GOFORE PLC COMPANY ANNOUNCEMENT, INSIDE INFORMATION 20 JUNE 2019 AT 12.25

Gofore strenghtens offering in Germany – internationally recognized design agency Mangodesign joins Gofore

Gofore Plc has today agreed to acquire Mangodesign, a German internationally recognized design agency. Ownership of Mangodesign (officially named mangodesign Finke-Anlauff & Anlauff GbR) will be transferred to Gofore on 30 June, 2019. With the acquisition, Gofore will strengthen its capability to serve its German clients in the industrial segment to transform their business to digital services.

Mangodesign employs 12 design professionals at its office in Braunschweig. The company's services include user experience consultancy, user interface design, visual design and industrial design. The clientele consists mainly of industrial companies, especially in the fields of agriculture or heavy machinery and automotive. Mangodesign has operated succesfully for 25 years, and its net sales in 2018 were EUR 544,000.

Gofore's internationalization strategy includes expanding the industrial customer base in the German market. Digitalization efforts by German companies will likely increase and investments in digital service development will remain strong. Gofore foresees a convergence of design and software development services and strives to offer its customers an integrated offering with a strong local presence.

"Together with Mangodesign we take a big step forward in Germany", says Gofore's CEO Timur Kärki.

The customer base of Mangodesign includes companies such as E.ON, Kuhn, Krone, Hörmann, Grimme, Volkswagen and Bosch. Mangodesign has won many prestigious design awards (Red Dot Intelligence award, German design award and IF Gold) over the past years. More than 30 international patents have been granted based on Mangodesign’s works.

"Our customers are moving into more and more digital services. Together with Gofore we can offer them a more integrated set of services, including high quality, modern software development services based on agile practices", says Mangodesign's co-owner and Managing Director Andrea Finke-Anlauff. "I am also happy that we can offer our employees a broader base of projects to work on and excellent professional development possibilities".

It has been agreed with the sellers that the purchase price will not be disclosed.

Mangodesign will merge on 1 July, 2019 into Gofore Germany GmbH and all of Mangodesign's employees will continue as Gofore employees. Co-owner and Managing Director Andrea Finke-Anlauff will take up the position as Head of design services and Creative Director for Gofore Germany. The acquisition increases Gofore Germany GmbH’s net sales in 2019 and the long term. Gofore does not estimate a substantial impact in financial figures in 2019 in the financial report of Gofore Group.

Further enquiries:
Timur Kärki, CEO, Gofore Plc
 tel. +358 40 828 5886
timur.karki@gofore.com
 
Ville Tuominen, managing director, Gofore Germany GmbH
tel. +358 50 365 5102
ville.tuominen@gofore.com

Certified Adviser: Evli Bank Plc, tel. +358 40 579 6210

Gofore Plc is a Finnish digitalisation specialist with international growth plans. We're made up of some 560 people across Finland, Germany, Spain, United Kingdom and Estonia - top experts in our industry who are our company's heart, brain, and hands. We use consulting, coding and design as tools to incite positive change. We care for our people, our customers, and the surrounding world. Our values guide our business: Gofore is a great workplace that thrives on customer success. In 2018, our net sales amounted to EUR 50.6 million. Gofore Plc's shares are quoted in the First North Finland market administered by Nasdaq Helsinki Ltd. Learn to know us better at www.gofore.com.

Mangodesign key figures

Income statement

EUR 1,000 2017 2018 (preliminary)
Net sales 459 544
Other operating income 47 5
Materials and services -6 -34
Personnel expenses -288 -324
Depreciations and amortisations -17 -20
Other operating expenses -134 -127
Other taxes (VAT) 2 9
Operating profit (EBIT) 61 52