Message No. 9/2012
AARHUS, Denmark, July 4, 2012 (GLOBE NEWSWIRE) -- Today, Trifork A/S
has signed a binding agreement with the Dutch software company Orange11
on the acquisition of all shares in the company. Technologically and
geographically, the two companies complement each other, and the
investment is expected to influence the financial outcome positively
this year as well. Therefore, Trifork increases expectations for the
2012 turnover to DKKm 230 (as opposed to DKKm 215) and EBITDA-profit to
DKKm 36 (as opposed to DKKm 34).
Payment is in the form of Trifork shares and a cash amount. Orange11
continues as an independent business with Trifork represented on the
Board of Directors.
The total purchase price is agreed to EURm 6.25. The purchase price
payable by cash in Q3-2012 is EURm 3.675 and the remaining purchase
price is payable over a period of 2.5 years, with 32% of the amount
payable in Trifork shares. The major part of the remaining purchase sum
is tied to earn-out targets for the company and employee lock up
Large commercial synergy
The commercial synergy between the two companies is considerable - both
in terms of talent and the geographical match.
Orange 11 has, as Trifork, chosen to focus on a dynamic development
environment and has been able to attract highly skilled employees.
Commercially, the two companies have both started the transition from
the sale of individual projects and solutions to a business, which
increasingly consists of sale of core products, which can be
Orange11 is based in Amsterdam and will be the entry point for Trifork
in Holland. Thus, the international profile of Trifork is strengthened,
being represented in 6 markets and in 7 cities. In this way, the
objective for 2015 is already met.
Trifork and Orange11 are no strangers to one another, since 2010 the
companies have been working together on the high-end developers
conference GOTO Amsterdam. Based on this successful partnership and the
synergies in their long-term strategic objectives, this acquisition
opens up a door of new opportunities both in The Netherlands and
Profit expectations for 2012
As early as 2012, the acquisition of Orange11 is expected to improve
the financial performance of the Group. Thus, Trifork increases the
expectations of the 2012 revenue to DKKm 230 (from DKKm 215), and
EBITDA-result is expected to be DKKm 36 (from DKKm 34). EBITDA-margin
for 2012 is expected to remain above 15%.
"In Orange11, we have found a company with the same mind-set as
Trifork. This is a highly competent software company, which in recent
years has evolved very positively and most importantly -- it has solid
roots in the agile development approach. We believe that Trifork,
jointly with Orange11, can elevate development to new levels in order
to maintaining our leadership position within the mobile solutions.
Many of Trifork products can be sold on the Dutch market, which is
significantly larger than the Danish market and Orange11 will be the
organization which successfully implements them with the customers,"
says Jorn Larsen, CEO of Trifork A/S and continues: " Having seen the
beginning of new and exciting products in Orange11, we look forward to
jointly presenting them to the existing customers of Trifork."
The sentiments are mutual, "We are all very excited and look forward to
offering our customers even more new insights and solutions from being
a part of a larger international group of technology experts", says
Jeroen Speekenbrink, CEO a.i, Orange11. Steven Schuurman, former CEO
and owner, continues "Our customers will benefit from the technology
and solutions from Trifork, while our team will be able to expand its
Trifork was founded in 1996 and is listed on NASDAQ OMX in Copenhagen.
It is an innovative software development company focusing on Mobile,
Agile and Cloud. It develops and delivers business critical IT systems
for several sectors including finance, healthcare, government,
manufacturing and telecom. Trifork employs 180 people in 7 offices in
Aarhus, London, Copenhagen, Zurich, Krakow, Stockholm and San
Francisco. At the end of 2011 Trifork had a market value at almost DKKm
256 / EUR 34M, with a turnover of DKKm 175 / EUR 23M.
Orange11, founded in 2002, is a leading full service supplier of
high-quality custom-built applications. It has specialist teams that
provide end-to-end project delivery services to support the full
project life-cycle, from business analysis, design, development and
testing to support. In addition, Orange11 provides high-end consulting
and training services. Orange11 is an industry specialist, and has an
impressive track record in education, government, healthcare, finance,
directory services and cultural heritage markets. Orange11 has 60
employees based in Amsterdam. It has grown significantly, closing in on
a growth rate of almost 400% over a three year period.
The Board of directors for Trifork A/S
Trifork A/SMargrethepladsen 4DK-8000 Arhus C
CVR-nr. 20921897ISIN DK0060102887Shortname TRIFOR
Phone +45 8732 8787Fax +45 8732 8788
Additional information:CEO Jorn Larsen
Direct +41 79 430 96 97