Clavister to divest its Chinese operations as part of an increased European focus
Örnsköldsvik, Sweden, 1st October, 2019. Clavister, a leader in cybersecurity solutions, has signed an agreement to divest its Chinese operations. The buyers include key individuals in the Chinese subsidiary and the total buyout is a symbolic amount of 100 RMB. The operation in China has roughly twenty employees and is focused on selling Clavister products, mainly towards universities and customers within the transportation segment. The Chinese subsidiary had a total revenue of 6.7 MSEK for the full year 2018, and contributed with a net loss to the Clavister group.
“In line with our strategy to have a geographical focus on the Nordics and the DACH markets, we have chosen to divest our Chinese subsidiary. Over the years, we have been fortunate to have attracted key customers in China. However, as we have continued to refine our strategy, we have concluded that a stronger focus on our European core markets is more beneficial for our business,” comments John Vestberg, President and CEO of Clavister.
The transaction will be executed through a share purchase, whereby the buyers assume all assets, customer contracts, employment agreements and other liabilities. The result for the Clavister group will be marginally affected from goodwill depreciations in the fourth quarter of 2019.
For more information, please contact:
John Vestberg, President and CEO
Clavister is a leading European cybersecurity vendor with over 20 years of experience. Seated in Sweden, the company has customers—communication service providers, governments, enterprises and managed security service providers (MSSPs)—in more than 150 countries. Clavister provides unique security solutions to protect their digital assets and secure business continuity. The stock, Clavister Holding AB, is listed at NASDAQ First North under short name CLAV.