DIBS acquire Norwegian Cardia
– strengthen the position as the market leader in the Nordic countries DIBS Payment Services AB (publ), listed on First North, have signed a contract of acquisition of the Norwegian payment services company Cardia AS for a purchase price of around SEK 23 m which is settled to a cash sum of a little over SEK 22 m with the remainder in newly issued DIBS shares. The goal of the acquisition is to additionally strengthen the DIBS position as the independent market leader for e-commerce payment services within the Nordic countries. By means of this acquisition DIBS receives a further 1000 new customers.
Norska Cardia AS was established in 2002 by private investors and staff and presently has around 25% of the market share of the Norwegian market. These past years Cardia have had an annual growth in revenue of a little over 30% and turned over slightly more than SEK 5.2 m for the first half with a positive EBITDA. ”The acquisition is in line with our growth strategy of leading the consolidation in the Nordic market. Cardia is an interesting growth company which supplements DIBS geographically. Through the aquisition and our existing Norwegian operation we become the biggest independent performer on the Nordic market and I see synergies primarily within the domains of technology and sales. I welcome Cardia’s employees, customers and partners to DIBS”, says Eric Wallin, CEO of DIBS. ”DIBS is the right industrial purchaser of Cardia. It has been essential for us to find a strategic partner who will continue the development of the company. We are convinced that, through the acquisition, DIBS will now become the domination performer on the Norwegian market”, says Anders Ingebrigtsen, chairperson of Cardia. For further information contact: Eric Wallin, CEO for DIBS Payment Services, Telephone: +46 70 329 77 74 Jesper Lohmann. Vice CEO DIBS Payment Services, telephone +45 27 13 10 48 Even visit us at: www.dibs.se and www.cardia.no