Skipti hf. has entered into an agreement to sell the information technology company Sirius IT, which has operations in Denmark, Norway and Sweden. The buyer is Visma, a Norwegian IT company based in Oslo. The selling price is confidential, but with the sale, Skipti´s total profit from the investment in Sirius IT will be approximately ISK 5.5 billion. The payment will be in cash. Skipti will use proceeds from the sale to pay down a total of 8.7 billion ISK of debts. In November 2006 Skipti hf., in partnership with key management, established Sirius IT, to acquire the part of the Finnish IT company TietoEnator, which primarily provides services to public entities. Sirius operations have been very successful. Last year, the company's income amounted to 435 million Danish kroner, which corresponds to ISK 9.1 billion. Earnings before depreciation and financial items (EBITDA) amounted to 66 million Danish kroner, which corresponds to ISK 1.4 billion. Skipti CEO Brynjólfur Bjarnason: “Sirius IT has proved to be a very successful investment for Skipti. In just over three years, the company has achieved an enviable position in the Nordic IT market. The staff and management have been doing excellent work to make the company into what it is today. As everyone knows, circumstances at Skipti have changed; we are now focusing primarily on our core operations; telecommunications and the integration of telecommunications and IT services in our home market, Iceland. We firmly believe that Visma has the potential to further develop Sirius IT as a company, in good cooperation with the management and staff. We are satisfied with the sale price and feel that it is a positive achievement to be able to realise a gain of ISK 5.5 billion on a foreign investment in these times. We will use the cash to strengthen Skipti's financial position and to pay off debts faster than planned.”