CORRECTION: Trifork acquires the software company Orange11 and increases expectations for 2012

7/4/2012 6:31 AM EST

Trifork A/S
Company Announcement

CORRECTION: Trifork acquires the software company Orange11 and increases
expectations for 2012

Message No. 9/2012

Aarhus, July 4th, 2012, 2012-07-04 12:31 CEST (GLOBE NEWSWIRE) -- 

Today, Trifork A/S has signed a binding agreement with the Dutch software
company Orange11 on the acquisition of all shares in the company.
Technologically and geographically, the two companies complement each other,
and the investment is expected to influence the financial outcome positively
this year as well. Therefore, Trifork increases expectations for the 2012
turnover to DKKm 230 (as opposed to DKKm 215) and EBITDA-profit to DKKm 36 (as
opposed to DKKm 34). 

Payment is in the form of Trifork shares and a cash amount. Orange11 continues
as an independent business with Trifork represented on the Board of Directors. 

The total purchase price is agreed to EURm 6.25. The purchase price payable by
cash in Q3-2012 is EURm 3.675 and the remaining purchase price is payable over
a period of 2.5 years, with 32% of the amount payable in Trifork shares. The
major part of the remaining purchase sum is tied to earn-out targets for the
company and employee lock up targets. 



Large commercial synergy

The commercial synergy between the two companies is considerable - both in
terms of talent and the geographical match. 

Orange 11 has, as Trifork, chosen to focus on a dynamic development environment
and has been able to attract highly skilled employees. Commercially, the two
companies have both started the transition from the sale of individual projects
and solutions to a business, which increasingly consists of sale of core
products, which can be individually adapted. 

Orange11 is based in Amsterdam and will be the entry point for Trifork in
Holland. Thus, the international profile of Trifork is strengthened, being
represented in 6 markets and in 7 cities. In this way, the objective for 2015
is already met. 

Trifork and Orange11 are no strangers to one another, since 2010 the companies
have been working together on the high-end developers conference GOTO
Amsterdam. Based on this successful partnership and the synergies in their
long-term strategic objectives, this acquisition opens up a door of new
opportunities both in The Netherlands and internationally. 



Profit expectations for 2012

As early as 2012, the acquisition of Orange11 is expected to improve the
financial performance of the Group. Thus, Trifork increases the expectations of
the 2012 revenue to DKKm 230 (from DKKm 215), and EBITDA-result is expected to
be DKKm 36 (from DKKm 34). EBITDA-margin for 2012 is expected to remain above
15%. 

"In Orange11, we have found a company with the same mind-set as Trifork. This
is a highly competent software company, which in recent years has evolved very
positively and most importantly – it has solid roots in the agile development
approach. We believe that Trifork, jointly with Orange11, can elevate
development to new levels in order to maintaining our leadership position
within the mobile solutions. Many of Trifork products can be sold on the Dutch
market, which is significantly larger than the Danish market and Orange11 will
be the organization which successfully implements them with the customers,
"says Jørn Larsen, CEO of Trifork A/S and continues: " Having seen the
beginning of new and exciting products in Orange11, we look forward to jointly
presenting them to the existing customers of Trifork." 

The sentiments are mutual, “We are all very excited and look forward to
offering our customers even more new insights and solutions from being a part
of a larger international group of technology experts ”, says Jeroen
Speekenbrink, CEO a.i, Orange11. Steven Schuurman, former CEO and owner,
continues ”Our customers will benefit from the technology and solutions from
Trifork, while our team will be able to expand its horizon“. 



About Trifork

Trifork was founded in 1996 and is listed on NASDAQ OMX in Copenhagen. It is an
innovative software development company focusing on Mobile, Agile and Cloud. It
develops and delivers business critical IT systems for several sectors
including finance, healthcare, government, manufacturing and telecom. Trifork
employs 180 people in 7 offices in Aarhus, London, Copenhagen, Zürich, Krakow,
Stockholm and San Francisco. At the end of 2011 Trifork had a market value at
almost DKKm 256 / EUR 34M, with a turnover of DKKm 175 / EUR 23M. 


About Orange11

Orange11, founded in 2002, is a leading full service supplier of high-quality
custom-built applications. It has specialist teams that provide end-to-end
project delivery services to support the full project life-cycle, from business
analysis, design, development and testing to support. In addition, Orange11
provides high-end consulting and training services. Orange11 is an industry
specialist, and has an impressive track record in education, government,
healthcare, finance, directory services and cultural heritage markets. Orange11
has 60 employees based in Amsterdam. It has grown significantly, closing in on
a growth rate of almost 400% over a three year period. 



Regards,

The Board of directors for Trifork A/S





Trifork A/S
Margrethepladsen 4
DK-8000 Århus C

CVR-nr. 20921897
ISIN DK0060102887
Shortname TRIFOR

Phone +45 8732 8787
Fax +45 8732 8788

Additional information:
CEO Jørn Larsen

Direct +41 79 430 96 97

E-mail:  
Internet: www.trifork.com