IRIS to buy Norway's Save IT

Source: IRIS

IRIS has signed an asset purchase agreement to acquire the enterprise content management service (formerly known as Save IT).

This business was operated under the name Save-IT until its acquisition by Software Innovation in 2007; Software Innovation will sell this business to I.R.I.S.

This transaction will broaden I.R.I.S.'s sales and technical team in Oslo, and the client base in Norway.

Pierre De Muelenaere, President and CEO, I.R.I.S. Group: "Mid 2008, I.R.I.S. set up a subsidiary in Oslo, Norway. The plan for I.R.I.S. Nordics was to first address the local market of professional services (law firms, accounting firms, etc.) with our successful offering based on a unique know-how and the combination of ECM and CRM tools that are optimized towards these professional services. In only one and a half-year, I.R.I.S. Nordics has become the leader in this market segment : a majority of the top-ten local law firms are now I.R.I.S. clients. The plan was to then address the more global ECM demand in the industry, banks, service companies and public organizations. Here, we decided to accelerate the process by acquiring local competences and an existing customer base to become soon the reference ECM expert team in the Nordics."

Financial information relating to the acquisition terms

Denis Hermesse, CFO, I.R.I.S. Group: "The acquisition relates to the intellectual property, employment contracts, customer contracts and partnership contracts of the business. I.R.I.S. does not take over any cash, receivables nor debts. In 2009, the acquired business generated sales of 1.7 million euro. I.R.I.S. pays 850,000 euro up-front, without any additional earn-out. In the coming weeks, some legal steps should be carried out prior to closing and paying the acquisition, which is planned to be completed before the end of May."

 

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