AcandoFrontec acquires Edge Consulting

AcandoFrontec acquires Edge Consulting AcandoFrontec has signed an agreement to acquire the IT consulting company and Microsoft specialist Edge Consulting. Edge Consulting is currently owned in large part by its 15 employees. Founded in 1999, its client base is concentrated in Stockholm's banking and insurance sector. Edge's mission is to provide technical expertise and system development for, among others, Microsoft's .Net platform, in addition to IT management services. A focus on high-volume applications and complex integration solutions has led to numerous projects to supply front, middle and back office systems. "This acquisition is fully in line with our strategy to continuously seek out opportunities to complement our organization with new competencies and/or new market segments," said AcandoFrontec CEO Lars Wollung. "It strengthens our position in the Microsoft segment, where AcandoFrontec is already a Recommended Partner, Microsoft's highest partnership level. As a single organization, we will have better geographic balance in our Microsoft competencies. Acquiring Edge also gives us a stronger presence in the financial services segment." "This move is a natural step in our development," said Bengt Lejdström, President of Edge. "AcandoFrontec's culture and way of running its business, with priority given to long-term client relationships, suits us well. We are convinced that the integration between the two companies will go smoothly. And we know that together we will be able to find many new and interesting client projects." The all-cash acquisition is divided between an initial purchase price and an additional contingent cash payment in the second quarter of 2005. For AcandoFrontec, the takeover means a stronger position in the Microsoft segment of the Stockholm market as well as among banking and insurance clients. At the maximum purchase price, the acquisition will generate goodwill of SEK 3.3 million. A positive effect on earnings is expected by early 2005. For more information, please contact Lars Wollung, President, AcandoFrontec telephone +46 8 699 72 11 Bertil Carlsén, CFO, AcandoFrontec telephone +46 8 699 71 31 Bengt Lejdström, President, Edge Consulting telephone +46 70 229 98 11 www.acandofrontec.se Ticker symbol: AFAB AcandoFrontec is a management and IT consulting company that identifies and quickly implements performance improvements. Our consultants are business integration specialists who help customers to achieve improvements by developing processes, organizations and IT solutions. Our work is strongly focused on the bottom line and a responsibility for ensuring that customers receive the improvements they expect from their investment. The company has just over 500 employees at 5 offices in Sweden. AcandoFrontec is listed on Stockholmsbörsen's O-list under the ticker symbol AFAB. ------------------------------------------------------------ This information was brought to you by Waymaker http://www.waymaker.net The following files are available for download: http://www.waymaker.net/bitonline/2004/11/09/20041109BIT20060/wkr0001.pdf