Tobii Dynavox enters agreement to acquire Rehadapt Engineering, improving mounting solutions for communication aids

DANDERYD, Sweden, June 30, 2023 /PRNewswire/ — Tobii Dynavox AB (“Tobii Dynavox”), the world leader in assistive communication, has entered into an agreement to acquire all the shares in the German companies EIYott GmbH and Rehadapt Engineering GmbH & Co. KG (together “Rehadapt”). Rehadapt is a worldwide provider of mounting solutions for assistive technology. Tobii Dynavox will pay EUR 15 million in cash, on a cash and debt free basis. The transaction is subject to relevant regulatory approvals and other customary conditions, which are expected to be completed in the third quarter of 2023. 

Background 
Rehadapt is a premium provider of medically certified mounting solutions for assistive technology, including out-of-the-box and flexible solutions to support individual communication, independent mobility kits and customized accessories. Based on over 20 years of expertise and innovative development, Rehadapt has created a well-respected brand and a valuable asset base in the field of mounting solutions. Rehadapt’s products are currently sold together with Tobii Dynavox’s products as well as by many other companies in assistive communication. Rehadapt has approximately 50 employees and is headquartered in Kassel, Germany with a local subsidiary and distribution center in the United States. Rehadapt’s turnover in 2022 was approximately EUR 10 million with an adjusted EBIT margin of approximately 20%. The seller, Rehadapt’s CEO Uli Ehlert, will remain with Rehadapt for a period of at least one year. 

Reasons for the acquisition 
Tobii Dynavox considers the primary value creation resulting from this acquisition to arise from accelerated innovation and development of technologies for mounting solutions, which is often an integral part of assistive communication solutions. In addition, the acquisition creates the conditions for increased sales of both companies’ products. 

“Our ultimate goal is to give all people with communication impairments a voice and the opportunity to be who they want to be,” says Fredrik Ruben, CEO of Tobii Dynavox. “Tobii Dynavox and Rehadapt have been successful partners for many years. The acquisition will deepen this relationship further, providing opportunities to create solutions that make it easier for our users to access and use their communication aids. Rehadapt has a best-in-class team and product portfolio and will remain an independent subsidiary to Tobii Dynavox that continues to serve and support all current customers and segments in an unchanged manner,” Fredrik Ruben, CEO of Tobii Dynavox continues. Tobii Dynavox and Rehadapt have highly complementary core areas of expertise. Tobii Dynavox’s core expertise is the development, sales and support of its clinically developed assistive communication, while Rehadapt’s core expertise is mounting solutions for assistive technology. By bringing together the expertise in these technologies, Tobii Dynavox can accelerate the development of solutions for the entire industry. Both Tobii Dynavox and Rehadapt have global sales networks that will open up opportunities to improve operational capabilities.  Kassel, Germany is a premium location to service European countries efficiently.  

“Tobii Dynavox and Rehadapt have a long successful history as partners with similar driving forces and cultures. Both companies have been built around exceptional products with a focus on enabling the best possible life for people with functional impairments” says Uli Ehlert, CEO of Rehadapt. “We are proud of what we have accomplished as a company and with Tobii Dynavox, I am confident we will find a great home for our staff, our products, our customers and the users. I’m very much looking forward to taking the next step in our journey,” Uli Ehlert, CEO of Rehadapt continues. 

Purchase consideration, terms and conditions and timetable for the acquisition and financing 
Tobii Dynavox, has today entered into an agreement with the sole shareholder, Mr. Uli Ehlert, to acquire all the shares in Rehadapt. The total purchase consideration for all the shares amounts to EUR 15 million paid in cash, on a cash and debt free basis. Additionally, a potential earn-out consideration of up to EUR 3.5 million 12 months after closing of the transaction will be paid depending on the continued financial development of Rehadapt. Closing is subject to relevant regulatory approvals and other customary conditions which is expected to be completed in the third quarter of 2023. 

To finance this acquisition, Tobii Dynavox has increased its total credit facility with Swedbank to SEK 800 million by signing and extending its credit facility with an additional term loan of SEK 100 million. Tobii Dynavox will use this new term loan and its revolving credit facility to pay for this acquisition. 

About the acquisition  
Tobii Dynavox and Rehadapt have been successful partners for many years. The acquisition will deepen this relationship further, providing great opportunities to create solutions that make it easier for our users to access and use their communication aids. With a shared focus on supporting people who need assistive communication, both Tobii Dynavox and Rehadapt will benefit from accelerated innovation and development of technologies for mounting solutions, which are an integral part of assistive communication solutions. Rehadapt will run as an independent, fully owned, subsidiary to Tobii Dynavox under the current Rehadapt management. 

This information is information that Tobii Dynavox AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted, through the agency of the contact person set out below, for publication at 08:15 CET, on June 30, 2023.

Contact: Linda Tybring, CFO, Tobii Dynavox, phone: +46 (0) 7068 14 980, email:  linda.tybring@tobiidynavox.com 

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