Ad-hoc: Negotiations Completed. Acquisition Agreement Signed
Stuttgart, 19 May 2008 – AC-Service AG, Stuttgart and SD Worx (SD Diensten nv), Antwerp, have successfully completed the exclusive negotiations they announced on February 14, 2008. The related acquisition agreement on the purchase by SD Worx of all of AC-Service's shareholdings in ACCURAT Informatik GmbH was signed today. The sale price was EUR 10.1 million and, according to preliminary calculations, will lead to a one-time book profit of about EUR 3 million in AC-Service AG's consolidated financial statements. The bulk of the sale price will be paid in cash.
The successful conclusion of the sale of ACCURAT marks yet another milestone toward strategically focussing on the SAP midmarket segment. The divestiture also strengthens the consolidated balance sheet and enables the needed investments to continue moving forward with the AC-Group's robust growth strategy. In 1st quarter 2008, AC-Service had a plus in sales of 19% compared to the corresponding prior-year quarter, and in so doing reported significant growth in sales revenues for the 9th quarter in a row.
"SD Worx aspires to become a European quality leader in payroll services. The acquisition of ACCURAT allows for a strong position in Germany", says Jan van den Nieuwenhuijzen, CEO of SD Worx. "The choice for ACCURAT was obvious", continues van den Nieuwenhuijzen: "The company not only has a proprietary payroll- and HR software, they have experience with HR Services as well. That combination fits perfectly with our strategy."
Lars Landwehrkamp, CEO of AC-Service: "We are very pleased that we were able to come to an agreement in such a short period of time. Now we can dedicate ourselves entirely to our core strategy and further expand our leading position on the SAP midmarket segment in countries where German is spoken."
ACCURAT Informatik GmbH, Dreieich, with an average number of 91 employees, posted external sales of some EUR 10.4 million in 2007. Its range of offerings encompasses human resource services on the basis of a proprietary payroll accounting solution, which primarily addresses non-SAP users on the German market.