Aarhus, 2011-07-06 08:48 CEST (GLOBE NEWSWIRE) -- Trifork A / S has today signed the final agreement with Erlang Solutions on the acquisition of a controlling stake in the company. Technologically and geographically the synergy of the two companies is expected to influence the outcome positively in 2011. Trifork has revised turnover for 2011 from DKKm 170 to DKKm 180 and EBITDA results from DKKm 25 to DKKm 26.5.
On June 10th 2011 Trifork signed a term sheet with the UK based company Erlang Solutions (see announcement No. 7 / 2011), and today the final agreement was signed.
On July 1st 2011 Trifork acquires a controlling stake in Erlang Solutions by buying 50.01% stake. Payment for the shareholding is in the form of Trifork shares and a cash amount. Erlang Solutions continues as an independent business and Trifork will be represented in the Board of Directors.
Great complementarity
Investing in Erlang Solutions is in line with Trifork’s focus and core competence within mobile technologies. Erlang Solutions’ unique expertise in Erlang OTP technology will enable "end to end" solutions for: Telecom, messaging, payment systems and process control. Furthermore, Erlang Solutions’ offices in London, Stockholm and Krakow will be an important beachhead in Trifork internationalization strategy. Trifork is currently based in Aarhus, Copenhagen and Zurich and has a goal to be internationally represented in 7 cities by 2015.
Upward adjustment of expectations for 2011
Erlang Solutions is expected to influence positively to financial performance in Trifork already by 2011. As stated in announcement No. 7 / 2011 revenue is expected to increase from the previous forecast of DKKm 170 to an expected DKKm 180. The EBITDA is expected to rise to DKKm 26.5 from the previous forecast of DKKm 25. The EBITDA margin for 2011 is still expected to be 15%.
Regards,
The board of directors for Trifork A/S
Additional information
CEO Jørn Larsen, jla@trifork.com, +45 4072 8483