Birdstep Technology ASA Signs Agreement To Acquire Finnish Secgo Software
Birdstep has signed a Share Purchase Agreement to acquire Secgo Software Oy against a payment of EUR 9.2 million in Birdstep shares as well as an additional payment of maximum EUR 4.6 million in Birdstep shares based on an earn-out agreement against 2007 revenue and profitability budget. The share price for both payments is set to NOK 12, equal to the share price at market closing on Friday 27. April 2007.
Birdstep is now the leading provider of mobility and connectivity software to the operator, OEM and the enterprise markets. The acquisition gives evidence to Birdstepís structural growth strategy to broaden the companyís eco system.
-We are very pleased to invite Secgo to our journey. Secgoís secure seamless mobility solutions for enterprise is an important complement to Birdstepís seamless connectivity offering to mobile operators. We intend to derive market, customer and technology synergies through the combination of Birdstep and Secgo already this year, says Petri Markkanen, CEO of Birdstep Technology ASA.
The current shareholders of Secgo Software include the management and key employees, Insta DefSec Oy, Eqvitec Partners and Capman Capital Management.
-The acquisition is evidence of Birdstepís strategy to be a leading provider of secure seamless mobility and connectivity software across all market segments. Enterprises have growing demand for secure and mobile connectivity. Investments in mobile workforce solutions are increasing and laptop manufacturers are becoming an increasingly important player in the ecosystem as secure mobility becomes a natural part of notebook shipments to market. From day one, we now have a stronger market offering towards our target customers in Europe, USA and Asia, says Petri Markkanen, CEO of Birdstep Technology ASA.
-We are proud becoming a part of Birdstep. The company has high ambitions for the development of the industry, and we believe that combining two strong organizations technologically and market-wise will create huge market opportunities for the new Birdstep organization, says Matti Mujunen, CEO of Secgo Software.
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