Nordic IT services group EDB Business Partner has signed an agreement to acquire BanqIT Business Applications, a Swedish provider of branch automation technology, for NKr50 million in cash.
EDB has bought the business from BanqIT AB, which also supplies ATMs and cash processing technology.
The BanqIT Business Applications unit is expected to generate operating revenue of around NKr35 million in 2005. Following the acquisition, the unit's 30 staff will all become employees of EDB.
EDB says the acquisition will give it a stronger position in the Swedish market and strengthen its portfolio of branch banking products.
The acquisition will be completed immediately with a cash payment.