STOCKHOLM--(BUSINESS WIRE)--Regulatory News:
Acando (STO:ACANB) is expanding in Norway through the acquisition of the Oslo-based consulting company e-vita AS with slightly more than 60 members of staff. e-vita AS provides IT solutions for optimizing business processes and is the market leader in Norway in portals and process solutions based on technology from Oracle.
“Through the acquisition of e-vita, we further strengthen our position in the Norwegian market and acquire the opportunity to continue growing our delivery to existing customers through a new area of operations, while also obtaining a broadened customer base with the opportunity for continued expansion,” says Carl-Magnus Månsson, President and CEO of Acando.
Acando has signed an agreement to acquire all of the shares in e-vita AS and the transfer of ownership will take place on October 1, 2013, following relevant regulatory approval. The purchase consideration less net cash at the takeover date is estimated at about NOK 33 million. In 2012, the company had sales of NOK 55 million, generating EBITDA of NOK 6 million. e-vita AS reported a positive trend of sales and earnings in the first half of 2013 and is expected to make a positive contribution to Acando’s earnings per share.
In Norway, e-vita is a trendsetter for Oracle Fusion Middleware and was the first organization to obtain Oracle Specialized Service-Oriented Architecture Partner status in the Nordic region. e-vita is also a specialized partner for databases and application grids and was recognized as Oracle Middleware Partner of the year in Norway in 2011 and 2013. In addition, e-vita provides consulting services with expertise in the user experience, project management, system integration and administration.
“I am both gratified and proud that e-vita has accepted the offer of becoming part of Acando. Not only does the acquisition provide Acando with access to Norway’s most well-reputed Oracle company and a strong customer base, but the combined operations also create exciting potential for continued development of our entire offering,” says Sven Ivar Mørch, Managing Director of Acando Norge AS.
“Acando and e-vita are well suited, not just in terms of skills, but also in terms of culture and employee commitment with a strong focus on technology and knowledge management. We will definitely continue to attract the best consultants and anticipate exciting future development with even better prerequisites for success,” says Frank Rognstad CEO of e-vita AS.
This is information that Acando AB (publ) is obligated to disclose according to the Securities Market Act and/or the Financial Instruments Trading Act. This information was submitted for publication on September 5, 2013.
Acando is a consultancy company that in partnership with its clients identifies and implements sustainable business improvements through information enabled by technology. Acando provides a balance of high customer value, short project times and low total cost. Acando has annual sales of about SEK 1.5 billion and approximately 1,100 employees in five countries in Europe. The company is listed on the NASDAQ OMX Nordic exchange. Its company culture is based on the core values of Team Spirit, Results and Passion. www.acando.com
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