Ibistic sold to Visma

Press release Visma:

Visma Advantage acquires Ibistic Pool

At 31 December 2004, Visma Advantage AS entered into an agreement to acquire the business of Ibistic Pool from Ibistic Norge AS. The proceeds for the business will amount to approximately MNOK 28.2 (on an enterprise value basis), subject to potential balance sheet adjustments as of closing. The agreement is pending on no objections from the Norwegian Competition Authority.

Ibistic Pool is a leading Norwegian procurement service provider of non-strategic products and services to mid-sized companies. The business is located in Oslo, providing its services to some 215 customers, with a combined procurement volume through Ibistic Pool of about MNOK 400. Net revenues for 2004 for Ibistic Pool are expected to be MNOK 13.2 with a corresponding EBIT of MNOK 7.0.

Ibistic Pool will be integrated with the procurement activities of Visma Advantage.

Before the acquisition, Visma Advantage provides procurement services to about 1.500 clients.