Gofore Oyj: Inside Information: Gofore acquires technology company Huld significantly growing its position in Intelligent Industry and Security sectors

4.7.2025 08:10:09 EEST | Gofore Oyj | Inside information

Gofore Plc
Stock Exchange Release
Inside Information
4 July 2025 at 8:10 AM EEST

Inside Information: Gofore acquires technology company Huld significantly growing its position in Intelligent Industry and Security sectors

Gofore has today, 4 July 2025, signed an agreement to acquire the entire share capital of the Finnish technology and design company Huld. The completion of this complementary and strategic acquisition requires approval from the Finnish Competition and Consumer Authority.

Highlights of the arrangement

• Gofore has today made a purchase agreement for the entire share capital of Huld Group (RDV Holding Oy). The acquisition is expected to be completed by 1 September 2025, once it has been approved by the competition authority.
• The debt-free enterprise value is 54.5 million euros.
• The purchase price is estimated to be approximately 41 million euros, depending on the balance sheet at the time of closing of the acquisition.
• 10% of the purchase price will be paid in shares through a directed issue to the sellers, and 90% in cash. Gofore's Board will decide on the directed issue based on the authorisation granted by the Annual General Meeting 2025 before its implementation.
• Huld's revenue was 38.2 million euros in 2024, its EBITDA 5.7 million euros, and operating profit 3.0 million euros, which is 7.7% of the revenue. Huld employs 404 people in Finland and the Czech Republic. Figures are according to Finnish Accounting Standards (FAS).
• Huld's customers include ABB, AGCO-Valtra, Airbus, ESA (European Space Agency), KONE, Metso, Valmet, and Wärtsilä. Huld is also involved in e.g. the technology development of Finland's F-35 fighter program.

The acquisition implements Gofore's strategy of growth through acquisitions and is a significant step in expanding Gofore's Intelligent Industry as well as Security sectors, bringing the space sector as a new area. With the acquisition, Gofore rises among the largest Finnish players in industrial digitalisation. Huld's acquisition significantly strengthens Gofore's strategically important security business with capabilities that meet the sector's high security and other special requirements.

Gofore's CEO Mikael Nylund:

"The acquisition of Huld excellently supports Gofore's strategic objectives. Firstly, we strengthen our position as a provider of intelligent industry services both in terms of customer portfolio and an expanding offering. I particularly want to highlight Huld's ability to serve industrial customers in the field of cybersecurity."

"Secondly, through this acquisition, we enhance Gofore's role as a provider of security in Finland and Europe. We have chosen Security as one of the cornerstones of our growth strategy, and with Huld's help, we will make a significant leap in implementing this. Huld has a long history and exceptional expertise in space technology, which is rapidly gaining importance in the market. Huld also possesses important expertise and customers in the defence sector. The expertise in space technology and the defence sector provides a significant enhancement to Gofore's existing security business, which has so far focused on internal and civil security."

Huld's CEO Mika Kiljala:

"I see significant opportunities in working as part of Gofore to grow our business together in our key customer sectors. Additionally, together we are a strong player that our customers seek as long-term strategic partners. Gofore is a great company and the best possible new home for Huld. I believe this arrangement is excellent for both our employees and our customers. The future looks bright, as we can serve our customers even better with this new team and capabilities."

Implementation of the acquisition

Gofore and the owners of RDV Holding Oy (Huld Group) have signed a share purchase agreement today, 4 July 2025. The transaction is expected to be completed by 1 September 2025, if it is approved by the Finnish Competition and Consumer authority.

The debt-free enterprise value for the entire share capital of RDV Holding Oy is 54.5 million euros. The purchase price is estimated to be approximately 41 million euros, depending on the balance sheet at the time of closing of the acquisition. The purchase price consists of the debt-free price of the share capital, net debt, and compensation for working capital adjustments. Upon completion of the transaction, 10% of the purchase price will be paid in shares through a directed issue to the Sentica Buyout V fund and 37 individual owners, and 90% in cash.

The entire share capital of RDV Holding Oy will transfer to Gofore's ownership by 1 September 2025, and all Huld shareholders will become owners of Gofore through the transaction. Gofore's Board will implement the payment of the purchase price to the sellers of Huld's shares as part of the transaction, based on the directed share issue authorization granted by the Annual General Meeting on 11 April 2025, provided that the competition authority approves the acquisition. Details of any directed issue will be communicated during the closing of the acquisition.

Among the sellers, those involved in operational activities will all continue in their current roles except for CEO Mika Kiljala. Huld's CEO as of 1 August 2025 is Juha Virtanen who has previously been a long-time member of Gofore's Executive Team. Huld announced the CEO change on 26 March 2025. Huld will continue as an independent company for the time being, integrating strongly into Gofore's Intelligent Industry and Security businesses.

