The Swedish Competition Authority has approved Knowit’s acquisition of Cybercom
The Swedish Competition Authority has approved Knowit’s previously announced acquisition of Cybercom.
The approval was one of the conditions for the acquisition which was announced on 5 May 2021. In addition, the acquisition is conditional upon the authorization by the Extraordinary General Meeting, May 28th, for the Board of Directors to resolve on the issue in kind of 5,760,883 Knowit shares. The acquisition of Cybercom is expected to be completed by the turn of June/July 2021.
Per Wallentin, CEO of Knowit, commented the acquisition on the announcement of the deal:
“For several years, we have seen a development towards more complex customer needs that require our expertise through the entire value chain, from product development to completely new customer interfaces and processes. Cybercom will complement our offering with more technology-oriented services and a sustainability offering at the forefront. We are strengthening our market position in areas that are developing rapidly – cyber security, cloud services and digital solutions to society's sustainability challenges.”
"Through this acquisition, we become a very attractive partner for both customers and employees, and we establish a platform for a continued strong growth journey."
The new company will have more than 3,800 employees, sales of SEK 5.5 billion and EBITA of SEK 541 million FY2020[1].
[1] Combined sales and EBITA FY2020 for Knowit och Cybercom, proforma-adjusted for Knowit’s acqusition of Creuna (November 2020) and Cybercom’s acquisition of Solutive Oy (November 2020)
For more information, please contact
Marie Björklund, CFO, +46 70 1449802 or marie.bjorklund@knowit.se
Per Wallentin, CEO Knowit, +46 73 746860 or per.wallentin@knowit.se
Christina Johansson, CCO Knowit AB, +46 70 5421734 or christina.johansson@knowit.se
About Knowit
Knowit AB (publ) is a consultancy firm that supports its clients in the digital transformation. The Company develops sustainable and innovative solutions that contribute to high business value for its clients. Knowit stands out among other consultancy firms through its decentralized organization and agile work methods in its client assignments. The operations are divided across three business areas: Solutions, Experience, and Insight, which offer services in tailored system development, digital customer experiences, and management consultancy. Competences from several business areas are often combined in the client projects. Knowit’s vision is to create a sustainable and humane society through digitalization and innovation. The Company was established in 1990 and now has around 2,600 employees in 15 locations in Sweden, five in Norway, and one each in Denmark, Finland, and Germany. Knowit AB (publ) is listed on Nasdaq Stockholm. For more information on Knowit, please visit knowit.se
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