EDB Business Partner has entered into an agreement to acquire the Danish IT company TeamR3 AS.
Following this acquisition, EDB will be one of the leading Nordic suppliers of SAP-related IT consulting services.
"The acquisition of TeamR3 takes EDB a further step on the path to Nordic leadership. IT consulting for SAP is a market with sound growth, and EDB is already well positioned in Norway and Sweden through its subsidiary Spring Consulting. By Acquiring TeamR3, EDB achieves the critical mass needed to deliver major Nordic projects in the SAP area, and we also gain greater technical expertise in important focus areas", comments Endre Rangnes, CEO of EDB.
EDB becomes a leading SAP consultancy
TeamR3 is one of Denmark's leading suppliers of SAP solutions. The company has 80 employees, and together with EDB's subsidiary Spring Consulting will form the foundation for EDB's focus on SAP-related IT consulting. TeamR3 will be integrated with Spring Consulting Denmark, and the combined business will have around 100 employees and the capacity to serve the entire Danish market. The business will have offices in Copenhagen and Viborg.
Through Spring Consulting and TeamR3, EDB will have around 300 employees working with SAP-related consulting across the Nordic region. The acquisition will strengthen EDB's technical expertise in areas such as HR systems and payroll/personnel systems.
EDB is to pay DKK 77 million /Enterprise value) to acquire 100% of the share capital of TeamR3. EDB has also agreed additional performance-based consideration of up to DKK 31 million over the period to and including 2010. The sellers of the shares are founders and employees of TeamR3, and have agreed to work for EDB for three years from the date of the acquisition.
TeamR3 will be merged with EDB's subsidiary Spring Consulting, and the combined business will have a clear focus on SAP-related IT consulting.
The transaction is expected to take place before 1 October 2007.