Press Release
Norwegian IT major ‘EDB' acquires 50.1% stake in ‘SPAN Infotech'
Acquisition enables US$ 1 Billion EDB to establish Global Sourcing Footprint in India
Bangalore, October 29 th 2007: Bangalore based IT company, SPAN Infotech India Pvt Ltd. today announced that it has reached an agreement with EDB (Oslo Børs: EDBASA ) who will acquire a 50.1% stake of the company. EDB is , one of the largest IT groups in the Nordic countries, with over 40 years' experience of serving leading Nordic businesses. EDB has over 4,600 employees with revenues of over US$ One Billion. EDB delivers solutions that cover the entire range of business critical IT services.
SPAN Infotech (Est. 1994) an ISO 9001:2008 certified and CMM level 4 company employs about 550 professionals working from 3 office locations in Bangalore, India, and is principally working in the areas of applications development and applications management.
This acquisition represents one of the largest-ever investments by a Norwegian IT company in Asia . It is expected that the acquisition will be implemented towards the end of the fourth quarter of 2007. The current management of SPAN Infotech will continue to run the company following the acquisition.
"The acquisition of SPAN Infotech in India is an important step in our commitment to building a long-term Global Sourcing strategy for EDB . Through this transaction, we will materially increase both our delivery capacity and competitiveness, and the new Indian unit, together with our Ukrainian operations, will help to ensure EDB 's strength for many years to come", comments Endre Rangnes, CEO of EDB Business Partner.
Pradeep Grama, Managing Director, SPAN Infotech said, “In EDB, not only did we find a match in the value and philosophy but also synergies to expand in both the European and US markets. This relationship enables SPAN Infotech to be a true global solutions provider. It also provides EDB a significant footprint in India for quality software delivery and in meeting its demands of large projects”
“With this SPAN Infotech enters an era of large projects. It also bolsters news areas and practices that increase the opportunity for the employees to work on exciting technologies.” added Pramod Grama, SVP, SPAN Infotech.
About SPAN Infotech
SPAN Infotech was established in 1994. The company now has about 550 highly certified employees working at 3 office locations in Bangalore, India. The company expects revenue growth in excess of 50% in 2007. About 80% of SPAN Infotech's revenue comes from the USA, with the remainder from Scandinavia. The company's most important customers include a number of financial institutions. SPAN Infotech specializes in Insurance and financial services business domains.
For more information on SPAN Infotech , visit: http://www.spansystems.com
About EDB:
EDB Business Partner is a leading Nordic stock exchange listed IT company. The EDB Group has 4,600 employees, and reported turnover of NOK 5.8 billion in 2006. EDB delivers solutions that cover the entire range of business critical IT services from application services and industry-specific solutions through to IT operating services and network solutions. EDB is committed to being a close and attentive IT partner that helps its customers operate more efficiently and achieve their business objectives. EDB Business Partner is listed on Oslo Børs with the ticker code:EDBASA.
For further information of EDB visit: http://www.edb.com
Press Contact:
India
SPAN Infotech:
Naganand Doraswamy, SVP
Tel #: +91-80-40219600
e-mail: naganand@spansystems.com
USA
SPAN Infotech:
Prakash Grama , CEO
Tel #: 972-471-1252
e-mail: prakash@spansystems.com