Acquisition secures development capacity

Enea is set to acquire IP Devel - a company that has recently been one of its largest customers and partners.

Enea has signed an agreement to acquire IP Devel, providing it with a base on which to expand its European business and securing development capacity for its own products.

IP Devel specialises 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.

Since 2006 Enea has been 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", says Johan Wall, CEO and President, Enea.

"We thoroughly know IP Devels' top expertise in embedded technology and are thus very pleased with the acquisition".

"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 specialised in the development of embedded technology and testing of such systems".

"We are a perfect match", says Bogdan Putinica, founder of IP Devel, who will stay on as Managing Director.

"With IP Devel's strong customer base of leading international telecom customers we strengthen Enea's European services offer".

Enea will acquire 100% 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%) and the founders and CEO (24%).

The deal is expected to be closed by the end of May 2008.

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