Addnode Group acquires software supplier Stamford and strengthens its position in the retail and real estate industry
Stockholm, August 22, 2016. Addnode Group acquires the Swedish software supplier Stamford, a company developing solutions for the retail and real estate industry. Stamford had net sales of SEK 31 million during the fiscal year 2015 and an operating profit of SEK 5.8 million, an operating margin on 19 percent.
Addnode Group acquires IT companies Stamford and Stamford Hero in Karlstad AB with forty employees. The two companies have more than 25 years of software experience for customers with high demands within the retail and real estate industry.
The Stamford companies will be merged with Addnode Group’s existing subsidiary, Prosilia. The two merged operations will be conducted under the name Stamford.
- Looking at Stamford and Prosilia, there are great synergies between the companies, both on the business and technical side. This acquisition strengthens our customer offering while at the same time opening up for exciting business opportunities, says Andreas Wikholm, President of Addnode Group’s business area Process Management.
- We at Stamford have an extremely positive attitude about the merger with Prosilia. Our resources within development integrates perfectly with the system environment of Prosilia. The merger enables Stamford to grow within an organization with greater resources, which is favorable for both our customers and employees, says Lars Järner, founder of Stamford.
Andrea Kösa, currently CEO of Prosilia will manage the merged company and Stamford’s former CEO will become Vice President of Sales.
Completion takes place on September 1, 2016, and the company will be a part of Addnode Group’s business area Process Management. The acquisition is paid in cash and promissory notes issued to the sellers. The acquisition is expected to have a marginally positive impact on Addnode Group’s earnings per share.
For more information, please contact:
Andreas Wikholm, President of Addnode Group Process Management
Tel: +46 (0) 70 394 42 07, e-mail: firstname.lastname@example.org
Staffan Hanstorp, President and CEO of Addnode Group AB
Tel: +46 (0) 733 77 24 30, e-mail: email@example.com
About Addnode Group
Addnode Group offers operation-critical IT-solutions to selected markets within both private and public sectors. We acquire, build and develop companies that deliver operation-critical IT solutions for specific needs from our customers. Every day, 500,000 engineers use our systems to develop and maintain products, buildings and installations. 100,000 employees in the public sector use our solutions for municipal and government management. We have 1,200 employees in Sweden, Austria,
Denmark, Finland, Germany, India, Norway, Slovakia, the UK and the US and Serbia. Net sales in 2015 amounted to SEK 1,900 M. Addnode Group's Series B share is listed on the Nasdaq Stockholm.