2007-05-14
Birdstep acquires ServiceFactory SF AB
Oslo/Stockholm/Seattle/Cambridge – May 14, 2007
Birdstep Technology ASA has signed an agreement to acquire the Swedish services provisioning and access management company ServiceFactory AB. ServiceFactory adds customers and core server competence for mobile operator deployments.
Birdstep has signed a share purchase agreement to acquire ServiceFactory for a total consideration of Euro 12.5 million in Birdstep shares at a share price of NOK 11.45 a share, equal to the average share price 30 calendar days prior to signing. The acquisition is scheduled for closing at the Extraordinary General Meeting in Birdstep on May 29th.
Service Factory, headquartered in Stockholm, Sweden, enables mobile operators and service providers deliver and manage easy to use broadband services through a scalable server solution developed for large-scale deployments. In 2006, the company reached EUR 2.8 million in revenue. Fourth quarter 2006 revenue, was Euro 1.18 million (11 million SEK) with a positive EBITA of 16%. In 2007, the company is already on track towards profitability on the high growth mobility and connectivity market.
“We are very pleased to have ServiceFactory join our journey. The company strengthens Birdstep with core server competence and enables us to speed up time to market on advanced provisioning, performance management and service management to our customers”, says Petri Markkanen, CEO of Birdstep Technology.
ServiceFactory is a leading European provider of systems for IP-based services and access management. Service Factory's core product Orbyte®, developed originally within TeliaSonera, has been in commercial service since 1995. Mobile operators like TeliaSonera, TDC, Bouygues Telecom, Sunrise, DNA Finland, Eircom and the global partner Ericsson are today customers of Service Factory.
POD Venture Partners, TeliaSonera, Brainheart Capital and key employees today own the company.
We are exited to join forces with Birdstep and to become a substantial owner going forward. Our ambition is to assist the company to further growth through a board member position”, says Tom Nyman, POD Venture Partners and chairman of Service Factory
Birdstep is giving a presentation of the Acquisition at 08:30 AM the 15th of May 2007 at Hotel Continental, Oslo. The presentation will also be available as a webcast at: http://streamsync.qbrick.com/05208/2007/q1/1505/
Webcast the 15th fo May at 8:30 AM