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Published: 2021-08-16 18:00:00 CEST
Dovre Group Oyj
Inside information

Dovre Group will purchase Industrial Reality Capture business from Fortum

Dovre Group Plc                Stock exchange release        August 16, 2021 at 7 p.m.

Dovre Group will purchase Industrial Reality Capture business from Fortum

Dovre Group has made an agreement to purchase eSite operations from Fortum, a European clean energy company. eSite is a reality capture start-up company owned by Valkea, Fortum's growth club. It specializes in 3D-imaging of industrial sites and operating plants to improve project execution and operating plant's performance. eSite's secure cloud services make it possible for relevant stakeholders to visit industrial plants and construction sites remotely and improve project execution, shutdown planning, operations & maintenance and safety at site (www.esitevr.com).

Fortum will transfer the eSite business to the ownership of Dovre, excluding certain customers whom Fortum will continue to serve in partnership with Dovre. The acquired business will expand Dovre's offering in project consulting and will integrate the reality capture services with Proha's project management solutions. The transaction is subject to typical transaction details being fulfilled and is expected to close within Q3 of 2021.

The transaction will have no impact on Dovre's 2021 guidance and therefore Dovre will not release estimates of the revenue or operating profit of the acquired business. Both parties have agreed not to publish the purchase price. The transaction is not expected to cause material non-recurring expenses for Dovre.

“During the past 18 months our industrial clients and their subcontractors have actively used eSite's reality capture and secure cloud services to visit their industrial plants and construction sites remotely without the need to travel. This has ensured the continuity of their operations during challenging times. By joining Dovre Group we will be able to serve our clients even better and grow our offering internationally”, says Mr. Miko Olkkonen, Head of eSite.

“I have done my career working with 3D/4D applications and I think the eSite is an excellent addition to Dovre's portfolio of assisting our clients in their project needs. It will modernize our approach to many industrial scale project management challenges and our customers will gain economic savings and higher technical quality by using this service", says Ilari Koskelo, Dovre’s Vice Chairman of the Board.

For further information, please contact:

Dovre Group Plc
Ilari Koskelo, Vice Chairman of the Board
Tel. +358 40 510 8408

Dovre Group Plc
Miko Olkkonen, Vice President, Finland
Tel. +358 40 518 7535

Dovre Group is a global provider of project management services. Dovre Group has three business areas: Project Personnel, Consulting and Renewable Energy. Dovre Group has offices in Canada, Finland, Norway, Singapore, Russia and the US, and employs more than 800 people worldwide. Dovre Group is listed on Nasdaq Helsinki (symbol: DOV1V). Website: www.dovregroup.com

About Valkea Growth Club

Valkea is Fortum’s growth club supporting and accelerating the growth of the next generation of mission-driven startups. The goal is to build a cleaner future by revolutionizing energy, resource efficiency, and sustainability industries. Valkea is looking for startups with ideas about how this can be done and providing them with what they need to do it — expertise, development opportunities, funding, and co-working spaces. Fortum is a leading European clean energy company driving the change for a cleaner world.