Strategic rationale

This is both a strategic acquisition that brings new expertise and a complementary acquisition that fits well with Gofore's significant expansion in Intelligent Industry and Security businesses. With the acquisition, Gofore rises among the largest players in industrial digitalisation in Finland.

Huld's expertise not only doubles the number of employees in the Intelligent Industry business and expands Gofore's customer portfolio, but also complements Gofore's offering in the design, lifecycle management, and digital services of intelligent industry. Furthermore, the acquisition strengthens Gofore's ability to take on increasingly larger comprehensive solutions in Intelligent Industry. In Finland, Huld is at the forefront of cybersecurity for industry - a field of growing importance due to the rise of hybrid threats.

With the acquisition, Gofore has an even more comprehensive capability to participate in large security and defence projects. Huld's expertise in defence and space sectors significantly enhances Gofore's strategically important comprehensive security expertise, customer base, and network. Huld has capabilities that meet the requirements of these sectors, including high-security facilities and processes that meet the security and quality requirements of Finnish Defence Forces and other authorities. This enables future bids for larger and more demanding projects. Huld is currently contributing to the technology development for Finland's F-35 fighter fleet.

Huld's exceptional expertise in the space sector relates to demanding, real-time software for satellites and the design processes of these complex data processing systems, instrument data simulators, and test facilities, as well as their cybersecurity. Huld, previously known as Space Systems Finland, has participated in over 150 European Space Agency (ESA) projects since 1989. The acquisition also expands Gofore's operations in Central Europe to the Czech Republic.

The merger of Huld and Gofore also meets the needs of many customers to consolidate their digitalisation procurement to fewer suppliers. Accelerating digitalisation in the industry is driven by trends such as AI, servitisation, complexity management, green transition and electrification, as well as geopolitics, which increases investments in cybersecurity and dual-use technologies.

Huld's customers include ABB, AGCO-Valtra, Airbus, ESA, KONE, Metso, Valmet, and Wärtsilä. Gofore and Huld have several customers in common.

More information on Huld

Founded in 2010, Huld is a technology and design company whose key customer sectors include machinery and vehicles, manufacturing, defence and national security, and space. Huld currently employs 404 experts at its headquarters in Espoo and at ten locations in Finland and the Czech Republic. Since 2017, the main owner of Huld have been the funds managed by Sentica.

The personnel of Huld is evenly distributed across the following service areas: secure digital services and software development, embedded solutions, and product design and development. The share of subcontracting is about 10 percent of the total capacity.

Approximately 80 percent of Huld's revenue comes from Finland. Huld's (RDV Holding Oy) revenue for the financial year ending 31 December 2024, was 38.2 million euros, and its EBITDA was 5.7 million euros.

For the time being, Huld will continue as an independent company, and the company's figures will be reported as part of the Gofore Group starting 1 September 2025, provided that the Finnish competition authority approves the transaction.

Huld's (RDV Holding Oy) key figures 2023 - 2024

EUR million (FAS)	31.12.2024	31.12.2023
Income Statement
Net sales	38.2	41.1
EBITDA	5.7	3.5
Operating profit	3.0	0.6
Balance sheet	31.12.2024	31.12.2023
Assets
Non-current Assets	12.7	15.4
Long-term Receivables	0.5	0.0
Short-term Receivables	9.7	10.3
Cash and Cash Equivalents	4.0	3.9
Assets total	26.9	29.6
Equity and Liabilities
Equity	1.0	-0.1
Long-term Liabilities	13.9	16.1
Short-term Liabilities	12.0	13.6
Equity and Liabilities total	26.9	29.6

For more information:

Mikael Nylund, CEO, Gofore Oyj
Tel. [phone]
[e-mail]

Mika Kiljala, CEO, Huld Oy
Tel. [phone]
[e-mail]

Gofore Plc

Gofore is an international digital transformation consulting company. We have nearly 1,500 experts in a total of 18 locations in Finland, Germany, Austria, Estonia, and Spain. Our technology and business experts build a functional, safe, and equitable digital society with its services and sustainable intelligent industry solutions. Our diverse group of experts is united by a pioneering spirit and a desire to create a more humane and responsible digital world. Our operations are guided by strong values: we are a great workplace for everyone, and we thrive on our clients' successes. Our revenue in 2024 was 186.2 million euros. The shares of Gofore Oyj are listed on Nasdaq Helsinki Oy. Our vision is to be the leading European expert in digital transformation.

Huld Oy

Huld is a technology house employing 400 experts in Finland and the Czech Republic. We have decades of experience in demanding space and satellite applications. We provide mission-critical control systems for satellite platforms and scientific processing for atmospheric measurement and imaging tasks. We build intelligent solutions with our clients that endure into tomorrow - and beyond.

Contacts

• Emmi Berlin, IR & PR Lead, [phone], [e-mail]