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INTERNET | Internet Software & Services / Advertising, Sales & Marketing
creuna.com

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About Creuna

Creuna is a customer experience agency in the Nordic region that helps clients build brands, grow business and harness change in the connected world. The company specializes in helping companies build their digital brand presence and create engagement with their customers.On October 22nd, 2020, Creuna was acquired by Knowit at a valuation of $20.3M.

Creuna Headquarter Location

Drammensveien 130

Oslo, 0277,

Norway

+45 70 20 00 42

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Latest Creuna News

Knowit : Interim Report Knowit Q3 2021 (PDF)

Oct 22, 2021

10/22/2021 | 01:34am EDT Message : Continued growth in a new structure We deliver increased net sales with a stable result, while the quarter has been shaped by the integration of the Cybercom operations into Knowit's three existing business areas, and the establishment of the new business area Connectivity. Market activity has been high during the quarter, as regards both new sales and recruitment of new employees. DURING 2021, WE have strengthened our position, while also working to integrate the operations from Cybercom and Creuna. In September, we took another step by acquiring the management consultancy operations from Capa- cent, with acquisition finalized on October 1. The acquisition will strengthen our management offer in Sweden and Finland as of the fourth quarter. POSITIVE NET RECRUITMENT The market activity has been high during the quarter, with a strong underlying demand and a positive net recruitment. We could also note a somewhat increased workforce mobility after the pandemic, which has impacted on our personnel turnover, but also opened the doors to increased new recruitment. A somewhat lower margin for the quarter is largely explained by intensive integration efforts, combined with an accrued need for investment in personnel after the pandemic, and increased new recruitment. A NEW BUSINESS AREA Solutions is the business area that has been affected most by the integration efforts. This makes it particularly gratifying to note that the two largest markets, Sweden and Norway, are showing a strong positive development, with high sales growth during the quarter. In southern Sweden and Oslo, the development is very strong, with several new framework agreements. Despite investments in recruitment, combined with the integration efforts, Solutions has managed to increase its net sales and EBITA as compared with the corresponding period in 2020. The business area Experience has been affected to a very limited extent by the integration of Cybercom and has finalized the integration of Creuna during this quarter. In all locations where operations have been merged, the development has been very positive and has led to more, new client assignments. The business area increased net sales during the quarter, with high levels of new orders, and has had a positive net recruitment. However, EBITA has been affected. Our new business area Connectivity is reported as a business area for the first time, with operations in both the Nordic region and Poland. During the quarter, activity have been high, with a number of large assignments in the tech and telecom sectors, and in the vehicle industry. We have several new assignments for some of our existing clients, which creates strong possibilities going forward. We are investing resources in recruiting new talents to our development teams. The business area Insight is continuing its positive development with improved EBITA and a higher margin. Our operations in Gothenburg have increased their capacity utilization greatly and demand is high in the security area, especially in Stockholm. During the quarter, we have recruited in societal security through our trainee program. Demand in the area remains strong. INCREASED CLIMATE FOCUS We are continuing our investments into climate and environmental efforts, now with even greater ambitions as a result of our partnership with the Exponential Roadmap Initiative and Race to Zero. This means that we are committing to supporting our clients in including climate in their business strategies and digital transformations, something that is fully in line with our vision. When I summarize the quarter, I can conclude that we have managed to both keep a focus on our business and simultaneously perform a large operative integration, showing that Knowit is a player than can continue to take market shares in a sustainable manner. This makes me proud and creates hope for the future. PER WALLENTIN JULY - SEPTEMBER 2021 On July 1, Knowit finalized the previously announced acquisition of Cybercom and thus gained more than 1,200 new employees. A new business area, KNOWIT CONNECTIVITY, was created. At an extraordinary general meeting, THE BOARD WAS EXPANDED with two new board members, Olof Cato and Sofia Karlsson. Knowit's CORPORATE MANAGEMENT TEAM WAS EXPANDED with four new members on July 1, as a result of the finalized acquisition of Cybercom. Knowit has been shown continued trust and an extended assignment to deliver system development, design, architecture, and other digital services to the The extension runs through to 2025. In the area IT consultancy services, Knowit has signed a new framework agreement with the LEGAL, FINANCIAL AND ADMINISTRATIVE SERVICES AGENCY. The frame- work agreement can be used by all authorities in Sweden. Knowit Solutions is reinforcing its offer in southern Sweden by establishing operations and recruiting employees in the HELSINGBORG REGION. In the SWEDISH DESIGN AWARDS, Knowit Experience has been nominated for client projects for the Gothenburg Opera and Sida. Knowit has joined the EXPONENTIAL ROADMAP INITIATIVE and is thereby committing to acting in line with the 1.5° Business Playbook. This is a commitment to continually supporting clients in integrating climate matters in digital transformations. Knowit communicated about its partnership with the ORGANIZATION CHANGERS HUB, with the ambition of jointly opening the digitalization sector to a broader group of potential employees and creating the conditions for a more inclusive society. EVENTS AFTER THE END OF THE PERIOD Through Knowit's acquisition of the SUBSIDIARIES IN CAPACENT that conduct operations in management consulting, the business area Insight will grow by around 50 employees as of October 1. Insight is getting a stronger position in Helsinki and Stockholm through the acquisition. Capacent supplements Insight's offer with services mainly in finance, pricing strategy, and operating capital optimization. 3 KNOWIT AB INTERIM REPORT JANUARY - SEPTEMBER 2021 THE PERIOD IN BRIEF JANUARY - SEPTEMBER 2021 The acquisition of Cybercom and new business area On July 1, 2021, Knowit finalized the acquisition of Cybercom, creating a Nordic powerhouse for the digital solutions of the future. The new group is expected to jointly create the conditions for a continued growth and sound profitability development. In connection with the acquisition, a fourth business area - Connectivity - was created. The new business area Connectivity contributes to streamlining companies and organizations by developing and implementing embedded systems and cloud applications. Out of Cybercom's approximately 1,250 employees at the time of the acquisition, around 620 employees are included in the new business area Connectivity, while around 510 have moved to Solutions, around 30 to Experience, and around 50 to Insight. Thus, the acquisition of Cybercom had its main impact on the new business area Connectivity and on the existing business area Solutions. In addition to the above, the business areas have during the quarter been affected by a reorganization, with around 40 employees moved from the business area Solutions to Connectivity. The comparative figures have therefore been recalculated and can, for the quarter and interim period, be found on page 21-22 in this report. Acquisition of subsidiaries in Capacent Knowit announced the acquisition of the subsidiaries within Capacent that conduct operations in management consulting. Capacent supplements Knowit's offer with services mainly in finance, pricing strategy, and operating capital optimization, and will be part of Knowit's business area Insight. Knowit Insight's operations in management consulting are growing by around 50 employees and through the acquisition gain a stronger position in Sweden and Finland, with almost 400 consultants. The acquisition is finalized on October 1, 2021. 4,160 THE PERIOD IN BRIEF Increased net sales The net sales for the period increased to SEK 3,236.0 (2,455.3), affected by the acquisitions of Cybercom and Creuna. Profit before amortization of intangible assets (EBITA) increased to SEK 270.4 (226.7) million. The adjusted EBITA profit increased to SEK 306.9 (226.7) million, adjusted for acquisition and integration costs of SEK 36.5 million. Compared with the corresponding period last year, exchange rate developments had a negative effect on EBITA totaling SEK -0.1 million. In the previous year, Knowit received support in the form of reduced employer contributions of SEK 26 million and furlough support of SEK 13 million. In total, this meant reduced personnel costs of SEK 39 million at the end of the third quarter. Knowit has not received any support during 2021. Cash flow from operating activities was SEK 195.5 (264.4) million, where the change in operating capital had an impact of SEK -102.6 (85.2) million. The change in operating capital in the previous year was positively affected by one-off effects connected to personnel debts and accounts receivable. The below table shows financial history that includes the acquisitions of Creuna and Cybercom for comparable periods, to facilitate for the reader to follow the development. See more information on page 28 in this report. SEK, MILLIONS

