This week’s additions and highlights
1. SPIN-OFFS
- Hexagon (HEXAB SS). Hexagon provided additional financial and organizational information for its upcoming Octave spin-off. The unit’s results have been under pressure over H1 25 but sported >30% ebit margins in 2024 and 27% in H1 25. Let’s hope for some interesting action after the spin. UPDATE (February 17, 2026) The spin is now planned for the second part of Q2. Hexagon also provided more financial info on Octave. UPDATE (March 3, 2026) Hexagon completed the sale of its Design and Engineering business, for c. €1.4bn in net proceeds. But the main interesting development here is on Octave, which is planned to spin in Q2. Octave seems to be working hard to position itself as an AI intelligence company. That, combined with Octave generating ~25% operating margins on very recurring revenues and a US listing, might make for an interesting set-up.
UPDATE (June 2, 2026) Hexagon (HEXAB SS) completed the spin of Octave Intelligence (OCTV), and the shares have been trading down. It’s software, so that might make sense. Octave intends to restore growth and profitability, with medium‑term guidance for >10% ARR growth (up from hsd), ~30% operating margins (stable) and 23-24% FCF margins (from 20%).
2. STRATEGIC ALTERNATIVES & REVIEWS
(Potential take-outs, asset sales, M&A, etc.)
- Done.ai (DONE SS). Micro-cap Done.ai launched a strategic review after ‘interest from strategic and financial investors triggered the review’. No idea (yet) about the company, except that it claims to have a few interesting AI software products to improve efficiency. They have some revenues but quite lumpy. Could be interesting to dive into the stack to see if there’s some interesting IP that might warrant a nice premium.
- GetBusy (GETB LN). GetBusy is a small UK software group with three platforms, SmartVault, Virtual Cabinet and Workiro. Management, which owns over 30%, intends (and is incentivized) to sell the rapid and profitable SmartVault at a signaled value of >> the current market cap, and return the proceeds to shareholders, by December 2028. SmartVault growth is accelerating, supported by major software sunsets, while Workiro offers longer‑term optionality. Insiders have been massively acquiring shares over 2025. Might still take some time but certainly interesting…