SoftwareOne completes Crayon deal, forming CHF 1.6 billion giant
SoftwareOne has announced the completion of its recommended voluntary offer for all issued and outstanding shares in Crayon.
The transaction combines SoftwareOne and Crayon, two software and cloud solutions providers with a joint revenue of approximately CHF 1.6 billion and a total workforce of about 13,000 employees across more than 70 countries. Settlement of the offer has been executed, with accepting Crayon shareholders receiving NOK 69 in cash and 0.8233 of a newly issued SoftwareOne share per Crayon share. SoftwareOne shares will commence trading on Euronext Oslo Børs.
Transaction details
The acquisition followed the fulfilment of all closing conditions, as previously announced. The consideration included both cash and shares, and the settlement notification has already taken place. SoftwareOne intends to proceed with a compulsory acquisition of the remaining Crayon shares, with a subsequent delisting of Crayon shares from Euronext Oslo Børs expected within the same month.
Commenting on the transaction, Raphael Erb, Co-CEO of SoftwareOne, said:
"Today marks an important milestone as SoftwareOne and Crayon join forces, combining two leading global providers of software and cloud solutions."
The process of integrating the companies will now commence, with thorough 'Day 1 readiness' preparations having taken place since early 2025. The integration is supported by dedicated working groups covering key business functions such as strategy, sales and marketing, people and culture, IT, and finance. SoftwareOne's planned governance structure will oversee execution and support the post-merger transition.
Leadership perspectives
Melissa Mulholland, Co-CEO of SoftwareOne, commented:
"As we embark on this new chapter together, we are both excited and well-prepared for Day 1. With our talented teams globally, in-depth expertise and capabilities, as well as deep hyperscaler partnerships, we will be excellently positioned to support customers on their digital transformation journeys. Today marks a unique moment to unlock opportunities and deliver significant value creation for all stakeholders."
Nicole Dezen, Corporate Vice President and Chief Partner Officer at Microsoft, also provided a perspective from a key industry partner:
"At Microsoft, we've been proud to call both Crayon and SoftwareOne strategic partners. Together, they become one of our largest partners, better positioned than ever to serve our mutual customers with broader reach, deeper expertise, and enhanced capabilities. We're excited about the opportunities this combination brings for the innovation we will jointly deliver and the impact this will have on our shared customers."
Strategic rationale and financial outlook
The combined company's strategic rationale is centred on complementary geographies and offerings, diversified customer base, and aligned values and cultures. SoftwareOne has estimated annual cost synergies of between CHF 80-100 million within eighteen months, in addition to its previously completed cost reduction programme. The company expects one-off implementation costs to be on par with these annual synergies.
The transaction is funded by bridge facilities of approximately CHF 700 million, which will cover the total cash consideration of about CHF 515 million, inclusive of the compulsory acquisition, and provides refinancing of Crayon's existing debt. SoftwareOne intends to refinance the bridge into a long-term financial structure around completion, with net debt to adjusted EBITDA projected to be below 2.0 times by the end of 2025. The firm will maintain its dividend policy, retaining a pay-out ratio of 30-50% of adjusted net profit.
Integration and branding
The integration process starts with an established governance model and includes the implementation of a joint operating model, alignment of go-to-market offerings, IT systems integration, and legal structure consolidation where appropriate. Customer relationship retention and talent safeguarding remain core priorities during this transition.
The combined organisation will operate under the SoftwareOne name and logo, retaining Crayon's brand heritage and customer approach within the evolved SoftwareOne brand. During a transition period, both brands will be visible to ensure continuity for customers, employees, and partners.
Market listing and shareholder information
SoftwareOne has issued more than 62 million new shares in connection with the transaction, resulting in a total of over 221 million issued shares, including treasury shares. The company's founding shareholders collectively hold 20.8% of the post-transaction share capital. Following completion of secondary listing, SoftwareOne shares will be cross-tradable between Euronext Oslo Børs and the SIX Swiss Exchange via Norwegian central security depository instructions.
The joint company's executive board is led by Co-CEOs Raphael Erb and Melissa Mulholland, with regional presidents appointed for local oversight. SoftwareOne is headquartered in Stans, Switzerland, while Oslo will remain a significant centre for sales and other business operations.
The half-year results for 2025 are scheduled to be presented by company leadership, who will also provide like-for-like financials and updated guidance for the second half of the year.
