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In January, CREALOGIX announced the acquisition of Innofis, a Barcelona-based digital banking business, to expand its core digital banking business into the Middle Eastern markets. No financial information on the transaction was provided at the time and, given the size of the deal, the company was required to produce a prospectus, which has revealed all the relevant information. The value of the deal is c CHF39m, which translates to c 3.6x trailing revenues or 9.3x EBITDA. On our updated forecasts, the deal is 11% earnings enhancing (undiluted basis) in FY19.

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