IBS divests division in Portugal
IBS has signed a final agreement with All At Work, which is represented by Luis Costa, former Area Manager of IBS, to divest a division in Portugal. As communicated earlier, divestiture of non-core operations is a key step in the development in IBS and part of the strategy to focus on international distribution management solutions.
The agreement covers the transfer of around 90 employees, as well as agreements for sharing premises in both Matosinhos and Lisbon offices, and the responsibility and ownership of all locally developed products, namely the SII 4GS and SWAP portfolios. The division has projected revenues of around SEK 40 m and is currently not profitable. The transaction is effective as of October 1, 2008.
“The divestment of these non-strategic operations reflects our continued initiative to focus IBS products and resources to core activities in markets where we see potential for international growth”, says Mark Cockings Senior Vice President of Sales & Marketing. “I am also pleased that in managing the transition in a constructive way, rather than merely discontinuing products and support, IBS has been able to secure stability and continuity for both customers and employees under the new management of All At Work who are confident in continuing the business forward.”
For more information, please contact:
Oskar Ahlberg, Investor Relations Director, IBS AB
Tel: +46-70-244 24 75