ProcureITright, a Kinnevik Group company, acquires Proceedo

ProcureITright, a Kinnevik Group company, acquires Proceedo ProcureITright, which is controlled by the Kinnevik Group, today acquired Proceedo Commerce, which delivers Internet based e-procurement solutions to large and medium sized companies in the Nordic region. Proceedo Commerce AB's Board of Directors submitted a filing for bankruptcy at March 27. Investor Growth Capital was the single largest owner of Proceedo together with its founders. Following the acquisition Proceedo will become a subsidiary of ProcureITright, which is an international professional services firm within strategic procurement consulting, total or partial procurement outsourcing as well as support in complex negotiation processes. Proceedo's competence within electronic procurement solutions and portals is the missing link within ProcureITright's total service offering portfolio within procurement solutions and services. Bruce Grant, CEO of XSource Corporation, which holds ProcureITright AB commented, "Proceedo will fulfill an important role for ProcureITright's strategy in strengthening the procurement function for its international client base. Proceedo's unique competence within e-procurement consulting and the already developed and well functioning e-procurement system will give ProcureITrights' clients an even stronger competitive position". Mattias Jonsson, President of Proceedo said, "We are very pleased at the speed with which the Kinnevik Group has acted, so ensuring that we can continue to serve our current customers without disruption. We see the Kinnevik Group as a very good owner that will give us both financing and commercial backing. Furthermore now we have an opportunity to continue to strengthen our leading position in the Nordic region". For more information please contact: Mattias Jonsson, President, Proceedo mob. +46 8 783 13 14 Bruce Grant, CEO, XSource Corporation, mob. +1 781 929 69 25 which holds ProcureITright Patrik Andersson, President, ProcureITright mob. +46 707 10 78 54 procureITright is a global provider of procurement professional services designed to maximize the financial value of a client's enterprise. With offices in Boston, London, New York and Stockholm procureITright provides expertise with global experience and knowledge and at the same time with the attention and flexibility of a local procurement organization. The service portfolio includes the following services: procurement strategy & organization, supplier base restructuring, supporting complex negotiations, contract management and total/partial outsourcing of the procurement function. Proceedo Commerce AB is the leading company in the field of internet-based purchasing solutions, marketplaces and services in the Nordic region. Its customers are large and medium-sized companies which invest in business-to- business e-commerce. Proceedo wants to create maximum profitability for customers in their purchasing work through better purchasing conditions and a more effective purchasing process. Proceedo has operations in Stockholm and Helsinki. XSource Corporation is a managerial strategic investment company with headquarters in New York within the Kinnevik Group. XSource Corporation controls 14 professional services and software companies in the telecommunications, IT and media space. ------------------------------------------------------------ This information was brought to you by BIT The following files are available for download:

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