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Nordic Technology Report 2020 A3 Bredband2 Flexion Mobile Image Systems Paynova Starbreeze Acconeer Christian Berner Tech Trade Formpipe Software Imint Image Intelligence Polygiene Stillfront Group Addnode Cimco Marine Fortnox Impact Coatings Powercell Strax Alelion Clavister Holding Funcom Invisio Communications Proact IT Group Systemair Artificial Solutions Doro G5 Entertainment Jondetech Ranplan Tagmaster Aspire Global Embracer Group (prev. THQ) Gapwaves Lagercrantz Remedy Entertainment Toadman Atari Enea GIG Mycronic Sdiptech Westpay Avtech Enlabs Global Gaming 555 Neonode Sensys Gatso Group XMReality aXichem Ericsson Heliospectra Nitro Games Sivers IMA ZetaDisplay Beijer Electronics Group Evolution Gaming Group Hexatronic Northbaze Smart Eye Better Collective Fingerprint Cards I-Tech Opus Group Speqta (prev. Mytaste) w REDEYE TECHNOLOGY REPORT - 2020 2 w TECHNOLOGY REPORT 2020 Table of contents About Redeye 4 Redeye Technology Team 5 Transactions 8 Executive Summary 10 Technology Market Drivers 14 M&A in the Technology Sector 20 Nordic Tech IPOs 2019: A Review 24 Market Expectations 28 Redeye Screening 38 Top Picks-portfolio 46 Redeye Research Rating 52 Companies (2-pagers A-Z) 58 REDEYE TECHNOLOGY REPORT - 2020 3 w ABOUT REDEYE RESEARCH-POWERED INVESTMENT BANKING Leading Nordic Investment Bank Leading Advisor for Growth Companies Founded 1999 Corporate Broking 110+ 110+ public corporates as clients Under supervision of the Swedish FSA Ownership Partner owned Corporate Finance 150+ 150+ transactions executed over the last five years Employees 65+ Key Specialties Tech & Life Science Analysts: 20 Corporate Advisory: 20 Redeye.se 130,000+ Focused themes 10+ Attracting 130,000+ unique visitors monthly Includes 5G, AI, AR, Autotech, Cybersecurity, Disease of the Brain, Envirotech, Fight Cancer, Digital Entertainment and SAAS Redeye Corporate Advisory Leading Advisor for Growth Companies Corporate Broking Corporate Finance • In-depth research coverage – sector expertise • The go-to adviser for growth companies Investor events & activities • One of the most active advisors within the segment • Create brand awareness, credibility and manage • Leading adviser within private and public transactions expectations • Highly skilled team with vast experience from private and • Stratetgic advise regarding how to create the optimal public transactions shareholder structure and build a strong and well-positioned financial brand • Over 150+ executed transactions including IPO:s, Certified Adviser ECM • Requirement for companies listed on Nasdaq First North • The most relevant investor network for growth companies incl. Premier • Matching companies with the right investors • Ensures compliance with Nasdaq Rule Book • Broad network of investors including institutional investors, • CA-breakfast seminars and newsletters to ensure client family offices and retail investors companies are up-to-date with the latest information and hot topics REDEYE NORDIC TECHNOLOGY REPORT - 2020 4 w THE REDEYE TECHNOLOGY TEAM Erik Kramming Client Manager & Head of Technology Erik has a Master of Science in finance from Stockholm University. His previous work has included a position at Handelsbanken Capital Markets. At Redeye, Erik works with Corporate Broking for the Technology team. Greger Johansson Client Manager & Co-head Technology Greger has a background from the telecom industry, both from large companies as well as from entrepreneurial companies in Sweden (Telia and Ericsson) and USA (Metricom). He also spent 15+ years in investment banking (Nordea and Redeye). Furthermore, at Redeye Greger advise growth companies within the technology sector on financing, equity storytelling and getting the right shareholders/investors (Corporate Broking). Coder for two published C64-games. M.Sc.EE and M.Sc.Econ. Johan Ekström Client Manager Johan has a Master of Science in finance from the Stockholm School of Economics, and has studied e-com- merce and marketing at the MBA Haas School of Business, University of California, Berkeley. Johan has worked as an equity portfolio manager at Alfa Bank and Gazprombank in Moscow, as a hedge fund manager at EME Partners, and as an analyst and portfolio manager at Swedbank Robur. At Redeye, Johan works in the Corporate Broking team with fundamental analysis and advisory in the tech sector. Erik Rolander Client Manager Erik has a Master’s degree in finance from Linköpings Universitet. He has previously worked as a tech analyst and product manager for Introduce.se which is owned and operated by Remium. At Redeye, Erik works with Corporate Broking for the Technology team. Niklas Blumenthal Client Manager Niklas has studied business administration at Uppsala University and has over 20 years of experience in the financial