Tie Kinetix sees revenue increase

The Company decided to strategically divest the business lines Demand Generation and Alphabet Adwords for Channel. The solutions, including IP, customer contracts and staff were sold for a consideration of € 6 million. The basis for this decision was the desire to free up resources to invest in our focus on 100% digitization of documents with EDI and e-Invoicing solutions. Financial close of the transaction was postponed twice due to the worldwide COVID-19 measures taken and associating insecurities affecting business outlooks worldwide. The transaction financially closed in August 2020.

Tie Kinetix results 2020

TIE Kinetix closed its fiscal year 2020 (period October 1, 2019 – September 30, 2020) with strong operational performance. In addition to a strong operational EBITDA of € 2.126k, or 12% (2019: €319k or 2%), the company recorded a gain on the divestiture of € 5.889k. Total net result for 2020 amount to € 6.475k (2019: loss of € 1.315k).

The company will be using the proceeds to further invest in its focus on 100% digitization of documents with EDI and e-Invoicing solutions in its current markets of operation.

Further information will be provided in the Full Year press release scheduled from November 17, 2020.