Intention to float on the Oslo Stock Exchange

In conjunction with the application to the Oslo Stock Exchange, Hans-Petter Mellerud presented Zalaris at a webcast at HegnarTV. Watch the broadcast here.

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Oslo, Norway – Looking to build on its success as a provider of outsourced HR and payroll solutions to large enterprises, Zalaris ASA today announced plans for an initial public offering on the Oslo Stock Exchange.
Founded in 2000, Zalaris currently operates in Denmark, Estonia, Finland, India, Latvia, Lithuania, Norway, Poland and Sweden. The company continues to expand in current markets while also exploring additional international growth opportunities. Zalaris recently signed multi-year contracts with some of the largest corporations in the Nordics, where the company is able to offer significant cost savings, efficiencies and consistent high service levels to customers and their employees alike.  Over the last 10 years revenues have grown at a compounded annual growth rate (CAGR) of 22 percent to a record level at NOK 262 million in 2013. Based on new contracts signed, 2014 revenue growth is expected to be close to historic levels.
“From their initial business plan, we could clearly see that the Zalaris leadership team possessed the vision, experience and resolve to accomplish outstanding results – and we were not disappointed,” says Narve Reiten, partner at Oslo-based Reiten & Co., a private equity firm supporting the IPO. “Zalaris has established a blue-chip client base and generated impressive year-over-year growth with strong profitability. Going forward, we have every reason to believe that they will be among the winners as the HR outsourcing trend accelerates, which looks likely for the years ahead.”
Where cloud value meets OPEX demand

“We’re ready to substantially broaden our reach and capacity as a premier provider of outsourced human capital management solutions,” explains Hans-Petter Mellerud, CEO of Zalaris. “With additional capital raised by a listed offering, we expect to solidify our leadership position while deepening our value, as well as coverage in this dynamic marketplace.”
Zalaris enables its customers to focus on their respective core competencies and keep pace with fast-changing HR demands, through secure outsourced cloud-based systems and the company’ local-language-based service centers.  Zalaris’ business model also responds and adapts to heightened corporate focus on balance-sheet management – most notably by converting HR and payroll processing costs from a capital expenditure (CAPEX) to more a predictable operating expense (OPEX).
Current majority shareholder Nordic Capital Partners IV AS (NCP) and a number of other stakeholders plan to reduce their holdings by approximately 50 percent if Zalaris completes a listing on the Oslo Stock Exchange. The remaining shares held by NCP will be distributed to investors in the fund on or around the completion of the listing.  Zalaris also plans to raise NOK 50 million through the issuance of new shares.
Upon acceptance of the listing by Oslo Børs, approval of the prospectus by the Financial Supervisory Authority of Norway, and prevailing overall market conditions, Zalaris expects the IPO to take place in June 2014. ABG Sundal Collier Norge ASA and Nordea Markets are acting as Joint Lead Managers and Bookrunners in connection with the listing.

About Zalaris
Zalaris excels in delivering comprehensive cloud-based HR and payroll services. The company is certified as an SAP Business Process Outsourcing (BPO) Partner and is a leading SAP Human Capital Management (HCM) and SuccessFactors consulting partner. Founded in 2000, Zalaris today operates in Denmark, Estonia, Finland, India, Latvia, Lithuania, Norway, Poland and Sweden, including local-language service centers with extensive expertise in HR-related laws and regulations. Learn more at www.zalaris.com.

Contact Information:

Hans-Petter Mellerud (CEO)

Phone: +47 928 97 276

Email: hans-petter.mellerud@zalaris.com

 

Narve Reiten (Founding Partner)

Phone: +47 924 33 320

Email: nr@reitenco.no

Important information:

These materials are not an offer for sale of securities.

Copies of this announcement are not being made and may not be distributed or sent into the United States, Canada, Australia, Hong Kong, Japan or any other jurisdiction in which such distribution would be unlawful or would require registration or other measures.

The securities have not been registered under the U.S. Securities Act of 1933, as amended (the “Securities Act”), and may not be offered or sold in the United States absent registration or an exemption from the registration requirements of the Securities Act. The Company does not intend to register any part of the offering in the United States or to conduct a public offering of securities in the United States.

Any offering of securities will be made by means of a prospectus that may be obtained from the issuer or the Joint Lead Managers and that will contain detailed information about the company and management, as well as financial statements. This document is an announcement and not a prospectus for the purposes of Directive 2003/71/EC (together with any applicable implementing measures in any Member State, the “Prospectus Directive”). Investors should not subscribe for any securities referred to in this document except on the basis of information contained in the prospectus.

In any EEA Member State other than Norway that has implemented the Prospectus Directive, this communication is only addressed to and is only directed at qualified investors in that Member State within the meaning of the Prospectus Directive, i.e., only to investors who can receive the offer without an approved prospectus in such EEA Member State.

This communication is only being distributed to and is only directed at (i) persons who are outside the United Kingdom or (ii) to investment professionals falling within Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) or (iii) above together being referred to as “relevant persons”). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

Matters discussed in this release may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and may be identified by words such as “believe,” “expect,” “anticipate,” “intends,” “estimate,” “will,” “may,” “continue,” “should” and similar expressions. The forward-looking statements in this release are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although the company believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements.

The information, opinions and forward-looking statements contained in this release speak only as at its date, and are subject to change without notice.