Custos, Kinnevik, KF Invest and Orkla founders of new IT company

Custos, Kinnevik, KF Invest and Orkla founders of new IT company AB Custos, Industriförvaltnings AB Kinnevik, KF Invest AB and Orkla ASA have founded the company Acando AB. The company was founded January 1 st 1999. Acando will work with large organisations and their development of value chains and business processes through effective use of information technology ("CROSS VALUE"). The customers will primarily be large Nordic companies and public authorities. Acando's objective is to take full responsibility from strategy to the implementation of IT-related changes which create substantial and concrete value for the customer. A work methodology, CONTACT (Content + Action), will be created for Acando's operations. The employees' share of ownership will be significant and all employees have the opportunity to invest in the company. The employees own 40 per cent, Custos 30 per cent, Kinnevik 15 per cent and KF Invest and Orkla 7.5 per cent each. The total investment is estimated at approximately SEK 150 million during the build-up phase. About 60 of Sweden's most experienced and qualified individuals in IT- and management consulting have been recruited so far. The pace of recruitment is high. Sven Kallstenius will be the CEO of Acando. Sven Kallstenius is 37 years old and has previously been with WM-data as CEO of WM-data Applications Solutions. Stockholm February 24 th 1999 ACANDO AB Christer Gardell Chairman of the Board of Acando For further questions please contact Mr Christer Gardell (+46 8 440 57 70) ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/02/24/19990224BIT00050/bit0001.doc http://www.bit.se/bitonline/1999/02/24/19990224BIT00050/bit0002.pdf