Source: EDB Business Partner
EDB Business Partner has entered into an agreement to take over the Norwegian company Software Technology Integration AS, STI. The agreement means that EDB is strengthening its position in technology from Oracle. EDB will pay NOK 12 million as a maximum for the company.
STI was established in 1997 and is located in Oslo aera. STI is a sertified Oracle partner and focus aeras is consultancy, operations and application management. The company had revenue of NOK 14 million in 2005 and an ebita of NOK 1,5 million corresponding to an ebita-margin of 10,7%.
Aquiring STI will give EDB valueable knowledge on Oracle e-business suite, and is complementing Avenir and Spring Consulting in IT consultancy and application management.
Terms of the acquisition
EDB is aquiring all shares in Software Technology Integration AS. The agreement means that EDB will pay NOK 8 million when the acquisition takes place. Depending on certain financial targets in 2006 and 2007 there may be an additional purchase sum in connection to the take-over, limited to NOK4 million. The acquisition will be financed from existing credit facilities.