IT services vendor EDB Business Partner is set to acquire TeamR3, a provider of SAP consulting services based in Denmark, for a total of DKK 108m ($20m).
Oslo, Norway-based EDB will pay an initial DKK 77m ($14m) for TeamR3, with an additional DKK 31m ($6m) payable upon the target achieving unspecified performance goals over the next three years. TeamR3’s shares are currently held by its founders and employees, all of whom have agreed to work for EDB until 2010.
TeamR3 reported sales of DKK 60m ($11m) in 2006 and has forecast revenue growth of around 15% in the current year. The company’s customer list includes Danish brewery Carlsberg, local airline SAS, and energy provider Vestas.
Following completion of the takeover, TeamR3 will be merged into EDB’s Spring Consulting subsidiary, which provides SAP consulting services across the Nordic region. According to EDB, the addition of TeamR3 will particularly boost its offering in areas such as HR systems and payroll and personnel systems.
EDB is one of the most acquisitive companies in the IT services space. The company has completed four purchases so far this year, including moves for Ukrainian vendors Miratech and Infopulse Ukrania, and deals for Swedish IT consultancy Tre60 and card-processing company CEKAB.