“There’s a very strong demand for our services in the Öresund region and Varchar supplies us with the area of expertise we’re looking for, and also with new important customers," says Thomas Barge, Cybercom Syd’s CEO. “It’s a strong, high-growth company and I look forward to bringing them on-board.”
Varchar was established in 2000. The company offers consulting services that focus primarily on Java and .NET technologies, along with testing and verification services. Varchar is a Microsoft Gold Certified Partner with 24 employees, SEK 20 million in annual sales, and a 10% operating margin. With the Varchar acquisition, Cybercom is now engaging 250 consultants in the Öresund region through offices in Malmö and Lund in Sweden and Copenhagen in Denmark.
“This acquisition is part of Cybercom’s strategy of further growth in the Öresund region,” says Peter Keller Andreasen, Cybercom Group president and CEO. “Through Varchar we also extend our customer base to areas outside telecom, which strengthens our market position in a hot growth region.”
Varchar is owned by four employees who work within the company. According to the acquisition agreement –signed on 22 December – Cybercom will pay a fixed purchase price of SEK 12.5 million. An additional purchase price may be paid if certain earnings standards are achieved within an eight-month period. The date of possession is 2 January 2007.
“We’re very familiar with Cybercom,” says Deniz Yildirim, Varchar’s CEO. “It’s a company with a very good reputation and our corporate cultures are very similar. It will be great to be part of Cybercom. Now we have the opportunity to grow at a faster pace."
For more information, please contact:
Thomas Barge, Cybercom Syd’s CEO + 46 708 25 96 02
Peter Keller-Andreasen, Cybercom Group president and CEO + 45 2948 3800
Deniz Yildirim, Varchar’s CEO + 46 733 82 25 91
Kristina Svensson, Cybercom’s communications manager + 46 708 644 702