Enea Acquires French Software Company Netbricks
STOCKHOLM, Sweden, April 22, 2008 – Enea®, (Nordic Exchange/Small Cap/ENEA), a world leading provider of network software and services, today announced the acquisition of French software company Netbricks SAS, a leading developer and supplier of networking protocol stacks. Netbricks protocols target telecom markets, where Enea already earns the majority of its revenue.
By acquiring Netbricks, Enea strengthens and expands its existing product portfolio dedicated for next-generation networking applications. The two companies also have complementary customers among international network equipment providers. Netbricks' customers include Alcatel-Lucent, Thales and Thomson.
Netbricks net sales for 2007 were EUR 2.5 million with a geographical sales split divided between Europe 60 percent and rest of the world 40 percent. The company has 17 employees with offices in France and in Israel. "Netbricks is a well-run and profitable company with solid growth – a telecom jewel", says Johan Wall, president and CEO of Enea. "Netbricks' products will diversify and solidify Enea's product portfolio, at the same time increasing its value as Enea becomes a complete solutions supplier.
"Netbricks' protocol stacks will be integrated with Enea's software portfolio", says Didier Raffenoux, president of Netbricks. "Netbricks' telecom customers will increase Enea's sales in Europe and Israel, where we are particularly strong. We also expect this acquisition to increase the interest for Netbricks products in the Nordic and US markets where Enea is strong."
Enea acquires all shares in Netbricks for EUR 3 million in cash at closing, with an additional payment after three years based on the financial performance of Netbricks. The sellers are the founders. The deal was completed on April 21.
This is the second acquisition by Enea recently. Yesterday, Enea announced the acquisition of Romanian services company IP Devel to strengthen Enea's services offering.
"Netbricks and IP Devel are very strong in the international networking infrastructure and wireless telecom markets. With the two acquisitions Enea gains an expanded software product portfolio, extended sales channels and additional professional services capacity," says Johan Wall.
Enea will publish the financial report for the first quarter 2008 tomorrow, Wednesday, April 23, 2008. At the media and analyst meeting, that takes place in Stockholm at Operaterassen at 10.30 AM CET, the acquisitions of IP Devel and Netbricks will be presented. For more information on how to attend, or watch the live webcast, see www.enea.com.