Framfab expands into Germany
Framfab expands into Germany Stockholm, December 3, 1999 Mindfact was established in 1995 and has 105 employees today. Mindfact is a full service Internet professional services company based in Cologne. Among the clients are AXA, 3M, Commerzbank, Kaufhof, Aachener und Münchener Versicherung and Deutsche Krankenversicherung AG (DKV). Mindfact's profit margin is well in line with that of Framfab. With the acquisition, Framfab further strengthens its position as the leading European Internet Professional Services company. The German company will be Framfab's base for further expansion in Germany, Switzerland and Austria. The company already has firm plans for an expansion to other German cities. Framfab also intends to continue expanding in Europe and in the United States. Framfab will acquire 90 percent of the shares in Mindfact now and the remaining 10 percent in the first quarter of 2001. The German company will initially be called Framfab Mindfact. "Mindfact is the most advanced Internet professional services company that we have seen in Germany. Their focus on strategy consulting, design and technology implementation matches ours formidably. Since Germany is Europe's largest market for Internet services, this key acquisition further strengthens our ability to provide global services to our multinational clients," says Jonas Birgersson, CEO Framfab. "We selected to join Framfab because of the excellent fit in terms of service offering, service level and overall culture. The international network of Framfab will help Mindfact become an even better strategic partner for leading German companies," says Mindfact's CEO Ralf Pispers. Enskilda Securities and its German alliance partner Druecker & Co are acting as financial advisers to Framfab in connection with this transaction. For further information please contact: Jonas Birgersson, CEO Framfab, +46 70 94 121 12, jonas.birgersson@framfab.se, or Martin Anderlind, VP Market Communications, Framfab, +46 70 658 85 42, martin.anderlind@framfab.se, www.framfab.com Ralf Pispers, CEO Mindfact, +49 2234 699 102, r.pispers@mindfact.com, www.mindfact.com Framfab's business concept is to create new business for the network economy through strategic consulting and digital services. Framfab today has more than 630 employees divided among 20 offices located in Copenhagen, Gothenburg, Linköping, London, Lund, Malmö, Paris, Stockholm, Uppsala and Västerås. Framfab is the general supplier of Internet services to Volvo Car Corporation, the Volvo Group, the National Power Administration, IKEA and Electrolux. Among other clients are AstraZeneca, Ericsson, France Telecom, the International Red Cross, lastminute.com, the SAAB Group, Tele Danmark and Unibank. Framfab is listed on the Stockholm Stock Exchange's "O" list (ticker FTID). ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/03/19991203BIT00020/bit0001.doc http://www.bit.se/bitonline/1999/12/03/19991203BIT00020/bit0002.pdf