HiQ acquires Danish IT and telecoms consultancy, WISE Network

HiQ acquires Danish IT and telecoms consultancy, WISE Network IT and management consultancy HiQ acquires Danish telecoms consultancy WISE Network, with offices in Copenhagen and Århus. WISE Network focuses on systems development within Wireless, Internet and telecoms. WISE is an IT and telecom consultancy which employs just over 20 systems developers and project leaders working with systems development and management. Its customers are mainly major suppliers and operators such as Motorola, Siemens, Nokia, Tellabs and Sonofon. Its other customers include Artema, Bruel & Kjaer, FOSS Electric and SAS Data. "WISE is an excellent match for HiQ, with its combination of high competence in telecoms and mobile Internet, quality customers and a positive corporate culture," says Lars Stugemo, Deputy Managing Director of HiQ International. And like HiQ, WISE has demonstrated its ability to maintain high profitability while expanding. WISE's margins and turnover per employee are much on a par with HiQ. HiQ has a conscious strategy to expand in the Nordic region, and the acquisition strengthens HiQ's position as leading telecoms consultancy on the Nordic market. Establishing a business in Denmark gives a strong foothold in the expansive Öresund region, which is gaining increasing importance internationally with its proximity to the Continent and the bridge connection to south Sweden. "WISE's competence lies within the same high-tech industries as ours, and they have a well-established customer base in Denmark, with international customers within telecoms," continues Stugemo. WISE works within fields that strengthen HiQ. For example, one of WISE's assignments is to develop a WAP-based industrial application, one of mobile Internet's new areas of use. "HiQ is a renowned supplier of high-quality telecoms and mobile Internet consultancy, and is a strong brand within the industry. At WISE, we see fantastic possibilities to develop alongside HiQ, and capitalise on their large customer base and exciting assignments," says Gilbert Jensen, CEO of WISE Network. It is intended that the acquisition will be financed mainly by a directed issue of new shares in HiQ. The cost of the acquisition will be financed in two parts; a fixed part and an additional purchase price. For the fixed part, HiQ is issuing 82.044 new shares at an average price calculated on the share price over the past ten trading days. For further information, please contact: Lars Stugemo, Deputy Managing Director, HiQ International, tel: +46 8 588 90 000 Gilbert Jensen, CEO, WISE Networks, tel: +45 43 46 00 10 HiQ is an IT and management consultancy focusing on high-tech communication and simulation solutions. Formed in 1992, HiQ is now a leader in these fields and the Nordic region is its domestic market. The Group's net sales in 1998 were SEK 152 million, and it employs 250 people in Stockholm, Arboga, Gothenburg and Oslo. HiQ is listed on the OM Stockholm Stock Exchange O-list. For more information please visit www.hiq.se ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/2000/01/24/20000124BIT00310/bit0001.doc http://www.bit.se/bitonline/2000/01/24/20000124BIT00310/bit0002.pdf