Enea finalizes acquisition of IP Devel SRL in Romania
STOCKHOLM, May 30, 2008 – As announced April 21, 2008 Enea has signed an agreement to acquire Romanian services company IP Devel SRL.
The transaction has now been completed and will be consolidated into Enea as of June 1, 2008.
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.
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).