Enea Acquires Romanian Services Company IP Devel
STOCKHOLM, Sweden, April 21, 2008 – Enea® (Nordic Exchange/Small Cap/ENEA), a world leading provider of network software and services, today announced that it has signed an agreement to acquire IP Devel SRL. The acquisition of IP Devel provides Enea with a base on which to expand its European business and it also secures development capacity for its own products.
IP Devel is specialized in embedded systems development and advanced test services. The company is profitable and has grown quickly since 2000. Net sales for 2007 were approximately EUR 4 million. Enea is, since 2006, one of IP Devel’s largest customers and partners. IP Devel has about 120 employees and is based in Bucharest.
“IP Devel is a well-run and profitable company with good growth and great customers. We thoroughly know IP Devels’ top expertise in embedded technology and are thus very pleased with the acquisition”, says Johan Wall, CEO and president, Enea. “With IP Devel we grow Enea’s professional services offer in Europe. With the acquisition we also secure Enea’s, and our customers’, future development capacity in a low cost environment.”
“Enea is the world leader in embedded solutions and IP Devel is specialized in the development of embedded technology and testing of such systems. We are a perfect match”, says Bogdan Putinica, founder of IP Devel, who stays on as managing director. “With IP Devel’s strong customer base of leading international telecom customers we strengthen Enea’s European services offer.”
Enea acquires 100 percent of the shares in IP Devel for EUR 3.2 million in cash at closing, with an additional payment after four years based on the financial performance of IP Devel. Sellers are Adecco, the world leader in HR Services (76 percent) and founders and CEO (24 percent). The deal is foreseen to be closed by end of May.
Enea will publish the financial report for the first quarter 2008 on Wednesday, April 23, 2008. At the Media and Analyst meeting, that takes place in Stockholm at Operaterassen at 10.30 AM CET, the acquisition of IP Devel will be presented in more detail. For more information on how to attend, or watch the live webcast, see www.enea.com.