Jeeves Completes Acquisition in Norway

admin June 2008

After conducting due-diligence, Jeeves takes over all shares in the Norwegian LogIT Gruppen. The purchase price has been specified to a cash payment equivalent of 6,2 MNOK. In addition, there is a payment linked to established income objectives during 2008-2010. If these are met, a payment of another 8 MNOK will take place. The acquisition is self-financed.

The acquisition agreement is a result of the letter of intent that was signed on May 14, 2008. (Please refer to previous press release dated May 14, 2008). The take-over will be effective as of June 2, 2008.

Norska LogIT Gruppen owns, develops and sells ERP systems with the emphasis on the small and midsize companies on the Norwegian market. The deal is an important step in Jeeves’ growth strategy and signifies a strengthening of its position on the Norwegian market.

In 2007, the LogIT Gruppen had a turnover of 30 MNOK and the number of employees was 20. The company has offices in Oslo, Bergen, Trondheim and Molde. The acquisition is estimated to increase Jeeves’ annual turnover with around 35 MSEK and to have a positive effect on earnings per share.

For more information, please contact:
Tore Husby, CEO LogIT Gruppen, tel +47-957-50-429

About Jeeves 
Europe´s fastest growing supplier of ERP-systems*. Jeeves Information Systems AB develops ERP systems for companies within the manufacturing, trade, maintenance and service sectors. Jeeves concentrates on product development, while sales are channeled through partners and resellers. In total Jeeves has around 70 partners globally. In Sweden partners are represented on 20 locations. The main products are Jeeves Universal, Jeeves Selected and Garp, all in all installed at over 3 900 companies. The present operations started in 1992 and the company has been listed on the Stockholm Stock Exchange since 1999.

* According to Gartner, August 2006

About LogIT Gruppen
LogIT Gruppen is a leading supplier of ERP solutions and system integration, mainly to trading companies and service companies, with around 200 customer installations. The ERP system Lösning1 has for almost 20 years been effectively supporting the customers’ businesses. LogIT Gruppen has offices in Oslo, Bergen, Trondheim and Molde with customers throughout the entire country of Norway. Starting from our message - Your expectations, our responsibility –we wish to provide for deliveries with responsibility and quality that meets your expectations.