Cell Network acquires Internet consulting company in Italy
Cell Network acquires Internet consulting company in Italy Cell Network AB (publ) has signed a letter of intent regarding the acquisition of 100% of the Internet consulting company WEB Internet Marketing Solutions S.r.l. in Milano, Italy. This acquisition further strengthens Cell Network's coverage of the European market and supplements existing operations in London, Madrid, Zurich, Munich, Paris, Oslo, Copenhagen and Stockholm. Strategic acquisition "This is a strategic acquisition considering that Italy is a country that is expected to show strong growth over the coming years in Internet and mobile communications," says Jessica Staël von Holstein, who is responsible for international expansion at Cell Network. "WEB is working with major European accounts in the Italian market, such as Lufthansa, which is a powerful contributing factor in choosing this company in the Italian market. Cell Network intends to acquire 100% of the shares in WEB Internet Marketing Solutions S.r.l. The parties have agreed not to disclose the purchase price. The acquisition is subject to customary due diligence. WEB Internet Marketing Solutions S.r.l. WEB was established in 1996 by the brother Franco Ricchiuti and Diego Ricchiuti, whose vision was to become the leading Internet supplier of e- business solution to companies in Italy. Franco Ricciuti is president of the company, which has 20 employees with expertise in strategy, technology and design. Sales are expected to amount to about SEK 5 M in 1999. Customers include the German airline Lufthansa, the food company Kraft Jacobs Suchard, the record company BMG Records, the US insurance company Allstate Insurance, Seagram Italia, Universal Music and Initrade Spa. WEB has produced many awardwinning customer projects, amongst others are Unilevers productsite at www.axeformusic.com - awarded "1998 Best Italian Webbsite" - and Barzaghi Interiors Design at www.barzaghi.it - awarded "1999 Best Italian Webbsite ". WEB has also received first prize in the category "Innovation in Communications" 1999 on behalf of Lufthansa, see www.lufthansa.it. For further information on customers and solutions, visit http://web.webcity.it The Internet company Cell Network AB (publ) is listed on the OM Stockholm Stock Exchange's O-list and has international operations in Sweden, Norway, Denmark, France, Spain, United Kingdom, Germany and Switzerland. The Group is a leading Internet consulting company for business development based on new digital media and aims to be the European market leader. Customers include General Electric, Telia, Nokia, ABB, Volvo, Telenor, Renault, Saab, Banque Nationale de Paris, Ericsson, Braathens Malmö Aviation, Astra-Zeneca, Procordia, De norske Bokklubbene, Nationalencyklopedin, Svenskt Flyg, Bonnier, Torget (Swedish Post) and Electrolux Home. To subscribe to press releases online, visit www.huginonline.com. Contacts: Arvid Liepe, Corporate Communications and Investor Relations, Cell Network AB (publ), +46 8 522 041 85 or +46 709 56 51 85 Jessica Staël von Holstein, international expansion Cell Network AB (publ), +46 8 522 041 35 +46 709 56 51 35 ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/02/08/20000208BIT00030/bit0001.doc http://www.bit.se/bitonline/2000/02/08/20000208BIT00030/bit0002.pdf