MultiQ acquires Cygate’s digital signage operations
MultiQ is acquiring Cygate’s Digital Media Distribution (DMD) operations. Cygate is one of Sweden’s leading system integrators and part of the Telia Group. The operations acquired include digital signage and booking systems for conference rooms.
Continued investment in growth means that MultiQ will offer employment to the Cygate employees working in the DMD operations who are affected by the acquisition. This deal also marks the beginning of a long-term partnership between MultiQ and Cygate to meet the continued demand for DMD services from Cygate’s customers.
“This area of Cygate’s operations is an excellent match for us. Digital signage is a major part of MultiQ’s operations and this acquisition will gain us a large number of new customers. Room booking will be a new product in our offering. We very much look forward to welcoming a lot of skilled new colleagues to our office in Stockholm, and to a partnership with Cygate that can open up further business opportunities for us,” says Lars Pålsson, acting CEO of MultiQ.
“We believe we have arrived at a good solution for our DMD operations for both our customers and our employees. MultiQ is well placed to be able to continue to develop the DMD operations and take them to the next level,” says Fredrik Sidmar, CEO of Cygate.
MultiQ’s objectives with the acquisition are to increase its customer base and achieve long-term synergy effects and market consolidation. The operations acquired have sales of approximately SEK 15-20 million per annum. The transaction is expected to have a positive impact on profit as early as 2018. The acquisition is being financed within existing lines of credit.