Cuatrochenta buys the Valencian Develapps for 600,000 euros
Valencia

24/09/2021 – 13:39

The Castellón-based company Cuatrochenta, that went public on BME Growth a year ago, continues his career to gain size and concentrate specialized software firms. His latest operation will also allow him to have an office in Valencia.

Cuatroochenta has signed a binding agreement for the acquisition of 100% of the shares of the Valencian software development company Mensamatic, commercially known as Develapps.

The integration of Develapps in Cuatroochenta involves the establishment of the company in Valencia, by the hand of a staff of 11 people with a high technical profile, in addition to 500,000 euros of annual turnover, an Ebitda margin of 20% and a solid portfolio of customers.

The amount of the transaction amounts to 600,000 euros, a part of which will be paid through shares in the Castellón company. Thus, the amount will be paid in cash, except for 70,000 euros, which will be settled by delivering Cuatroochenta shares at a value equivalent to the weighted average price of the 15 sessions prior to signing the binding agreement.

Regarding the payment schedule, 345,000 euros will be paid at the time of signing the sale contract and the rest will be subject to objectives.

App specialist

With more than 10 years of experience, Develapps is specialized in the development of mobile applications for companies, both customized and with its own product. Its most outstanding solutions are focused on the integration of ERP / CRM systems, interaction with physical devices (IoT), the creation of interactive catalogs and mobile commerce. With international experience since its inception, its clients include Banco Santander, LG Electronics, Photobox (Hofmann, PosterXXL …), GFT, Ingenico, Fermax or Druni.

In the internal presentation of the agreement to the Develapps team, Sergio Aguado, CIO and co-founder of Cuatroochenta, highlighted the “high technical training of its programmers”, referring to the “common origins” of both companies as “pioneers in the development of apps. “and the different” meeting and collaboration points “they have had throughout their career.

For their part, the CEO of Develapps, Juan Hontanilla, and the CBO and managing partner of Cuatroochenta, Santi Gimeno, have agreed to value the “new opportunities that this natural alliance opens up.” “The integration of our team into the Cuatroochenta structure will multiply the technical capacity to offer better solutions to customers,” added Hontanilla.

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