EDB Business Partner has entered into an agreement through its subsidiary Guide Konsult AB to buy the Swedish IT consulting firm Tre60.
EDB Business Partner has entered into an agreement through its subsidiary Guide Konsult AB to buy the Swedish IT consulting firm Tre60. Tre60 has a strong position in Business Intelligence consulting, and this acquisition strengthens EDB's position in IT consulting and application services in the Swedish market.
"The acquisition of Tre60 supplements EDB's offer for IT consulting. This will give us a very strong position in the Swedish market for Business Intelligence (BI), and this is a focus area for our business unit Application Services. In addition, the acquisition will bring a number of new and exciting customers to EDB, and we look forward to working closely with them in the future", comments Endre Rangnes, CEO of EDB.
After the transaction EDB will have a strong position in the Swedish business intelligence area with 80 highly skilled consultants.
More about Tre60
Tre60 is a Swedish IT consulting firm with 45 employees that specialises in business intelligence (BI). The company has in-depth expertise and extensive experience as a consultant for a number of major Swedish international companies in the areas of business analysis and decision support. Tre60 bases its offer on well-established standard platforms from suppliers such as the SAS Institute, Oracle, IBM (including Ascential Software), Microsoft and Cognos, and has established partnerships with these suppliers. Tre60's customers include companies such as AztraZeneca, Citibank, SEB, Länsförsäkringar, AFA Försäkring, Tele2 and a number of other major Swedish companies. Tre60 reported a revenue of ca SEK 50 million and an EBITA-margin at the same level as business unit Application Services in EDB.
More about the transaction
EDB's subsidiary Guide Konsult AB has agreed to pay initially SEK 30 million and a minor amount in earn-out for the business to be acquired. The seller is Svensk IT Funktion AB to which Tre60 has been associated as a subsidiary. The agreement provides for Guide Konsult AB to acquire the entire share capital of Tre60. Tre60 will be integrated as part of EDB's Application Services business area in Sweden. Following the acquisition of Tre60, EDB will employ around 700 people in Application Services for the Swedish market. The transaction is expected to take place during second quarter of 2007.