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02.06.1999

Visma acquires Internet company


E-commerce for service providers.

On 2 June 1999, Visma ASA signed an agreement to acquire a 50% stake in IntraView AS. IntraView has developed an e-commerce solution for service providers, comprising Web-based time and project management, time accounting, project accounting and resource planning. More than 100 Norwegian companies have already installed IntraView solutions.
Visma is to pay NOK 4 million for 50% of IntraView's shares. Of this amount, NOK 1.5 million will consist of shares in Visma ASA. IntraView will raise NOK 1.3 million through a private placement to Visma ASA, after which Visma ASA will hold 50.1% of the shares in the company. During the next three years, Visma ASA will increase its stake to 65% of the shares in IntraView. The pricing of the company is based on a p/e ratio of 8 on profits after tax.

IntraView was founded in 1997. By 1998, the company had already achieved sales totalling NOK 2.2 million, with a profit of NOK 0.3 million. For 1999, IntraView anticipates sales of NOK 5.5 million and an operating profit of NOK 1.2 million; for 2000, sales of NOK 9 million and an operating profit of NOK 2.5 million are forecast.
IntraView's solutions are integrated with Visma Business, Rubicon from PC-systemer, and Ergosoft from Agresso. Integration with Concorde will be complete in August 1999.

The company will be a subsidiary of Visma ASA.

The CEO of Visma ASA, �ystein Moan, comments: Most solutions for time and project accounting cover important functions for the accounting division. However, they pay too little attention to the users who create the greatest value in most service companies - the consultants and the engineers - and certainly not to their clients. IntraView has created solutions not only for recording hours, but also for keeping track of projects, planning, and keeping customers informed of the status.
A growing number of companies focus on selling services and expertise. IntraView's product reaches large groups of users who have had little contact with standard financial systems.

In the market, there has been a strong focus on e-commerce for selling products. IntraView will be a leading supplier in e-commerce for companies that provide services. Visma expects strong growth in this area in the years ahead. For Visma Business, IntraView represents an important complement. Many Visma Business customers have been looking for the solutions that IntraView has developed.

Frank and Jarle Myrvang currently own all the shares in IntraView. The general manager, Frank Myrvang, will continue in the same position.
Today, IntraView is available in English and Norwegian. Visma will use its existing channels to sell products outside the Norwegian market; for example, Visma Business AB in Sweden will be responsible for distribution in the Swedish market. Time and project accounting is less dependent on local laws and regulations, creating good prospects for exports.
This agreement is conditional on final approval by the Board of Visma ASA.



Contact:
�ystein Moan, CEO
Tel: (+47) 23 13 65 00
Fax: (+47) 23 13 65 01

Further information is available at www.intraview.no