Proha Plc purchases Aari Hovi Oy and Vidac Oy
PROHA PLC PURCHASES ARI HOVI OY AND VIDAC OY Proha Plc (hereinafter Proha) has made a binding precontract with all shareholders of Ari Hovi Oy. With this agreement Proha acquires the entire stock capital of the Helsinki-based Ari Hovi Oy. In addition, Ari Hovi Oy owns 90% of its subsidiary company, Vidac Oy. Ari Hovi Oy, established 1990, is a training and consulting company, specialising in, among other things, training and consulting of Data Warehouse systems. Ari Hovi Oy's subsidiary company, Vidac Oy, concentrates on design and implementation of Data Warehouse systems. Both companies have clients in banking, trade, industry and government. Ari Hovi Oy and Vidac Oy will continue as independent subsidiaries within the Proha Group. The leading Data Warehouse expertise of Ari Hovi Oy and Vidac Oy support Proha's strategy both in the fields of project management software and Internet business applications. At the same time Proha's products and expertise open new opportunities for developing further Ari Hovi Oy's and Vidac Oy's Data Warehouse products. The acquisition will be conducted as an exchange of shares. The owners of Ari Hovi Oy are offered a total of 145,000 new shares of Proha Plc in exchange for the capital contribution property of Ari Hovi Oy's entire stock capital. The shares offered amount to approximately 3.8% of the stock capital of Proha Plc after the exchange. The new shares include a sales restriction, which will expire in two years. The purchase will come into effect after the Board of Directors of Proha Plc has reached a decision on the approval of the acquisition and carries out a share issue. Through this acquisition, Ari Hovi Oy becomes an subsidiary owned completely by Proha Plc. The purchase is a part of Proha's strategy for attaining a leading position in its areas of expertise in the Nordic countries' market and for strengthening its firm position in Finland. Proha Plc is presently negotiating additional acquisitions. Ari Hovi Oy in a nutshell Ari Hovi Oy was established in 1990. The company employs 5 persons at present. The company's net turnover during the financial year 1 October 1998 - 31 October 1999 was FIM 3.2 million; the profit before taxes FIM 0.5 million. The estimated turnover of the present financial year is approximately FIM 4.5 million, profit before taxes FIM 1.3 million. Proha in a nutshell Proha Plc is a Finnish service enterprise in the field of information technology. The key areas of Proha's operations are project management information technology, automation of software testing, and Internet business applications. After this contract, the number of persons employed by Proha plc will be 97. Proha Plc Pekka Pere Chief Executive Officer Additional information available at PROHA PLC CEO Pekka Pere, tel. +358 20 4362 000 pekka.pere@proha.fi http://www.proha.fi DISTRIBUTION: HEX Helsinki Stock Exchanges Principal media ------------------------------------------------------------ Please visit http://www.bit.se for further information The following files are available for download: http://www.bit.se/bitonline/1999/12/29/19991229BIT00350/bit0001.doc http://www.bit.se/bitonline/1999/12/29/19991229BIT00350/bit0002.pdf