Avanquest Enters Into Exclusive Discussions with Encore Software for the Sale of its Home Design Business
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Regulatory News:
Claranova’s (Paris:CLA) subsidiary Avanquest has entered into exclusive discussions with the US company Encore Software with a view to selling its non-core Home Design business, including the assets of the Architect 3D software.
Encore Software, specializing in software development, sales and distribution, has been a technology partner of Avanquest for many years. Its product offering includes 3D Home Architect, which is similar to Avanquest's software. This acquisition covers all of Avanquest's "Home Design" business assets, and more specifically those related to the "Architect 3D" software (code, customer base, domain names, websites, graphic elements, etc.). Encore Software, which plans to continue operating the acquired businesses, could also integrate selected Avanquest's staff working in this area.
"We are very pleased that Encore Software has expressed an interest in our Home Design activities, and also by their plan for continuing to develop this segment. As a long-standing partner, Encore Software is a natural choice for ensuring the continuity of this business” commented Éric Gareau, CEO of Avanquest
"We believe that acquiring Avanquest's Home Design business represents a growth opportunity for our organization and will enable a smooth transition for Architect 3D customers - Syed Gilani, CEO of Encore Software
As previously announced1, this divestment of the non-core activities is part of the ongoing strategy adopted 4 years ago to transformed Avanquest into a SaaS B2C software publisher developing proprietary products and services in the PDF, Security and Photo segments.
The closing of this sale is expected to be completed by the end of July 2023, subject to the fulfillment of all conditions precedent.
Financial calendar:
August 2, 2023: FY 2022-2023 revenue
Telephone number for individual shareholders available from Tuesday to Thursday between 2 p.m. and 4 p.m. for calls within France: 0805 29 10 00 (local rate).
About Claranova:
As a diversified global technology company, Claranova manages and coordinates a portfolio of majority interests in digital companies with strong growth potential. Supported by a team combining several decades of experience in the world of technology, Claranova has acquired a unique know-how in successfully turning around, creating and developing innovative companies.
Claranova has proven its capacity to turn a simple idea into a worldwide success in just a few short years. Present in 15 countries and leveraging the technology expertise of its 800+ employees across North America and Europe, Claranova is a truly international group, with 95% of its revenue derived from international markets.
Claranova’s portfolio of companies is organized into three unique technology platforms operating in all major digital sectors. As an e-commerce leader in personalized objects, Claranova also stands out for its technological expertise in software publishing and the Internet of Things, through its businesses PlanetArt, Avanquest and myDevices. These three technology platforms share a common vision: empowering people through innovation by providing simple and intuitive digital solutions that facilitate everyday access to the very best of technology.
For more information on Claranova Group:
https://www.claranova.com or https://twitter.com/claranova_group
Disclaimer:
All statements other than statements of historical fact included in this press release about future events are subject to (i) change without notice and (ii) factors beyond the Company’s control. Forward-looking statements are subject to inherent risks and uncertainties beyond the Company’s control that could cause the Company’s actual results or performance to be materially different from the expected results or performance expressed or implied by such forward-looking statements.
1 Press release of June 6, 2023
CODES
Ticker : CLA
ISIN : FR0013426004
www.claranova.com
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