Proact becomes the market leading specialist in storage and archiving in Europe by acquiring the British integrator B2net
Proact IT Group AB (publ) has acquired 75 % of the British company B2net and has entered into a binding agreement giving it the opportunity to acquire the remaining 25 % which is currently held by B2net management.
B2net has about 145 employees in five locations in the UK with a turnover of approximately GBP 48 million. The total purchase price is GBP 12 million for 75%.
The acquisition price is 7 times B2net’s EBITA and 0.3 times B2net’s turnover. Proact’s results will benefit from the acquisition from the current year. B2net will be consolidated in Proact in the second quarter of 2011.
This is Proact's third major acquisition in the recent months. The Czech company Storyflex was acquired in October 2010 and the Dutch company Databasement in January 2011. Proact's pro forma annual turnover after the three acquisitions will be approximately SEK 2.2 billion which is about 60 % higher than the turnover 2010. With these acquisitions Proact has taken the step to become the market leading specialist within storage and archiving in Europe. In total, these acquisitions will result in increased costs in the form of acquisition costs, amortization of intangible assets and financial costs compared to the same period last year. In Q1 2011, these costs amounted to approximately SEK 6 million and in Q2 2011 they are expected to amount to approximately SEK 10 million.
"Over the last decade B2net has become the number one storage integrator in the UK. We are now in a period of change and the opportunity to match our skill and expertise with Proact's business model fits our future very well. It makes it possible for us to deliver additional value to our international customers, re-use offerings within the group and share knowledge and experience between the employees. The combined entity will ensure we have the maximum opportunity to continue our market leading position" says Jason Clark, CEO of B2net.
Proact’s CEO Olof Sand: "B2net is the leading integrator in the UK in the field of storage and archiving, they have the same position in the UK as Proact has on other markets. To get this position in the UK is a very important step for Proact’s expansion in Europe. By B2net’s recognized excellence we will have great synergy effects on both suppliers and customers’ side. We will have opportunities for further exchange of experience between employees in different countries, which creates both efficiency and competence development for our employees".
"Based on B2net’s similarity to Proact both regarding culture and offerings we look forward to a smooth integration process with the activities of Proact. We look forward to working with B2net’s interesting customers, talented employees and to develop our business in Europe" says Martin Ödman responsible for Proact's subsidiaries in Western Europe.
"B2net is like Proact partnering with the leading storage and archiving suppliers like NetApp, EMC and others. B2net is the largest and most successful reseller of NetApp in the UK and has been named 'NetApp Reseller & Partner of the Year' during the past four years. B2net has recently acquired Essant Ltd. They are providing services within the Cisco UCS area, which fits nicely in line with Proact’s strategy as well" says Jakob Høholdt, VP Corporate Strategy & Efficiency in Proact.
For further information, please contact:
Olof Sand tel. +46 8 410 666 82 email: olof.sand@proact.se
CEO Proact IT Group AB
Jonas Persson tel: +46 8 410 666 90 email: jonas.persson@proact.se
CFO Proact IT Group AB
Jason Clark tel. +44 (1246) 266300 email: jclark@b2net.co.uk
CEO B2net Ltd.
Jakob Høholdt tel. +45 22 105 211 email: jakob.hoholdt@proact.dk
VP Corporate Strategy & Efficiency Proact IT Group
Martin Ödman tel: +46 31 760 68 11 email: martin.odman@proact.se
Director, Business Unit West
About Proact
Proact is a specialist in storage, archiving and securing large volumes of mission-critical information. As an independent integrator, Proact provides systems, support and consulting services within its focus area of data storage and archiving.
The Proact Group has more than 570 employees and conducts business in Belgium, Czech Republic, Denmark, Estonia, Finland, Great Britain, Latvia, Lithuania, The Netherlands, Norway, Slovakia, Spain and Sweden. Proact was founded in 1994 and its parent company, Proact IT Group AB (publ) has been listed on Nasdaq OMX Stockholm since 1999 under the symbol PACT.
Additional information about Proact is available at www.proact.eu