The financial debt position mainly reflects Keyware’s recent acquisitions (Magellan, EasyOrder). However, it does not represent a threat to the cash position, as a mixture of own resources and financing have been used. Most of this borrowing represents debt of less than a year.
To finance the Magellan acquisition (€10m), Keyware raised a bank loan (€7.5m), €2m of which will be reimbursed in June 2019, and €5.5m in monthly instalments ending on 30 September 2021. The remainder corresponds to Keyware’s own fund and treasury. EasyOrder (€700,000) was financed through the same process.
