Prevas grows and welcomes factor10
Prevas has signed an agreement to acquire 60 percent of factor10. factor10 is a cutting edge company with some of the best software developers in Sweden.
factor10 offers advanced software development with a simple and strong business concept. Having some of the best developers in Sweden, who together offer an extremely positive impact on their assignments – a factor of ten in value creation – attracts a lot of interesting customers. In addition to the natural effects of the development, this also leads to solutions with smaller amounts of code, which in turn are cheaper to maintain. It is also an important key to get smoothness in future business development.
“This is truly a fine diamond”, says Johan Strid, CEO of Prevas. “The whole concept fits very well with our strategy of offering high value to our customers and at the same time offering an attractive working environment for our employees.”
“Prevas’ decentralized environment fits us like a glove and the clear strategy of creating customer value and striving for excellence is perfect for us,” says Jimmy Nilsson, CEO and co-owner of factor10. I see a lot of positive effects for us and our customers in being a node in Prevas and look forward to having more colleagues. I also want to say that if anyone wants to become a ”factor10 consultant”, either right now or in the future, they should get in touch with me.”
At present factor10 has seven consultants and long-term relationships with about ten customers. Some of the more unusual names in that list are Darpa (who once upon a time created the internet) and Microsoft in Redmond. The ambition of factor10 is to help present and future customers with their value creation and they enjoy working with companies that “want a little extra” with their business. The aim is to grow with the existing business model, with extremely high skill levels in the employees, and incrementally to find points of cooperation with other nodes in the Prevas network. factor10 can contribute with software expertise to both product development and production development.
“For me personally, this is an excellent arrangement where I retain 80% of my ownership. We are in the same boat, with the same goals”, concludes Jimmy Nilsson.
“This ranks as a cutting edge acquisition“, continues Johan Strid, “and it is great that we can deliver on the goals we have recently announced regarding both profitability and growth.”
The sale concludes on 1 April 2022 and the acquisition of 60 percent of factor10 is assessed as having a marginally positive impact on Prevas’s profit per share in the present financial year.
For more information, please contact::
Johan Strid, President & CEO, Prevas AB, Cell: +46 703 79 10 61, E-mail: johan.strid@prevas.se
Jimmy Nilsson, CEO and co-owner, factor10, Cell: +46 708 310 770, E-mail: jimmy.nilsson@factor10.com
About Prevas
Prevas is a development hub with ingenuity at its core. With a high technical competence and a deep business understanding, we help customers from a wide variety of industries benefit through continuous technological innovation. Good for people, planet, and profit. Prevas was established in 1985 and currently employs 800 people in Sweden, Denmark and Norway. Prevas is listed on NASDAQ Stockholm since 1998. For more information about Prevas, visit www.prevas.com.
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