Jüri Kaljundi » exit http://kaljundi.com Life and technology, as seen from Tallinn, Estonia Thu, 08 Dec 2011 11:30:36 +0000 en hourly 1 http://wordpress.org/?v=3.0.4 CV Market jobsites sold for up to 8.9 mEUR http://kaljundi.com/2007/11/26/cv-market-jobsites-sold-for-up-to-89-meur/ http://kaljundi.com/2007/11/26/cv-market-jobsites-sold-for-up-to-89-meur/#comments Mon, 26 Nov 2007 19:55:00 +0000 jk http://kaljundi.com/?p=34 CV Market, a regional network of Baltic and Eastern European online recruitment sites, was sold last week to a group of investors consisting of Digital Sky Technologies Limited, Tiger Global Private Investment Partners IV ja Bexley International Investments Limited, according to news published in Estonia.

The deal size is announced as “up to 8.9 mEUR.” 75% of the company is being sold now and the buyers have an option to buy the remaining 25% by January 1st, 2010. “Up to” probably means being dependent on next 3 years results.

CV Market 2007 is forecasting revenues of 1.9 mEUR and a profit (not sure if net profit or EBITDA) of ~0.38-0.45 mEUR. That means a valuation of 4.7 times current year revenue estimates and 20-23 times profit estimates.

The biggest share of revenues for CV Market comes from Estonia, where it operates under the name CV Keskus, followed by the Latvian and Lithuanian subsidiaries.

Earlier this year Tiger Global acquired a 30% share in one of largest Romanian jobboards eJobs.ro, with a valuation of 32 times EBITDA.

The acquiring companies also hold interest in Headhunter.ru, a Russian online recruitment company.

Disclaimer: The author of this post is a co-founder, ex-employee, current small shareholder and supervisory board member of CVO Group, a partially competing regional integrated recruitment services network.

]]> http://kaljundi.com/2007/11/26/cv-market-jobsites-sold-for-up-to-89-meur/feed/ 0 Largest Baltic IT company sold for 25,5 mEUR http://kaljundi.com/2005/12/31/largest-baltic-it-company-sold-for-255-meur/ http://kaljundi.com/2005/12/31/largest-baltic-it-company-sold-for-255-meur/#comments Sat, 31 Dec 2005 11:56:00 +0000 jk http://kaljundi.com/?p=17 Although MicroLink, the leading Baltic IT services company based in Estonia, Latvia and Lithuania, was sold to local telcos already in the spring, the price of the deal – 25,5 mEUR – came public only now. Some valuation multiples compared to the 2004/2005 financial year results (running from July to June) were:

  • 0,7 times revenues (35,5 mEUR)
  • 9,8 times EBITDA (2,6 mEUR)
  • 19,6 times net profit (1,3 mEUR)

Up to you to decide if the price was right. Comparing to the revenue multiples, you would expect a higher valuation. Then again, the markets for IT services companies are hard, profit margins have been low for years and there is no reason that should change, so based on EBITDA/net profit the price seems about right.

Today, December 31st, is also my last day at MicroLink. The almost 4 years have been a lot of fun, working with the best IT people and most interesting customers in the region. I hope that over the next years MicroLink will keep its leading position on the market, but as we will see continuing consolidation across Europe, the main goal will be breaking outside the Baltic region to serve customers in Scandinavia, Western Europe and why not Russia. If MicroLink will not do that, someone else will.

Having been an enterpreneur already twice in my life, I have for some time wanted to get back in the world of startups. I believe there are a lot of good ideas and smart people here in the Baltics, so I will be incubating and supporting some of these under Customix. And may be developing some services and apps myself as well.

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