EDB buys 60% stake in Infopulse Ukraina

EDB buys 60% stake in Infopulse Ukraina

Nordic IT services group EDB Business Partner has agreed to pay a total of US$6 million for a 60% stake in Infopulse Ukraina, which provides nearshore BPO services to financial services firms in Western Europe and the US.

Established in 1992, Infopulse Ukraina currently employs 300 staff and provides services to banks in Germany, Switzerland, Great Britain, Belgium, France, Holland, Sweden, Denmark and the US. As well as supplying its own banking software to clients, Infopulse has collaborated with major European banks for several years, says EDB.

The Ukranian company reported a 50% increase in revenue in 2006 to around Nkr40 million.

Under the deal, EDB will acquire a 60% interest from Infopulse's management, who will retain the remaining 40% share in the business.

The Nordic firm will pay US$2.5 million of the purchase price when the acquisition completes. The remaining payment will depend depend on Infopulse's earnings performance in the period to 2007 to 2009.

The vendor also has an option to acquire the remaining 40% of the share capital of Infopulse in the future.

News of the acquisition comes as EDB reports a 20% increase in full year revenues to Nkr5,822 million. The group reported Ebita of Nkr 541 million for 2006, compared to Nkr503 million in 2005.

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