Proact acquires 75 per cent of British firm B2net

Proact IT Group AB has acquired 75% of the British company B2net for £12 million. Proact has further entered into a binding agreement giving it the opportunity to acquire the remaining 25% which is currently held by B2net management. B2net has about 145 employees in five locations in the UK with a turnover of approximately £48 million.

The acquisition price is 7 times B2net’s EBITA and 0.3 times B2net’s turnover. Proact’s results will benefit from the acquisition from the current year. B2net will be consolidated in Proact in the second quarter of 2011.

This is Proact's third major acquisition in the recent months. The Czech company Storyflex was acquired in October 2010 and the Dutch company Databasement in January 2011. Proact's pro forma annual turnover after the three acquisitions will be approximately SEK 2.2 billion which is about 60 % higher than the turnover 2010.

With these acquisitions Proact has taken the step to become the market leading specialist within storage and archiving in Europe. In total, these acquisitions will result in increased costs in the form of acquisition costs, amortization of intangible assets and financial costs compared to the same period last year.

Jason Clark, CEO of B2net said over the last decade B2net has become the number one storage integrator in the UK. Clark said the firm is now in a period of change and the opportunity to match its skill and expertise with Proact's business model fits its future very well. According to Cark, the investment makes it possible for B2net to deliver additional value to its international customers, re-use offerings within the group and share knowledge and experience between the employees.

Proact’s CEO Olof Sand commented that B2net is the leading integrator in the UK in the field of storage and archiving, they have the same position in the UK as Proact has on other markets. To get this position in the UK is a very important step for Proact’s expansion in Europe, said Sand.

Martin Ödman, responsible for Proact's subsidiaries in Western Europe noted that based on B2net’s similarity to Proact both regarding culture and offerings, Proact looks forward to a smooth integration process with the activities of Proact. Odman added the firm looks forward to working with B2net’s interesting customers, talented employees and to develop its business in Europe.

The Proact Group has more than 570 employees and conducts business in Belgium, Czech Republic, Denmark, Estonia, Finland, Great Britain, Latvia, Lithuania, The Netherlands, Norway, Slovakia, Spain and Sweden.

10th April 2011