Elektrobit Group Oyj - Elektrobit (EB) strengthens its competences in safety technology in its Wireless Business Segment by acquiring the share capital of Birdstep Technology Oy
January 02, 2015
Elektrobit (EB) strengthens its competences in safety technology in its Wireless Business Segment by acquiring the share capital of Birdstep Technology Oy
Stock exchange release
Free for publication on January 2, 2015 at 9.30 am. (CET+1)
Elektrobit (EB) strengthens its competences in safety technology in its Wireless Business Segment by acquiring the share capital of Birdstep Technology Oy
Oulu, Finland, January 2, 2015 - Elektrobit Technologies Ltd, a subsidiary of Elektrobit Corporation has today acquired 100 per cent of the shares of Birdstep Technology Oy, which is a fully owned Finnish subsidiary of Birdstep Technology ASA (OSE: BIRD), based in Norway. Birdstep Technology Oy provides its customers high quality information security solutions for mobile devices and portable computers.
Birdstep Technology Oy's (SafeMove Oy from 2nd of January 2015 onwards) net sales was EUR 2.5 in 2013 million and in January-September 2014 EUR 2.1 million. The company employs 19 persons located in Espoo, Finland. The debt free cash purchase price is EUR 2.0 million, which will be adjusted based upon the level of networking capital and cash and debt in the Birdstep Technology Oy on December 31, 2014. The acquisition has no significant impact on EB's balance sheet, net sales and financial position. The company will be reported as part of EB's Wireless Business Segment from January 1, 2015 on.
With this acquisition, EB will get Birdstep's SafeMove Solutions, which provide the customers high-quality information security solutions with seamless connectivity to the enterprise network by creating protected mobile data communications between the organization's portable devices. The solution is used among others by public administrations, health care, energy and defence organizations in several countries internationally.
The acquisition strengthens the competitiveness of EB's Wireless Business Segment as a provider of secure communication solutions for defence, safety and other authorities markets. EB's product portfolio expands the current information secure device solutions with the protection of data communications. SafeMove software can be utilized in several EB's products and product platforms, such as EB Tough Mobile secure smart phone and EB IoT Device Platform as well as in defence products.
"SafeMove solutions strengthen EB's competence and product portfolio in demanding safety solutions in public safety and defence markets. In the beginning of November, EB launched the EB Tough Mobile secure smart phone, with secure platform solution for the public safety and authorities markets. With SafeMove technology, we are able to include data protection application to our device, which builds up the solid basis to include also other cybersecurity applications to our smart phone", says Hannu Huttunen, President of EB's Wireless Business Segment. "Those country specific cybersecurity applications can be tailored by our partners, who are companies providing integrated information security solutions."
Oulu, January 2, 2015
Elektrobit Corporation
Jukka Harju
CEO
Further information:
Hannu Huttunen
President, Wireless Business Segment
Tel. + 358 40 344 5307
Distribution:
NASDAQ OMX Helsinki
Principal media
Elektrobit Corporation (EB)
EB creates advanced technology and turns it into enriching end-user experiences. EB is specialized in demanding embedded software and hardware solutions for wireless and automotive industries. The net sales in 2013 totaled EUR 199.3 million and operating profit was EUR 8.1 million. Elektrobit Corporation is listed on NASDAQ OMX Helsinki. www.elektrobit.com
