Tuesday, November 17, 2015

MailUp acquires 100% of Ad Pepper Media Denmark A/S and enters Nordic Countries

Milan, November 13, 2015 - MailUp S.p.A. (EMAIL.MI) (ISIN IT0005040354) announced the signing of the acquisition of 100% of Ad Pepper Media Denmark A/S, the holding company of the Globase International ApS, a leading player in Denmark in the field of email marketing.
Ad Pepper Media Denmark A/S has no other investments other than that in Globase International ApS  and does not carry out operational activities.

The price paid by MailUp S.p.A. for the purchase of the company amounts to € 880,000 Euro, consisting of cash (which amounts to about €400,000) and the valuation of goodwill, and the payment was made using the financial resources in the company. In conjunction with the acquisition Ad Pepper Media Denmark A/S has been renamed MailUp Nordics A/S.
Globase is a company founded in 1999 that develops solutions that enable companies to manage and improve communication and marketing campaigns with their customers across all channels. A proprietary innovative software platform coupled with professional consulting services for the development of customizations, dataset as well as the configuration and management of marketing automation flows.
The target market is that of medium-large companies in Denmark and the Nordic Countries.
The company has about 100 clients including Mercedes-Benz, Bang & Olufsen and 3M.
The new board of MailUp Nordics A/S consists of Nazzareno Gorni (Chairman), Matteo Monfredini (Executive Director) and Giandomenico Sica (Director), while the new board of Globase International ApS consists Nazzareno Gorni (Chairman), Thomas Jensen (Executive Director), Matteo Monfredini (Director) and Giandomenico Sica (Director).
Nazzareno Gorni, CEO of MailUp and Chairman of Globase, comments: "We are very pleased with this transaction. Globase is one of the leading companies in the market of email marketing in Denmark and the Nordics. Historically the company has always had brilliant results and last year, due to a series of delays in the launch of the new product "Data Based Marketing", it has achieved negative results going into a crisis situation. The company promptly launched a restructuring process, now concluded, which saw committed management throughout 2015 and whose beneficial effects are evident already analyzing the results to June 30, 2015, which closed with a negative EBITDA of approximately €120,000, a significant improvement compared with the negative amount of €807,000 as of December 31, 2014. In this scenario, we see a great industry opportunity in Globase.
We believe in the potential of the current management team, which has done an amazing job over the past 12 months, and we believe that, by providing the company with our suite of products (appreciated by about 9,000 customers around the world) and with our marketing know-how, we can resume a path of strong growth. For us it is a bet on a market, that of the Nordics, which is historically high spending, with a modest competitive pressure and where we believe we can be successful, in the perspective to continue our journey in non-English speaking markets, with focus on Europe and emerging countries."

About MailUp MailUp (MAIL.MI) is a technology company that has developed a digital platform of cloud computing (Software as a Service - SaaS) chosen by SMEs and large enterprises to create, send and track newsletters, email and SMS. With over 25 billion messages sent every year and more than 8,000 customers (direct and indirect), MailUp is a leader in Italy in the ESP space, both for the number of emails sent, and for the number of customers. The platform is equipped with an extensive library of free web services to connect external databases, CRM, CMS, e-commerce, ERP, systems of web analytics and business intelligence. 700 retailers, including many abroad, have chosen to share with MailUp a culture of professional and responsible email marketing, fueled by competence, exchange and constant research. MailUp does not sell or rent email addresses. Established more than 10 years ago in Cremona, MailUp is headquartered in Milan and San Francisco through its subsidiary MailUp Inc.