Danish IT Company IT Practice joins Asseco Capital Group
Press release, Warsaw, February 27th 2009
Danish IT Company IT Practice joins Asseco Capital Group. Asseco Northern Europe (Asseco NE) begins expansion in the region
On August 7th Asseco Poland signed an agreement for acquisition of 51,65% of shares in the Danish IT company – IT Practice based in Copenhagen. The total value of the transaction will be no more than DKK 73,700,000. The purchase of shares was financed with own funds.
IT Practice is specialized in development of turn-key software solutions as well as in provision of system integration services and optimization of IT architecture and infrastructure. Customers of IT Practice include primarily banks, financial institutions and biotech companies such as Nykredit, PBS, Nordea, NovoZymes, Experian, JP Morgan Chase & Co, ING Bank.
Payment for the transaction shall be effected in two portions. The first instalment of DKK 59.9 million shall be paid on the agreement execution date. The second instalment shall be payable following publication of the IT Practice audited financial results for 2010 provided net profit achieved by that company for the years 2009-2010 is not lower than DKK 35.2 million.
Furthermore, under the acquisition agreement Asseco acquired a call option for additional 3.3% of shares in IT Practice, which may be exercised between 20 December 2009 and 31 January 2010.
Acquisition of IT Practice is just a beginning of building a strong regional group of Asseco Northern Europe to make business in Scandinavia and the Baltic Republics.
For further information visit the website: www.it-practice.dk