Enea® (Nordic Exchange/Small Cap/ENEA), a world leading provider of network software and services, announced that it has signed an agreement to acquire IP Devel SRL. The acquisition of IP Devel provides Enea with a base on which to expand its European business and it also secures development capacity for its own products. IP Devel is specialized in embedded systems development and advanced test services. The company is profitable and has grown quickly since 2000. Net sales for 2007 were approximately EUR 4 million. Enea is, since 2006, one of IP Devel’s largest customers and partners. IP Devel has about 120 employees and is based in Bucharest.
“IP Devel is a well-run and profitable company with good growth and great customers. We thoroughly know IP Devels’ top expertise in embedded technology and are thus very pleased with the acquisition,” says Johan Wall, CEO and president, Enea. “With IP Devel we grow Enea’s professional services offer in Europe. With the acquisition we also secure Enea’s, and our customers’, future development capacity in a low cost environment.”
“Enea is the world leader in embedded solutions and IP Devel is specialized in the development of embedded technology and testing of such systems. We are a perfect match”, says Bogdan Putinica, founder of IP Devel, who stays on as managing director. “With IP Devel’s strong customer base of leading international telecom customers we strengthen Enea’s European services offer.”
Enea acquires 100 percent of the shares in IP Devel for EUR 3.2 million in cash at closing, with an additional payment after four years based on the financial performance of IP Devel. Sellers are Adecco, the world leader in HR Services (76 percent) and founders and CEO (24 percent). The deal is foreseen to be closed by end of May.
Enea will publish the financial report for the first quarter 2008 on Wednesday, April 23, 2008. At the Media and Analyst meeting, that takes place in Stockholm at Operaterassen at 10.30 AM CET, the acquisition of IP Devel will be presented in more detail.
About IP Devel
IP Devel provides advanced IT outsourcing services towards complex IT solutions with focus on embedded technology and testing. IP Devel engineers work on some of the newest, most innovative projects worldwide in embedded systems development and advanced testing services. Since its start in 2000, IP Devel has provided over 400 solutions in creative applications, testing and validation services for leading technology providers. The company has grown rapidly since the start, making IP Devel one of the off shore leaders coming from the Romanian market.
Enea is the leading supplier of real-time operating systems, middleware, development tools, database technology and professional services for high-availability systems such as telecommunications infrastructure, mobile devices, medical instrumentation, and automobile control/infotainment. Enea’s flagship operating system, Enea OSE, is deployed in approximately half of the world’s 3G mobile phones and base stations. Enea has over 550 employees and is listed on the OMX Nordic Exchange Stockholm AB (Nordic Exchange/Small Cap/ENEA).
Enea®, Enea OSE® and Polyhedra® are the registered trademarks of Enea AB and its subsidiaries. Enea OSE® ck, Enea OSE® Epsilon, Enea® Element, Enea® Optima, Enea® LINX, Enea® Accelerator, Polyhedra® Flashlite, Enea dSPEED Platform, Accelerating Network Convergence(tm), Device Software Optimized(tm) and Embedded for Leaders(tm) are unregistered trademarks of Enea AB or its subsidiaries.