MADISON, Wis. — Esker, a worldwide leader in document process automation solutions and pioneer in cloud computing, today announces the acquisition of CalvaEDI, the leading French company specializing in computer-based communications in the EDI Transport and Logistics sector.
A Strategic Acquisition
Since its creation in 1997, CalvaEDI has been one of the leading companies to popularize EDI technology in France. By choosing to build its development entirely on recurring revenue related to the use of its platform, CalvaEDI inaugurates a new economic model, very similar to that of cloud-based computing. Similar to Esker, CalvaEDI was able to focus on customer needs rather than technical aspects. Over the years, the company has developed a suite of services specialized for the transportation and logistics market, and has since become the leader in this sector in France.
Based in Paris, CalvaEDI achieved 2.3 million euros in sales revenue in 2014, up more than 5% over 2013. The acquisition represents immediate growth to Esker’s financial performance, given the strong recurring revenue, sound cost structure and high profitability of CalvaEDI. Integration synergies will further strengthen the financial interest of the merger.
The acquisition of 100% of CalvaEDI’s shares will be financed in part by Esker cash, the use (up to 20%) of shares acquired on the market and by bank support, including BPI France, the French government-owned investment bank. To demonstrate their confidence in the success of the CalvaEDI and Esker alliance, the selling shareholders have committed to a two-year lockup plan for the Esker shares they will receive as compensation for the deal.