Anoto: Microsoft acquires Anoto competitor at P/S 4.9x
"Yesterday, it was announced in the financial press that Microsoft will acquire N-trig, for at least USD 200 million. With revenue of USD 20.6 million for the first half of 2014, extrapolated to full year, this indicates a price of P/S 4.9x.
There are interesting similiarities between N-trig and Anoto. N-trig was also highly unprofitable, as the company lost USD 5.1 million in H1 2014 despite fast growing sales. Following 10 venture capital rounds the financing of the company was also quite a challenge. N-trig was about to be listed on the Tel Aviv Stock Exchange in the fall of 2014 but could not raise enough money. The attempt to go to the stock market seems like a last resort action, since N-trig had to raise USD 20 million before the end of November 2014 after failing to abide by the financial covenants for a loan. On*November 2th, N-trig raised USD 4.4 million at a valuation of USD 75 million. For the planned stock market listing N-trig lowered the valuation the company asked for but, as mentioned, could still not get enough capital.
A major difference*from Anoto is that N-trig sold just about over 1 million pens to Microsoft during the first half of 2014, for USD 16.3 million. Interesting is that the order/orders of 1 million pens must have came just a few months after N-trig replaced Wacom as Microsoft's pen supplier. This fast ramp up indicates that Microsoft sees a large potential within this market, which we believe is very positive for Anoto. Just imagine if Anoto's new OEM partner would have the same aggressive agenda as Microsoft. With N-trig as a part of the Microsoft entity, Microsoft might want to build hype even faster, which would also affect Anoto in a good way.*We will continue to investigate this matter, but our initial reflections is that this acquisition is very positive for Anoto."
http://www.redeye.se/analys/today/anoto-microsoft-acquires-anoto-competitor-ps-49x
näh inte så mycket kanske 100 k
