STOCKHOLM, Sweden, April 10, 2002 (PRIMEZONE) -- The IT and management consultancy, HiQ is acquiring the Finnish IT consultancy, Softplan, which has 50 employees and offices in Helsinki. Softplan works with advanced technical systems development in areas such as telecoms and the public sector.
"Softplan is a very well-run and profitable company with a good reputation, strong client relations and excellent employees. Strategically, Softplan strengthens our position as a leading Nordic consultancy and supplements HiQ's business in Finland," said Lars Stugemo, CEO of HiQ.
Softplan was established in 1987 and has its roots in one of Finland's oldest software companies.
"Softplan is a successful company which has, through the years, posted strong results in recent years with margins well on a par with HiQ. Softplan and HiQ share the same great faith in basic values such as quality and profitability, which bodes well for a winning cooperation. We are looking forward to the company continuing to develop in the same profitable way together with the rest of HiQ," said Stugemo.
Softplan works on the development and adaptation of software, services and systems. Its clients include Nokia, Sonera, TEKES (Finland's National Technology Agency), Sanoma Group, Emergency Center of Helsinki and Veikkaus, the Finnish State Lottery. Softplan has, for example, built Veikkaus's advanced gaming site, an e-commerce solution with the biggest sales of any Finnish site aimed at consumers.
"HiQ has a very good reputation as a high quality consultancy within telecoms and simulation technology with a strong brand in the sector. HiQ's strong position as a Nordic company will provide us at Softplan with new business opportunities, better service towards our existing clients and a wider clientele," said Hannu Lehessaari, President of Softplan.
The purchase price amounts to SEK 121.8 million, of which operations represent SEK 86.0 million, company property SEK 8.3 million and cash balances SEK 27.5 million. The purchase price is made up by SEK 74.4 million in cash and by the issue of 2 989 551 HiQ shares. One part of the purchase price depends on the results for 2002.
The companies will be consolidated with immediate effect and Softplan will in the future act as a fully owned subsidiary of HiQ International AB.
HiQ is an IT and management consultancy company that focuses on high tech solutions in the fields of communication and simulation technology. The company is a leader in these fields, and the Nordic region is its domestic market. HiQ employs 450 people at offices in Sweden, Norway, Denmark and Finland. HiQ is listed on Stockholmsborsen. For more information, please visit www.hiq.se
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