COPENHAGEN, Denmark, July 24, 2001 (PRIMEZONE) -- In an all cash deal, 2M Invest A/S (CSE:2MI) has, today, sold its Scottish portfolio company PeopleDoc Ltd., (www.peopledoc.com) to the Nasdaq and Toronto listed Canadian software company Hummingbird (Nasdaq:HUMC)(www.hummingbird.com).
PeopleDoc is one of the oldest companies in 2M's portfolio and has, during the past few years, developed a unique software technology which enables collaboration via the internet. The latest applications are especially aimed at projects in Corporate finance, such as mergers and acquisitions.
PeopleDoc has 18 employees and offices in Edinburgh and London.
"We see the sale of PeopleDoc as a confirmation of 2M's strategy on creating results through enduring, global hands-on involvement in our companies," says Soren Jonas Bruun, Managing Director of 2M Invest A/S and Vice-chairman of the PeopleDoc Board of Directors.
"The acquisition of PeopleDoc will make Hummingbird the runaway leader in the delivery of portals that allow enterprises to collaborate internally and with their customers, partners, and suppliers more effectively," said Barry Litwin, President, Hummingbird.
"Apart from being the result of a dedicated turn-around and a strategy development process, the sale confirms that there will always be an attractive international market for companies with leading edge technology," says Michael Mathiesen, President and CEO of 2M Invest A/S.
To date, 2M has invested DKK 16 million in PeopleDoc and at the time of sale, 2M had 41.5 percent of the shares in the company. 2M will receive a total of GBP 7.6 million of which GBP 3.5 million relates to repayment of a PeopleDoc bank facility guaranteed by 2M Invest.
Warranties issued by 2M Invest are maximized to 9 months and GBP 7.6 million.
The 2M net profit is GBP 2.6 million or DKK 32 million.
On behalf of the Company: Michael Mathiesen / President Johan Schlueter / Chairman of the Board
See also the 2M Invest's web site www.2minvest.dk