Nýherji hf. has sold its Danish subsidiaries Applicon A/S and Applicon Solutions A/S. The buyer is Ciber A/S in Denmark, a member of the IT group Ciber Inc. (NYSE: CBR). The purchase price is confidential. The sale will not have a material effect on Nýherji hf.'s Q1 2014 results, but will strengthen its liquidity position and allow for a better focus on remaining operations.
Ciber in Denmark will take control of Applicon on 1 April 2014. With about 40 employees, the Applicon companies in Denmark specialise in sales and consultancy services related to SAP business software and the development of related software solutions.
Finnur Oddsson CEO of Nýherji hf.:
"The sale of the Applicon companies in Denmark marks a turning point for the Nýherji Group. We have now sold all our businesses in Denmark, which have not performed as well as we would have liked in recent years. This is partly due to the lack of synergies between our Danish operation on the one hand and Nýherji's subsidiaries in Iceland and Sweden on the other hand.
We are very pleased with Ciber's acquisition of the Applicon companies and believe that it will bring a range of benefits. Applicon's selection of services and products is a good fit with Ciber's existing offerings and a combined entity will be better equipped to meet the needs of demanding customers. We also see opportunities for future collaboration between Ciber and Nýherji.
The sale will allow us to concentrate fully on the operations of Nýherji and TM Software in Iceland and the remaining Applicon subsidiaries in Iceland and Sweden. We expect that this will allow us to further improve our service to customers and improve the Group's performance."
For further information please contact:
Finnur Oddsson, CEO of Nýherji (finnur.oddsson@nyherji.is) Tel.No.: +354 862-0310