In This Article:
Announcement no. 1-2022
27 January 2022
BoligPortal, a subsidiary of North Media, has acquired 51% of the shares in Boligmanager ApS, a company developing property management software solutions on SaaS terms. The transaction marks an important step in BoligPortal’s transition to becoming a diversified home rentals platform.
Boligmanager has developed and launched a digital housing and property management system. The system enables landlords to manage, among other things, contracts, deposits, billings and payments, arrears, utility accounts, VAT, communication with tenants and bookkeeping at tenant/property level. This is a full-scale digital solution, and bookkeeping entries are integrated with e-economic and other online accounting software. The SaaS products are available as monthly subscriptions.
The founders of Boligmanager, Michael Melgaard Mærkedahl and Jonas Mørup Christensen, will stay on as co-owners and employees of the company. BoligPortal is investing a total of DKK 12 million to acquire the 51% ownership interest: DKK 4 million will be paid to the two founders, and BoligPortal will contribute DKK 8 million to Boligmanager for growth and upscaling purposes. BoligPortal will have a right to acquire, and the founders of Boligmanager will have a right to demand that BoligPortal acquire, the remaining shares in 2027 at a price to be determined by way of an earn-out model based on Boligmanager’s revenue and EBIT margin. The amount of the earn-out payment is expected to equal 1.5x Boligmanager’s revenue in the 2026 financial year, depending on its revenue and EBIT margin performance.
The takeover date is 1 February. The acquisition is expected to contribute to BoligPortal’s anticipated future growth.
“This deal will add a new business line to BoligPortal. It’s a perfect fit with our strategy to strengthen our existing businesses through acquisitions,” says Henrik Løvig, Executive Director of Acquisitions & Business Development at North Media.
Diversified home rentals platform
The BoligPortal digital marketplace was used to arrange more than 100,000 home rentals in 2021, making it the most important site in Denmark for connecting landlords and home seekers.
“Through Boligmanager, BoligPortal will be able to meet all the important needs of landlords and property managers. We can help landlords post vacancies, make contact with tenants, manage individual properties or portfolios, provide information on supply and demand from our unique data, and through our business partners we can offer power and internet services as well as insurance and financing arrangements,” explains BoligPortal’s CEO Anders Hyldborg.