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30 Jun 2009
Integralis has sent shockwaves through the security channel by agreeing to sell up to Japanese telecoms firm NTT Com for about €75m (£64m) in cash.
Germany-based Integralis is one of the UK and Europe’s last remaining independent security VAR powerhouses, following the recent sale of Netstore to 2e2 and Vistorm to EDS. The firm has 511 staff and annual sales of €169m.
Under a Business Combination Agreement, NTT Com has launched a voluntary public takeover offer for all of Integralis’ shares. Its €6.75 per share offer represents a 70 per cent premium over Integralis’ three-month average closing share price on the Frankfurt stock exchange.
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NTT Com has already received irrevocable undertakings from key shareholders representing about 30 per cent of Integralis’ voting rights. The acceptance period is set to end in September 2009 and the deal also requires regulatory approval.
Despite the downturn, Integralis has continued to enjoy growth in 2009, posting a seven per cent annual hike in first-quarter sales to €42m. Despite that, operating losses hit €0.3m, compared with a profit of €0.7m a year earlier.
Technology sales were roughly flat at €20.1m, while services sales rose, including a 21.5 per cent spike in managed services revenues to €2.9m.
Georg Magg, chief executive of Integralis, added: “For Integralis, this partnership is a fantastic opportunity to stay focused on our core security business and yet pursue growth opportunities around the globe, most notably in Asia. We are looking forward to working with NTT Com for many years to come.”
Akira Arima, senior executive vice president at NTT Com, said: “We intend to support Integralis and its workforce on its growth path.”
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