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11.10.2000 Visma acquires Next Financial SystemsVisma Business ASA, a subsidiary of Visma ASA, has entered into a letter of intent to purchase 50.1 % of the shares in Next Financial Systems AS. The main products offered by Next are TimeWeb and Next Financials. TimeWeb is an Internet-based time and project system for service providers and project-related enterprises. TimeWeb is not supplied as a product, but as an Internet-based service, and will form part of Visma�s future focus on supplying applications as ASP-based services. TimeWeb now has more than 1000 unique log-ins per day, and a number of leading service providers have started using the service. A substantial volume of new TimeWeb users is expected in the fourth quarter, continuing into the year 2001. Next Financials is a Windows-based financial system with a strong position in selected market segments such as hotels, property management and estate agencies. Next Financial Systems has the same starting point as Ergosoft, which Visma acquired from Agresso in 1999. With the acquisition of Next, Visma is strengthening this environment. At 1 October 2000 the customer base comprised 230 Norwegian companies. The company has 12 employees. Sales of NOK 13 million are anticipated for 2001, with a profit of NOK 1.3 million. Visma will pay NOK 5 million and contribute new equity of NOK 3 million for 50.1 % of the shares in Next. In the first half-year of 2002, Visma has an option to increase its holding to 100 %. Implementation of the acquisition is conditional on due diligence and final approval by the Board of Directors of Visma ASA. For further information, please contact: �ystein Moan, CEO, Visma ASA, tel. (+47) 67 52 55 00 or (+47) 920 80000, [email protected] |