market. He has previously worked as client manager at Nordnet, CMC Markets, Remium and ABG Sundal Collier. At Redeye, Niklas works with Corporate Broking in both Technology and Life Science teams. Håkan Östling Head of Research & Sales Håkan holds a Master of Science in Economics and Financial Economics at the Stockholm School of Economics. He has previously worked with equity research, corporate finance and management at Goldman Sachs, Danske Bank and Alfred Berg. At Redeye, Håkan works with management in both analysis and other corporate governance. REDEYE NORDIC TECHNOLOGY REPORT - 2020 5 THE REDEYE TECHNOLOGY TEAM Havan Hanna Analyst With a university background in both economics and computer technology, Havan has a an edge in the work as an analyst in Redeye’s technology team. What especially intrigues Havan every day is coming up with new investment ideas that will help him generate above market returns in the long run. Henrik Alveskog Analyst Henrik has an MBA from Stockholm University. He started his career in the industry in the mid-1990s. After working for a couple of investment banks he came to Redeye, where he has celebrated 10 years as an analyst. Kristoffer Lindström Analyst Kristoffer Lindström has both a BSc and an MSc in Finance. He has previously worked as a financial advisor, stockbroker and equity analyst at Swedbank. Kristoffer started to work for Redeye in early 2014, and today works as an equity analyst covering companies in the tech sector with a prime focus on Gaming and iGaming. Viktor Westman Analyst Viktor read a Master’s degree in Business and Economics, Finance, at Stockholm University, where he also sat his Master of Laws. Viktor previously worked at the Swedish Financial Supervisory Authority and as a writer at Redeye. He today works with equity research at Redeye and covers companies in IT, telecoms and technology. Eddie Palmgren Analyst Eddie Palmgren holds a BSc in Business and Economics, Finance, from Stockholm University and has also completed an additional year at Master’s Level in Taiwan. Eddie joined Redeye in 2014 and is an equity analyst in the Technology team as well as editor for Redeye’s Top Picks portfolio. Tomas Otterbeck Analyst Tomas Otterbeck gained a Master’s degree in Business and Economics at Stockholm University. He also studied Computing and Systems Science at the KTH Royal Institute of Technology. Tomas was previously responsible for Redeye’s website for six years, during which time he developed its blog and community and was editor of its digital stock exchange journal, Trends. Tomas also worked as a Business Intelligence consultant for over two years. Today, Tomas works as an analyst at Redeye and covers software companies. REDEYE NORDIC TECHNOLOGY REPORT - 2020 6 THE REDEYE TECHNOLOGY TEAM Jonas Amnesten Analyst Jonas Amnesten is an equity analyst within Redeye’s technology team, with focus on the online gambling industry. He holds a Master’s degree in Finance from Stockholm University, School of Business. He has more than 6 years’ experience from the online gambling industry, working in both Sweden and Malta as Business Controller within the Cherry Group. Fredrik Nilsson Analyst Fredrik Nilsson is an equity analyst within Redeye’s technology team. He has an MSc in Finance from University of Gothenburg and has previously worked as a tech-focused equity analyst at Remium. Oskar Vilhelmsson Analyst Oskar Vilhelmsson holds a BSc in Finance from University of Gothenburg and has previously worked as a consultant within Investor Relations. Oskar works as an equity analyst, covering companies in the tech sector with a prime focus on cleantech and consumer discretionary. Magnus Skog Analyst Magnus Skog is an equity analyst within Redeye’s technology team. He has an MSc in Corporate Finance from Lund university. Currently he is specialized within Augmented reality and Saas-companies for smartphones. Erika Madebrink Analyst Erika is an equity analyst within Redeye’s technology team. She holds a Master’s degree in Finance from the Stockholm School of Economics as well as a degree in Industrial Management from KTH Royal Institute of Technology in Stockholm. REDEYE NORDIC TECHNOLOGY REPORT - 2020 7 Technology Selected Transactions REDEYE NORDIC TECHNOLOGY REPORT - 2020 8 TECHNOLOGY SELECTED TRANSACTIONS RECENT NOVEMBER 2019 OCTOBER 2019 OCTOBER 2019 JUNE 2019 IPO Private Placement Directed Issue + Rights Issue Rights Issue SEK 26m SEK 15m SEK 51m SEK 40m MAY 2019 MAY 2019 APRIL 2019 APRIL 2019 MARCH 2019 Directed Issue + Rights Issue Co-Lead Manager Dual Listing Rights Issue IPO SEK 139m SEK 135m SEK 10m SEK 102m SEK 80m JANUARY 2019 NOVEMBER 2018 OCTOBER 2018 OCTOBER 2018 OCTOBER 2018 IPO Rights Issue Direced Issue Directed Issue Right Issue Joint Bookrunner SEK 25m
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