscription price corresponds to the BIMobject share's closing price on 9 July 2018.
EQT Ventures is a venture capital fund fuelled by some of Europe's most experienced company builders. The fund promotes active ownership, with the advisors being co-investors who are hands-on and can provide support to the company. The capital injection of approximately SEK 240 million will be used to accelerate growth in the number of users, downloads and customers on BIMobject's digital platforms. Growth will be created organically through increased sales initiatives in existing markets, further cooperation and continuing innovation. In addition, the company will also grow further through acquisitions that reinforce and complement existing operations and open up new markets.
"The EQT Ventures team has a lot of experience in building global technology companies and we're looking forward to following the development of BIMobject," says Hjalmar Winbladh, Partner and Head of the EQT Ventures advisory team. "With the team's combined knowledge, we can - together with EQT's industrial advisors - contribute to BIMobject's development,help create a great customer and user experience, and build a global winner in a market that has fallen far behind others when it comes to digital transformation."
"We're extremely proud of this collaboration and EQT Ventures was our first choice to join us on the next stage of our journey. The EQT Ventures team sees the potential of our business model. The investment will enable us to scale the business faster thanks to the knowledge that the EQT Ventures team has of successfully building fast-growing internet-based global companies. We will be able to increase our growth rate and focus on the right things together. With our new partners, we are taking a major step towards our vision of every building and interior product in the world existing in a digital version on our platforms," says Stefan Larsson, CEO and founder of BIMobject.
"In connection with EQT Ventures becoming a significant shareholder, we will welcome Hjalmar Winbladh to BIMobject's Board. His vast experience in scaling technology companies will be of great value to us," says Anders Wilhjelm, Chairman of the Board, BIMobject.
Hjalmar Winbladh, Partner at EQT Partners and Head of the EQT Ventures advisory team, has been a driving force behind the transaction, together with Ted Persson, Operating Partner and Indra Sharma, Venture Lead.
The notice of an Extraordinary General Meeting, with a proposal for resolution on the Board appointment, is due to be issued in early August and the meeting will be held later in the same month.
As a result of the directed share issue, the number of shares in BIMobject will increase by 7,757,588, from 51,717,254 to 59,474,842, while share capital will increase by SEK 170,666.94, from SEK 1,137,779.59 to SEK 1,308,446.52, resulting in dilution of about 13 percent for BIMobject's existing shareholders after the issue.
Procedural Labs AB (Stefan Larsson's company) has, subject to customary terms, undertaken not to sell shares in BIMobject (referred to as a lock-up) for a period ending 24 months after the new issue.
Vinge is legal advisor to BIMobject in connection with the new share issue.
For more information, please contact: Stefan Larsson - CEO Tel: +46 40 685 29 00 Email: info@bimobject.com
This information is information that BIMobject AB (publ) is obliged to publish in accordance the EU Market Abuse Regulation. The information was provided by the contact person above for publication on 11 July 2018 at 08.00 CET.
About BIMobject AB BIMobject is a leading global IT company at the forefront of digitalisation of the construction industry. BIMobject offers a cloud-based platform, with over 1,000 manufacturers providing digital product information. Around the cloud-based platform, which currently has over 850,000 users, BIMobject offers a number of solutions aimed at property owners, construction companies and the trade sector. BIMobject, founded in 2011, operates in 20 countries and has over 200 employees. Revenue for 2017 amounted to SEK 84 million. BIMobject's shares are traded on Nasdaq First North under the ticker: BIM. BIMobject's Certified Advisor is FNCA Sweden AB. www.bimobject.com
About EQT Ventures Fund EQT Ventures is a European VC fund with commitments of just over EUR 566 million. The fund is based in Luxembourg and has investment advisors stationed in Stockholm, Amsterdam, London, San Francisco and Berlin. Fuelled by some of Europe's most experienced company builders, EQT Ventures helps the next generation of entrepreneurs with capital and hands on support. EQT Ventures is part of EQT, a leading investment firm with approximately EUR 50 billion in raised capital across 27 funds. EQT funds have portfolio companies in Europe, Asia and the US with total sales of more than EUR 19 billion and approximately 110,000 employees.
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