STOCKHOLM, Sweden, July 5, 2002 (PRIMEZONE) -- ProAct IT Group AB today signed an agreement on the acquisition of all shares in Christiana Consulting AS, effective immediately. ProAct's Norwegian operations will now consist of more than 100 employees and with this acquisition considerably strengthen our offer within the field of secure infrastructure
Christiania Consulting AS have 40 employees and is located in Oslo and Hamar. Focus is advanced IT-consultancy, project management and integration of networks, security and storage. The consultants are also highly skilled in the field of database and IT-tools. Among the major clients are the Norwegian Defence, public sector, bank, telecom and manufacturing. The company has during a number of years shown good profitability and high customer satisfaction. The company has a strong balance sheet and a good result for the first half year 2002.
Current Managing Director of Christiania Consulting Olav Mathisen, who has a solid background within Norwegian business and IT-industry, will continue to manage the company. The company will work closely with ProAct's current operations in Norway in order to become an even more attractive partner to Norwegian clients.
The acquisition is conducted through a combination of non-cash issue and cash payment. Initial purchase price is 20 MNOK and additional purchase price will be based on result in 2002 and 2003 and is estimated to 10 MNOK. ProAct pays in addition with cash for the net assets at value.
The Board of Directors have with support of resolution from the annual general meeting April 10 2002, decided to increase share capital by issuing 400,000 shares in a total nominal amount of SEK 400,000, which will be signed by the current owners of Christiania Consulting AS. The share issue is based on an average end stock price 32,16 SEK for the ProAct share during a 10 day period before decision. Current main owner of Christiania Consulting is Norwegian CMA owning 56%. The rest of the shares are owned mainly by the employees. The non-cash issue corresponds with a dilution of 4,2%.
"We have searched for a long time for the perfect consultant company in Norway and now I believe that we have found it. ProAct will now be able to deliver even more "value add" to our Norwegian and Nordic customers," said Per-Arne Lundberg, CEO ProAct IT Group AB.
"ProAct is a strong company within its line of business and highly appreciated by Norwegian clients. With the skills and competence that our consultants can contribute with, ProAct will become even stronger," said Olav Mathisen, Managing Director Christiania Consulting AS.
For further information, please contact:
Per-Arne Lundberg, CEO ProAct IT Group AB, Phone: +46 8 410 666 82
Marit Fagervold, Sales Director ProAct Systems AS, Phone: +47 22 89 23 89
Olav Mathisen, Managing Director Christiania Consulting AS,Phone: +47 90 182 461
More information and pictures on www.proact.se
For information about Christiania Consulting www.christiania.net
About ProAct
ProAct is a specialist and independent integrator with know-how, methods and products in the field of infrastructure for securing mission-critical information. The company, which is active in Denmark, Finland, Norway, Switzerland and Sweden, focuses on large and medium-sized companies and organizations in need of secure and efficient handling of mission-critical information. Business is conducted from 16 offices in the Nordic and Switzerland, with approximately 340 employees.
Since the start in 1994, ProAct has had a strong, controlled and profitable growth, mostly organic, and the last five years with an average of 67 percent annually. The turnover for 2001 was 826 MSEK. ProAct IT Group is listed on the Stockholmsborsen O-list.
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