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Talkpool acquires Home Solutions for €2.6m
- February 8, 2021
- Steve Rogerson
Swiss IoT firm Talkpool has acquired Nordic Proptech Investment Services and its smart building subsidiary Home Solutions for €2.6m.
Home Solutions is a smart building company that measures electricity, water and energy in apartment buildings covering over 50,000 individual homes in Sweden. There are 2.5 million privately owned or rented flats in Sweden, and fewer than 10% of them have individual metering of electricity water and/or energy in place. This makes Home Solutions one of Sweden’s leading companies in this space.
“Home Solutions was one of the pioneers in building digitisation in Sweden with a great reputation and a passionate team,” said Erik Strömstedt, CEO of Talkpool. “Together we will become one of the proptech business leaders with a vision to enable our customers to accelerate digitisation and make smarter decisions.”
The market is anticipated to grow fast, driven by several trends, including the increasing push for sustainability and energy efficiency, technical content, digitalisation, and requirements for convenience and fairness. In addition, governmental regulations from mid-2021 stipulate that all new buildings and some renovations are obliged to get individual measurements installed. This will also open for more sophisticated measurements such as CO2 and radon, where Talkpool already has technology.
“Talkpool has a unique competence within LoRa and is making strong progress in digitisation and IoT,” said Mikael Wass, CEO of Home Solutions. “Home Solutions has long customer relationships and expertise in sales, marketing and execution and, together with Talkpool’s organisation, we will strengthen our product portfolio and market position. Residents and property owners will be the winners.”
The estimated consolidated acquired revenues amount to €2.68m with a net loss of €159,000 for the calendar year 2020. The transaction will be completed no later than the end of this month, based on audited Home Solutions accounts. The total consideration, including down-payment, loan and interest, amounts to €2.62m to the Scandinavian Credit Fund. The down-payment at closing amounts to €843,000.
Home Solutions is Sweden’s largest supplier of individual metering and charging of electricity, water, heating, electric car chargers and temperature with tenant-owner associations. The company also has private property owners and the public utility as customers. It was founded in 2001 by HSB and Vattenfall and now operates in partnership with Nordic Proptech Investment Services. Its products are today installed all over Sweden, from Kiruna in the north to Malmö in the south. More than 50,000 apartments are connected in its ecosystem and it manages digital infrastructure and handles measurement and sensor data for customers throughout Sweden.