STOCKHOLM, Sweden, April 22, 2004 (PRIMEZONE) -- A world-leading engineering software provider will be created through a combination of Swedish Tribon Solutions and the listed UK software company, Aveva Group plc. Tribon Solution's current owners, Swedish private equity group, Accent Equity Partners and company management, have today signed an agreement to sell all shares in Tribon solutions to Aveva.
The consideration for the shares is 19.0 million. A minor part of the consideration will be paid in newly issued shares in Aveva Group plc. Accent will thus become a major shareholder in the enlarged group.
"Aveva's strong international position within engineering IT systems and Tribon's world-leading shipbuilding software solutions will create a very strong and industrially logical position for the enlarged group," says Jan Ohlsson, CEO of Accent Equity Partners. "This is a good solution for both the company, its employees and the current owners."
Tribon Solutions has its background in Kockums Computer Systems (KCS). The company was bought by The Sixth AP Fund in 1999 and changed name to Tribon Solutions. Since 2002 the company is managed by Accent Equity Partners in its 2002 fund.
Tribon has 166 employees, with headquarters in Sweden and offices in China, Germany, India, Japan, Republic of Korea, Russia, Singapore, the UK and the USA.
Tribon Solutions develops, markets and supports software solutions for use in the design and production processes in marine industry all over the world.
Commenting on the proposed Acquisition Aveva's Chairman, Richard King, stated:
"The acquisition of Tribon will extend our business into the adjacent and complementary sector of shipbuilding. Tribon is the leading provider of engineering IT solutions to the shipbuilding sector which is currently growing strongly, especially in the Far East. The enlarged group will be able to offer the market a range of engineering IT products and services which, in the opinion of the Directors, will be unrivalled."
This information was brought to you by Waymaker http://www.waymaker.net
The following files are available for download:
http://www.waymaker.net/bitonline/2004/04/22/20040422BIT00280/wkr0001.doc http://www.waymaker.net/bitonline/2004/04/22/20040422BIT00280/wkr0002.pdf