Geographic expansion to Finland, Estonia, Romania, and China
In January 2008, Cybercom acquired Plenware Oy, a Finnish IT consultancy with 550 employees. The acquisition was consolidated on 1 January 2008 and included Plenware's operations in China, Estonia, Finland, and Romania. Cybercom paid SEK 374.8 million and took over liabilities of about EUR 14 million. No additional purchase price was payable for 2008. The acquisition was financed via credit facilities and via a directed issue of Cybercom shares to current Plenware shareholders; the issue amounted to 2,200,478 shares and resulted in 10% dilution. See note 30 for more information. The acquisition strengthened Cybercom's position in telecom and, in line with the company's strategy, reinforced its global sourcing structure