Addnode Group has signed an agreement to acquire Symetri, a UK market-leading provider of IT solutions for design and engineering businesses
STOCKHOLM, April 2, 2014 – An acquisition of UK based Symetri’s business from Airbus Defence and Space is in line with Addnode Group's strategy to be a market leading provider of mission-critical systems and solutions for design and engineering activities. With an annual turnover of SEK 80 M, Symetri will be a first step in an expansion to the UK market, which is expected to be one of Europe’s fastest growing economies in 2014. Completion of the transaction is subject to certain conditions.
Symetri is an Autodesk Gold partner and a supplier of software for computer-aided design and related consulting and training services. The business of Symetri is expected to generate an annual turnover of SEK 80 M and employs 23 employees. Symetri is the largest Autodesk reseller toward the UK manufacturing and Oil & Gas market.
“An acquisition of Symetri opens up UK as a new market for Cad-Q and Addnode Group. Symetri has a strong position in the UK market and we can support Symetri with a broader product portfolio and a service offering as well as our experience of global customers”, says Rolf Kjærnsli, Managing Director Cad-Q and head of Addnode Groups Business Area Design Management.
“This is in line with Addnode Group's strategy to be a leading provider of mission-critical support systems for design and engineering activities. Cad-Q and Addnode Group are one of Europe’s leading providers of design and PLM solutions. This transaction would open up a foothold for us in a new geography”, says Staffan Hanstorp, CEO and President of Addnode Group.
The acquisition of Symetri is an asset deal. Addnode Group has signed an agreement to acquire the assets of Symetri, certain contracts and to take on the employees. Completion of the transaction is subject to the transfer of certain leases and customer related contracts. The purchase price will be paid in cash and amount to less than SEK 30 M.
The information in this Press release is such that Addnode Group must disclose in accordance with the Swedish Securities and Clearing Operations Act and/or the Financial Instruments Trading Act. The information was released on April 2, 2014 at 08:30.
Rolf Kjærnsli, CEO of Cad-Q and manager for Business Area Design Management
Phone: +47 915 75 961, e-mail: rolf.kjaernsli@cad-q.no
Staffan Hanstorp, CEO and President of Addnode Group
Phone: +46 (0) 733 77 24 30, e-mail: staffan.hanstorp@addnodegroup.com
Johan Andersson, CFO and head of Investor Relations, Addnode Group
Phone: +46 (0) 704 205 831, e-mail: johan.andersson@addnodegroup.com
About Addnode Group
Addnode Group provides mission-critical IT solutions to selected markets in both private and public sectors. We acquire, build and manage companies that deliver mission-critical IT solutions for the specific needs of our clients. Every day, 250,000 engineers use our systems to develop and maintain products, buildings and facilities. 100,000 civil servants in the public sector use our solutions for municipal and state administration.
We are 950 employees in Sweden, Norway, Finland, Denmark, Serbia, India and USA. In 2013 net sales totaled SEK 1 444 M. Addnode's Series B share is listed on the OMX Nordic List, Small Cap. More information about Addnode Group on www.addnodegroup.com
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