Cision divests subsidiary in Lithuania
Cision has today sold all the shares of its subsidiary in Lithuania to Baltic News Service (BNS), a leading Baltic news agency and media information company, owned by the Alma Media group. Cision Lithuania had revenues of about SEK 9 million in 2008 and currently employs 43 people. Cision Lithuania’s business has been focused on the Monitor and Analyze service areas. Cision and BNS have also entered into a supply agreement regarding Baltic monitor content and analysis services. The purchase price was about SEK 6 million on a cash and debt free basis, paid on October 1, 2009. The divestment will not have a significant impact on the Cision Group’s operating profit in 2009. “The divestment of our Monitor and Analyze business in Lithuania is another step for Cision towards transforming its business, in accordance with previously announced divestments in Denmark, Norway, Sweden and the UK earlier this year. Increasingly, Cision is moving towards a business model with a more attractive service and revenue mix, delivered through our award-winning software platform CisionPoint” says Hans Gieskes, CEO of the Cision Group.