Innofactor may recover only part of the damages related to the Lumagate acquisition

Software supplier Innofactor only a part can be inherited Lumagate– about the compensation for damages related to the company purchase, the company’s press release says.

The company has informed about the damages awarded to it of around 2.3 million euros in the Stockholm Chamber of Commerce arbitration.

The compensation in question is related to the 2016 Lumagate acquisition and the subsequent breach of contract by the other party.

“After the arbitration settlement, the counterparty to the Lumagate acquisition has gone bankrupt. After the bankruptcy, Innofactor Oyj has continued to collect damages in the SCC arbitration on behalf of the counterparty company’s bankruptcy estate against the representative of the counterparty company at the time of the Lumagate acquisition,” the release states.

Now the arbitration court has ruled in favor of the defendant. As a result, the company’s distribution share will remain at most around 1 million euros.

In addition, Innofactor has to handle the company’s own court costs of 309 thousand euros, the other party’s court costs of 310 thousand euros, and costs related to the arbitration procedure worth more than 166 thousand euros.