NORWAY - VC-backed Edvantage merges with Boxer Technologies and Kognita

Tine
13 March 2006

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The owners of Edvantage group and Reitangruppen, owner of Boxer Technology AS and Kognita ltd, have reached an agreement to merge the three companies.

Individually each of the companies showed a very positive development in 2005. Following the merger, Edvantage group will have a combined turnover of NOK 55m and a total of 40 employees.

The new combined company, Edvantage group, will have its headquarters in Norway with support and sales operations in Sweden, the UK, Denmark, Norway and the Benelux.

Reitangruppen, including former employees from Kognita and Boxer will own 35 % of the combined company after the merger. The current stakeholder of Edvantage group, Alliance Venture, NorthZone Venture, Foinco and Asset Management and employees will own 65%.

Edvantage group chairman and founder of AllianceVenture Jan-Erik Hæreid says: 'By joining forces we are taking Edvantage group one step closer to our goal, which is to take Edvantage group public in 3-5 years. The company should by that time have a turnover of more than NOK 150m with a healthy profit margin.'