Esker has announced it has reached an agreement with eProcurement software company Market Dojo’s shareholders to acquire 50.1% of the shares and voting rights effective from Q1 2022. Esker will acquire the remainder shares over a four year period, based on the same valuation multiple used for the first stage assuming there are no drastic changes in market conditions for the valuation of technology companies.
During the four years, Market Dojo will operate as a standalone business unit. This two-stage acquisition process will allow Market Dojo’s founders and employees to accelerate development and remain incentivised to grow the business. The company currently has a sales revenue of £1.3m, growing 30% annually.
The acquisition will strengthen Esker’s P2P offerings and provides Market Dojo significant development opportunities for its solutions.
Of the agreement, Alun Rafique, CEO and Co-founder at Market Dojo said “It’s a delight to join forces with Esker. There is incredible synergy, not just in our solutions, but in the people and culture. The acquisition provides a great opportunity for our customers and partners. 2022 will be an exciting year for anyone interested in a P2P ecosystem and Market Dojo will be able to strengthen its position as the market leading provider of on-demand eSourcing and supplier engagement solutions.”
“We are pleased to welcome Market Dojo to the Esker family,” said Jean-Michel Bérard, CEO at Esker. “This acquisition provides new growth opportunities in a developing market and strengthens Esker’s positioning in the global P2P arena.”
To read this article you have to be registered.
Become a member to access all content and / or download it