Mobilab signs deal with Armira in crowded small-cap auction

Both financial sponsors and several strategics had lined up to bid for the asset, one of the sources said, adding that bids came in at around EUR 45m EV.

Mobilab had FY22 EBITDA of EUR 1.6m, and Armira's offer represents an LTM EBITDA multiple of around 22 times, one of the sources said. The business expects around EUR 3.1m EBITDA in 2023, this source added.

FY22 revenue was EUR 8.4m, with EUR 12m expected for 2023, one of the sources said.

Munich-based Armira signed the deal with Mobilab over two weeks ago, one of the sources said.

TCG Corporate Finance was mandated to help field bids from the wide field of potential buyers, one of the sources and a third source said.

Data applications and infrastructure provider Mobilab has built a solution that integrates big data landscape environments with Microsoft cloud technology, one of the sources said, adding that it counts some Fortune 500 companies among current customers.

The business supports data migration into Microsoft Azure Cloud solutions and then applies an application layer to enable clients to carry out data analysis.

These capabilities have previously mainly been developed by US-based Palantir Technologies, and so Mobilab could be seen as a competitor to Palantir, one of the sources explained, but added that Palantir is a software company while Mobilab is a services provider.

Other companies active in the space include US-based Databricks and US-based Snowflake, one of the sources added.

Mobilab was founded in 2011 in Cologne, Germany, and originally had funding from Deutsche Telekom and Metro AG, according to its website.

Mobilab and Armira did not respond to requests for comment. TCG declined to comment.

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