Devecto Oy has been acquired by Gofore Oyj

The shareholders of Devecto Oy have sold the entire share capital of the company to Gofore Oyj.

Devecto Oy is a rapidly growing software development company specialized in demanding software design for smart devices and machinery and related services and tools. Devecto provides industrial digitalization solutions, software development for mobile machinery and embedded systems. The company assists customers from requirement determination and service design to development and quality assurance of entire systems and digital services. Its customers range from leading international companies to start-ups. Devecto was established in 2014 and is headquartered in Jyväskylä, Finland.

Gofore Oyj is a digital transformation consultancy with over 900 employees across Finland, Germany, Spain and Estonia. Gofore provides expert services for holistic transformation, including digital transformation consulting, service design, digital service development and digital quality assurance. In 2020, its net sales amounted to US$88 million. Gofore Plc’s shares are listed on Nasdaq Helsinki in Finland.

The purchase price of the share capital acquired by Gofore amounts to US$23.7 million, with 70% paid in cash and 30% in the form of share consideration. Also, an earnout of up to US$5.6 million has been agreed upon, based on Devecto’s profit for the year 2022. Gofore and Devecto have significant business synergies and share the same values, which ensured the perfect fit between the parties.

Oaklins’ team in Finland acted as the exclusive strategic and financial advisor to the owners of Devecto in this transaction. The team identified the best possible buyer among local and international candidates and supported the shareholders throughout the whole transaction process.