3i holdings Programmera and Giga-gruppen to merge

3i holdings Programmera and Giga-gruppen to merge Stockholm, Sweden 2001-08-23 · Two 3i Group plc associated companies, Programmera and Giga-gruppen have decided to merge. · 3i will own 42% of the merged corporation · The new enterprise will offer expert services within IT infrastructure, systems development and management. The employee headcount will be 140. Programmera and Giga-gruppen have both been active in the IT sector for over 10 years. The new corporation will offer an aggregated portfolio of operational know-how and technical consulting, systems development, management and QA. The new company will continue to offer its services in IT-intensive sectors, focusing on the banking, financial and insurance sectors, where security and accessibility are becoming progressively more significant to business operations and competitiveness. In 2000, Programmera generated earnings before tax of SEK 6.5 m from revenues of SEK 107 m, when Giga-gruppen's consulting activities produced earnings before tax of SEK 5.3 m from revenues of SEK 47 m. The Chief Executive of the new group will be Anne Kruge. Johan Seeman, Investment Manager of 3i Sweden, adviser to the 3i Group plc: "Giga-gruppen has offered infrastructural services, while Programmera has concentrated on product development and management. The merger will mean the new corporation creating a more broad-based product and services offering to existing and new clients." Anne Kruge, the Chief Executive of the newly formed company: "The merger between Giga and Programmera will result in a high-impact consulting corporation because of its size and two complementary offerings. The combination of IT infrastructural and management services means us creating greater market interest than the two enterprises can achieve independently. For more information, please contact: Johan Seeman, Investment Manager, 3i Sweden, adviser to the 3i Group: +46 (0) 8 506 10133, +46 (0) 70 556 7570 Anne Kruge, Chief Executive: +46 (0) 8 703 2500 Jonas Andersen, Programmera's Corporate Communications Executive: +46 (0) 8 703 2500 About 3i International investment Corporation 3i plc and its group companies provide capital, know-how and contacts to create and develop businesses worldwide. 3i plc invests in a varied spectrum of business situations, from new start-ups, to buy-outs and buy-ins, concentrating on high growth prospects and skilled managements. 3i plc invests in Europe, the US and Asia through local advisers. Until the present, 3i plc has invested a total of over SEK 200 billion (including joint investment funds). During its financial year until 31 March 2001,3i plc had invested an average of over SEK 100 m daily (including joint investment funds). 3i plc's present investment portfolio is worth approximately SEK 90 billion. 3i acquired Atle in 2001. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2001/08/23/20010823BIT00810/bit0002.doc http://www.waymaker.net/bitonline/2001/08/23/20010823BIT00810/bit0002.pdf