HiQ strengthens market presence in Linköping - acquires ACE Simulation AB

HiQ strengthens market presence in Linköping - acquires ACE Simulation AB 

HiQ is acquiring the IT consulting firm ACE Simulation AB in Linköping, which
has around 30 employees. ACE has clients who are international leaders in the
automotive and defence sectors, as well as in the telecom, and its expertise
will strengthen HiQ. 

“By acquiring ACE we are strengthening our position in the Linköping area. The
region is characterised by strong growth, and numerous world-leading high-tech
clients are established in Linköping. ACE is a profitable and well-managed
company with extremely skilled employees and a good client base,” says HiQ
President and CEO, Lars Stugemo. 

ACE was founded in 2003 by, among others, its current CEO, Johan Ahlström, and
is growing with profitability. The company had a turnover of around SEK 20
million in 2007. 

“ACE is a dedicated consulting firm that develops high-quality solutions,
primarily in the telecoms, defence and automotive sectors. ACE works with
world-leading clients, and this acquisition will strengthen our offering to our
clients both in and outside the region. We are looking forward to developing ACE
into the leading company in our niche in Linköping,” adds Stugemo.

ACE currently employees some 30 people in Linköping. The employees are very
skilled and experienced system developers and project managers with an average
of ten years work experience. 

“We are looking forward to expanding our business together with HiQ, a company
that has a strong brand and an excellent reputation in the consulting industry.
HiQ's strong position in the Nordic region will provide us with many
opportunities for new deals, and a chance to broaden our offering to both new
and existing clients. This is going to be exciting and fun,” says ACE CEO, Johan
Ahlström. 

The company will be consolidated from Mid February 2008, and ACE operate as a
wholly owned subsidiary of HiQ International AB, with Johan Ahlström staying on
as CEO. 

The purchase price amounts to approximately SEK 22 million, with around SEK 16.5
million to be paid in cash and the balance coming in the form of 174 081 newly
issued HiQ shares, resulting in 0.3 % dilution. Subject to ACE achieving certain
goals in 2008, an additional purchase price will be paid at the beginning of
2009. From the start, the deal is expected to contribute positively to HiQ's
profits, and thus to its earnings per share. 


For further information, please contact: 
Lars Stugemo, President and CEO, HiQ International, tel: +46 (0)8-588 90 000
Anna Jennehov, Head of Corporate Communications, HiQ, tel: +46 (0)8-588 90 049,
+46 (0)704-200 049 



HiQ is an IT and management consultancy company focusing on high-tech solutions
in the fields of communications, software development and simulation technology.
The company is a leading player in these fields and the Nordic region is its
domestic market. HiQ employs over 1,000 people at offices in the Nordic region
and Eastern Europe. HiQ is listed on the Nordic Exchange's MidCap list. For more
information, please visit www.hiq.se