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07.12.1998

Visma AB sells Swedish payroll and personnel project



On 4 December 98, Visma AB sold a project for developing a Swedish payroll and personnel system to Carat Lön AB. Visma's results for 1998 reflect a charge of about SEK 5.5 million for the development of this project. The Visma Group budgeted for a loss of SEK 5 million for this project in 1999, without any sales.
Carat Lön AB takes over the product rights and seven employees at 1 December 1998. Visma will have no expenses in connection with this project after this date. Visma will receive SEK 4 million from Carat as payment for the source code and rights for the Swedish market. This will be paid to Visma AB over a period of 3-4 years as royalties on Carat's sales of the product.
The royalties will be recognized as revenue as Visma AB receives payment from Carat Lön AB.

The project was originally planned as a payroll and personnel system for parts of the Swedish shipping industry. It has proved difficult to implement, and Carat will develop the product further as a system for the general Swedish market.

The Managing Director of Visma ASA, Řystein Moan, comments:
Carat Lön AB is a close business partner of Visma AB, and we are sure that they will develop a very good general Swedish payroll and personnel system. Payroll systems often have a high degree of localization, and we have come to the conclusion that developing such systems in Sweden does not form part of Visma's core business.



For further information, please contact:

Řystein Moan, CEO, Visma ASA.