The Swedish Competition Authority has approved Knowit’s acquisition of CybercomPublished 24 May 2021
The Swedish Competition Authority has approved Knowit’s previously announced acquisition of Cybercom.
The approval was one of the conditions for the acquisition which was announced on 5 May 2021. In addition, the acquisition is conditional upon the authorization by the Extraordinary General Meeting, 28 May, for the Board of Directors to resolve on the issue in kind of 5,760,883 Knowit shares. The acquisition of Cybercom is expected to be completed by the turn of June/July 2021.
Per Wallentin, CEO of Knowit, commented the acquisition on the announcement of the deal:
“For several years, we have seen a development towards more complex customer needs that require our expertise through the entire value chain, from product development to completely new customer interfaces and processes. Cybercom will complement our offering with more technology-oriented services and a sustainability offering at the forefront. We are strengthening our market position in areas that are developing rapidly – cyber security, cloud services and digital solutions to society's sustainability challenges.”
"Through this acquisition, we become a very attractive partner for both customers and employees, and we establish a platform for a continued strong growth journey."
The new company will have more than 3,800 employees, sales of SEK 5.5 billion and EBITA of SEK 541 million FY2020.1)
1) Combined sales and EBITA FY2020 for Knowit och Cybercom, proforma-adjusted for Knowit’s acqusition of Creuna (November 2020) and Cybercom’s acquisition of Solutive Oy (November 2020).