HiQ acquires MobilEyes AB – strengthens the offering within Symbian and broadens the client base
HiQ is acquiring the IT consultancy MobilEyes with around 60 employees. MobilEyes has 10 years of experience from Symbian and world leading competence within development of products based on Symbian. MobilEyes work with internationally leading clients like SonyEricsson, UiQ and Telenor.
– MobilEyes is a specialised company within development and testing of mobile services and products based on Symbian, an area where demand is strongly increasing. MobilEyes is a profitable and well-managed company which enjoys long-term relation ships with its clients and has skilled employees, says Lars Stugemo, president and CEO of HiQ.
MobileEyes was established in 1998 by Johan Carlsson among others, its current Managing Director, and is growing with good profitability. In 2006 the company had a turnover of approximately SEK 16 million.
– MobilEyes is a pure consultancy that develops high-quality solutions to the telecom sector. It is working with world-leading clients within mobility. Through the acquisition we are strengthening our offering to our clients. MobilEyes provide high-level competence when it comes to development and testing of mobile applications and the new generation smart phones. An area where HiQ already holds a strong offering and where we are now strengthening our position further, continues Stugemo.
MobilEyes presently has around ten consultants in Stockholm, sales representatives in San Francisco and a development centre with around 50 employees in Moscow.
– It will be exciting to develop our business together with HiQ, a company that has a strong brand and very good reputation in the consulting sector. HiQ’s strong position in the Nordic region provides us with plenty of opportunities for new business as well as broadening our offering to new clients, says Johan Carlsson, Managing Director MobilEyes.
The company will be consolidated from July 1 2007 and MobileEyes will in future operate as a fully-owned subsidiary of HiQ International AB, with Johan Carlsson as Managing Director.
The purchase price is approximately SEK 28 million. Around SEK 24 million will be paid in cash and the remaining part with 109 190 newly issued shares in HiQ, resulting in a dilution of 0.2%. Given that MobileEyes’ goals are achieved during 2007 an earn out payment of SEK 2 million will be paid out in the beginning of 2008. The acquisition is expected to make a positive contribution to HiQ’s profit and to the earnings per share, from start.
After the acquisition HiQ has more than 900 employees at nine offices in the Nordic Region and Eastern Europe.
For further information, please contact:
Lars Stugemo, CEO and president HiQ International, tel: +46 8 588 90 000
Johan Carlsson, MD MobilEyes, tel: +46 708 311 676
Annika Billberg, Head of Corporate Communications HiQ, tel: +46 8 588 90 015, +46 704 200 103