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27.01.1999

Visma takes over operations of American competitor



On 26 January 1999, Visma ASA - through its wholly owned American subsidiary SpecTec Inc. - signed an agreement to take over the operations of Marine Management Solutions Inc (MMS) in Stamford, Connecticut, in the USA. MMS has been the next largest supplier of software for use on board ships after Visma, and the company has had a Nasdaq listing.

MMS has had major financial difficulties in the past two years, partly because of delayed development of modern Windows-based software.

SpecTec Inc. has signed a contract to take over all intellectual property, including software and source code, rights to customer contracts, and the customer base, trademarks and names, as well as the right to employ key personnel (10 out of a total of 31 employees). SpecTec Inc. will continue the activities of MMS Inc., and a new company, SpecTec Connecticut Inc., will be founded.

MMS has filed for protection under Chapter 11, and the implementation of the agreement therefore depends on final approval.

Visma will pay USD 1 million for access to necessary business assets and rights. In addition, 120,000 options will be issued in Visma ASA at a strike price of NOK 45 and 80,000 options at a strike price of NOK 60. The options are American, with a four-year term from 26 January 1999.

MMS has installed software on about 1000 ships, while Visma has a customer base of 4000 ships.
SpecTec Connecticut Inc is expected to achieve sales of about USD 1.5 million in 1999.

The CEO of Visma ASA, �ystein Moan, says: Taking over the rights to MMS is of great strategic importance to Visma and our SpecTec subsidiary. MMS has been our greatest competitor, and their customer base includes many important shipping companies. This acquisition reinforces Visma's position as the world's largest supplier of software for the marine sector.



For further information, please contact:

�ystein Moan, CEO Visma ASA, tel. (+47) 23 13 65 00, [email protected]