GlobeNewswire
2011-07-06
Trifork A/S Has Today Signed the Final Agreement With Erlang
Solutions on the Acquisition of a Controlling Stake in the
Company. Trifork Has Upward Revised Its Turnover for 2011 to
DKKm 180 and EBITDA Results to DKKm 26.5.
AARHUS, Denmark, July 6, 2011 (GLOBE NEWSWIRE) -- Trifork A/S has today
signed the final agreement with Erlang Solutions on the acquisition of
a controlling stake in the company. Technologically and geographically
the synergy of the two companies is expected to influence the outcome
positively in 2011. Trifork has revised turnover for 2011 from DKKm 170
to DKKm 180 and EBITDA results from DKKm 25 to DKKm 26.5.
On June 10th 2011 Trifork signed a term sheet with the UK based company
Erlang Solutions (see announcement No. 7 / 2011), and today the final
agreement was signed.
On July 1st 2011 Trifork acquires a controlling stake in Erlang
Solutions by buying 50.01% stake. Payment for the shareholding is in
the form of Trifork shares and a cash amount. Erlang Solutions
continues as an independent business and Trifork will be represented in
the Board of Directors.
Great complementarity
Investing in Erlang Solutions is in line with Trifork's focus and core
competence within mobile technologies. Erlang Solutions' unique
expertise in Erlang OTP technology will enable "end to end" solutions
for: Telecom, messaging, payment systems and process control.
Furthermore, Erlang Solutions' offices in London, Stockholm and Krakow
will be an important beachhead in Trifork internationalization
strategy. Trifork is currently based in Aarhus, Copenhagen and Zurich
and has a goal to be internationally represented in 7 cities by 2015.
Upward adjustment of expectations for 2011
Erlang Solutions is expected to influence positively to financial
performance in Trifork already by 2011. As stated in announcement No. 7
/ 2011 revenue is expected to increase from the previous forecast of
DKKm 170 to an expected DKKm 180. The EBITDA is expected to rise to
DKKm 26.5 from the previous forecast of DKKm 25. The EBITDA margin for
2011 is still expected to be 15%.
Regards,
The board of directors for Trifork A/S
Additional information