Good morning, everyone, and welcome to this presentation where we, Formpipe, announce our divestment of our public business. It was announced today, the 18th of August, and it is a decision that has been made by our board to divest the public business area. For you who have followed Formpipe, we have been around for almost 20 years in the business of case and document management, as well as our business area Lasernet, where we do output management. We have been working together as one group for quite some time, and it has served us very, very well over the years. It has created a stable foundation and a way to nurture the growth area Lasernet, which has had a rapid expansion over time. As you know, also for the recent years, the board has contemplated whether it's a good time to separate the two business areas.
To a certain extent, we have been operating the two business areas as two separate ones. Now, with this transaction, it enables us to fully focus on the Lasernet business areas and maximize the long-term shareholder value we see in the area. After careful consideration, the board has concluded that now is the right time to make a divestment. It has been very clear during this process when we have talked to potential bidders that there has been a very strong professional and sincere interest for the public business area. As we mentioned in the press release, it is a total consideration of up to SEK 850 million, and the taker is STG Partners, the private equity firm. After this transaction, when we close, we will be totally focusing on our Lasernet business area, and I will come back a little bit in the end to what that consists of.
Also, when we have completed the transaction, the board has the intention then to propose a distribution of a substantial portion of the proceeds to the owners, to the shareholders, but also retaining a part to reinvest in the Lasernet business. The transaction structure is the following. Total proceeds up to SEK 850 million, whereas SEK 775 million will be paid cash at closing. Then there is a loan note payable in 2029 of SEK 50 million, with an interest rate of 4.25%, which will be conditioned to certain potential closing criteria, like, for example, transition of customer contract, because as you know, we are to a certain extent tied together, and there will be a carve-out process starting immediately. There is an additional potential proceed of SEK 25 million that will fall out if STG achieves certain return on its investment.
The closing is subject to a number of steps. 90% of the contracted revenue stemming from Formpipe Public's customers in Sweden are going to be transferred to the new legal entity, Formpipe Sverige AB, which is actually the entity we are selling. Also, of course, we receive an approval of the EGM, and we have already undertaken undertakings from major shareholders representing 20% of the votes. Announced today, 18th of August, we have the extraordinary general meeting the 17th of September, and we expect to close this the 24th, Q4 2025. For you, Sophie, a little bit on the what is it we're selling and what do we keep?
Exactly. We have provided now illustrative financials for the whole of 2024 to show you what is included in the transaction perimeter, and then what will be the remaining business on a standalone basis. Included in the transaction for the Public business, we have the normal business area of Public, but also the product, the revenue, and proceeds for BG Link, which usually resides in our business area Other, but is now included as part of this transaction and therefore included in the Public numbers as presented here. With the transaction perimeter for the complete business of Public, including BG Link, we have an annual recurring revenue of SEK 239 million with a growth of 7% in 2024. We have a revenue of SEK 306 million, a small decline compared to last year due to delivery revenue. We have an adjusted EBITDA of SEK 93 million.
We have capitalized development of SEK 41 million, and finally, an adjusted cash EBITDA of SEK 46 million with a margin of 15%. Talking a little bit then on the right-hand side, what will then be the remaining business in our listed entity? That is the Lasernet business, as well as the supporting functions which are described in the Other business area. In Lasernet, we have an annual recurring revenue of SEK 220 million, a 21% growth in 2024. We have a revenue of SEK 223 million, so a very high portion of recurring revenue in our overall revenue numbers. We have a revenue growth of 11% in 2024. We have an adjusted EBITDA of SEK 37 million, a capitalized development of SEK 14 million, and finally, adjusted cash EBITDA of SEK 22 million with a margin of 10%.
Of course, as we continue to develop the Lasernet business, we will, of course, work to make sure that our supporting business supports Lasernet going forward in the best possible way. As Magnus mentioned, we will come back later on with a more thorough presentation of the Lasernet business. I hand it back over to you, Magnus, for the remaining slides.
Thank you very much, Sophie. For those of you who haven't followed us, just want to mention a little bit about the Lasernet business. This is document output management, which is related to how documents and information are produced, allowing a machine or a human being to read it. Very important in different customer journeys when you deliver, basically, anything. This is very, very important. It's a totally global business where we're active in more than 60 countries. We are usually very connected to the ERP system. It is by generating and distributing and archiving the business documents that are important for order fulfillment or for compliance purposes in the bank and finance world. Right now, we are very, very connected with the Microsoft Dynamics ecosystem, as well as the Terminal ecosystem where we support both of their platform transactions, as well as the Infinity platform.
We have a very sweet spot here in the mid-range of the output management space where we are seen as very user-friendly and scalable, doing in the Dynamics system, basically, a very small, freemium business model where you start in one and with essential, and when you can scale up to an enterprise package. We have sales, as well as implementation, delivered through a global partner network, as mentioned, in the Dynamics space, as well as in the Terminal space. If you look at the industries, I would say we are totally horizontal. We serve, basically, all verticals. However, we are extra beneficial when the supply chain is a little bit complicated. We are mostly, then we add most value to our customer processes. If you look at the share of SaaS revenues, it's today 68%, whereas support and maintenance is 32%.
Over the years, we will see that relation increase to the benefit of SaaS. If you look at how we have developed over the years, you see a very, very beautiful graph where we have had our recurring revenues go from SEK 81 million in 2020 to SEK 207 million in the first quarter of 2025. It's a very, very, very, very stable and secure revenue stream that you see building up. You can also see how we have transformed the business from a license-oriented business now to a fully SaaS-oriented business with a freemium business model that allows SaaS penetration into the Dynamics ecosystem primarily. Going forward, we will, of course, base our future expansion on this very, very stable ARR growth.
We will have a capital markets day beginning of November where we will elaborate more on how we benefit from the strong position we have, but also, in a careful way, continue a profitable expansion into a new ecosystem and geographical market. We will announce that in the near future. Following the completion of this transaction, the company will continue to use the Formpipe brand for an interim period. After that, we will be rebranded to a new brand name. With that said, we have our Q2 report tomorrow. You are welcome to post questions for that forum. It can be done on Redeye. Before we sign off here, Sophie, we, of course, want to say very much thank you to the fantastic Formpipe team who has worked hard with this transaction and who has made that happen.
Thanks to everyone who has listened in and to all of you Formpipes out there who has and is very committed to do the transaction and to make our customers happy. Thank you very much.