Oct 30, 2020
October 30, 2020

Creuna Acquisitions

1 Acquisition

Creuna acquired 1 company. Their latest acquisition was The Fan Club on April 08, 2019.

Date

Investment Stage

Companies

Valuation
Valuations are submitted by companies, mined from state filings or news, provided by VentureSource, or based on a comparables valuation model.

Total Funding

Note

Sources

4/8/2019

$99M

Acquired

1

Date

4/8/2019

Investment Stage

Companies

Valuation

$99M

Total Funding

Note

Acquired

Sources

1

Creuna Team

3 Team Members

Creuna has 3 team members, including former Chief Executive Officer, Gaute Engbakk.

Name

Work History

Title

Status

Martin S Hauge

Creandum, Olivetti Telemedia Investments BV, and Evry

Founder

Former

Gaute Engbakk

Chief Executive Officer

Former

Fredrik Eeg

Fearnley Securities, SpareBank1 Markets, and Kaupthing Bank

Chief Financial Officer

Former

Name

Martin S Hauge

Gaute Engbakk

Fredrik Eeg

Work History

Creandum, Olivetti Telemedia Investments BV, and Evry

Fearnley Securities, SpareBank1 Markets, and Kaupthing Bank

Title

Founder

Chief Executive Officer

Chief Financial Officer

Status

Former

Former

Former

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