EDB Business Partner has entered into an agreement to acquire the Swedish software company BanqIT Business Applications AB. EDB is paying NOK 50 million for this business.
BanqIT Business Applications is one of the business areas of BanqIT AB. The contract provides for EDB to take over the companys in-house developed solutions for bank branch offices as well as 30 employees. The business acquired is expected to generate operating revenue of around NOK 35 million in 2005. The parties plan to complete the acquisition before 1 June 2005, including a cash payment.
The acquisition of BanqIT Business Applications gives EDB a stronger position in the Swedish market and strengthens its portfolio of solutions and components for the Nordic banking and finance market, especially for bank branch office solutions. The acquisition will also expand and strengthen EDBs Swedish development environment for the banking and finance sector.
BanqIT Business Applications has supplied a number of Swedish banks for many years. These customer relationships will continue with EDB, and will help to strengthen EDBs market position and customer relationships in Sweden.