Proha Plc Purchases Brossco Systems Oy
PROHA PLC PURCHASES BROSSCO SYSTEMS OY The Proha Plc Group (hereinafter Proha) has made a binding precontract with all shareholders of Brossco Systems Oy (hereinafter Brossco). With this agreement Proha acquires the entire stock capital of the Espoo based software company Brossco. The three key operations of Brossco are development and distribution of Voyant software product, software localization services and system development. The subsidiary in USA is included in the acquisition. Brossco will continue as an independent subsidiary within the Proha Group. Voyant- data analysis software strengthens and expands the software offering of the Proha Group, and the know-how of Brossco supports Proha's strategy in project management and Internet business applications. Meanwhile Proha's products and expertise open new opportunities for further development of Brossco's products and services. The purchase will be conducted as an exchange of shares. The owners of Brossco are offered a maximum of 193,525 new shares of the Proha Plc Group in exchange for the capital contribution property of Brossco's entire stock capital. The shares offered amount to under 5% of the stock capital of the Proha Plc Group after the exchange. The new shares include a sales restriction, which will expire fully in two years. The purchase will come into effect after the board of directors or the general meeting of the Proha Plc Group has reached a final decision on the approval of the purchase and carries out a share issue. After this acquisition Brossco becomes a fully owned subsidiary of the Proha Plc Group. The purchase is a part of Proha's strategy for attaining a leading position in its areas of expertise in the Nordic market and for strengthening its firm position in Finland. Brossco Systems in a nutshell Brossco Systems Oy was established in 1994. The company develops and distributes Voyant data analysis tool (OLAP). Some 3,500 Voyant licenses are in use worldwide. The company has a subsidiary Brossco Systems, Inc. in USA and distributors in Germany, Switzerland, Austria and Great Britain. Brossco is a partner in European localization solution LocalEyes Ltd. In cooperation with six other owners Brossco offers multilingual localization services. Brossco has also delivered tailored database based systems for industry, trade, public sector and shipping companies. Brossco employs currently 20 persons. Two thirds of the company is owned by the personnel and one third by an outside venture capital company. The net turnover of the company excluding the subsidiary and the partner companies during the financial year 1 January - 31 December 1998 was FIM 5.5 million. The estimated turnover of the present financial year is approximately FIM 5.8 million and profit before taxes FIM 0.3 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 117. 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/2000/01/03/20000103BIT00020/bit0001.doc http://www.bit.se/bitonline/2000/01/03/20000103BIT00020/bit0002.pdf