IFS acquires MultiPlus Solutions

Itasca, Ill., August 13, 2009

IFS acquires MultiPlus Solutions
IFS, the global enterprise applications company, today announced that it has signed an agreement with Qurius International Holding B.V. to purchase 100 percent of the shares of MultiPlus Solutions AS. The purchase price will be paid in cash. The acquisition will further strengthen IFS’ market position with respect to project-based solutions (PBS) for targeted industry sectors.

MultiPlus Solutions, based in Sandefjord ( Norway) and with sites in China and Denmark, is a well-established vendor of project-based business applications to the marine (shipbuilding, offshore), EPC (Engineering, Procurement and Construction) and project manufacturing industries. The company offers a complete ERP suite including functionality for areas such as finance, project control, maintenance, manufacturing, document management, and human resource management.

Multiplus Solutions has an attractive customer base of almost 100 customers in Norway, Denmark, France, the United States, and China. IFS intends to continue to support, maintain and enhance the product, while realizing economy of scale and synergies related to having similar industry and solution competencies.

MultiPlus Solutions Group generated net revenue of NOK 45.9 million, of which nearly 50 percent is product revenue, and EBIT amounting to NOK 2.8 million in 2008.

“With the acquisition of Multiplus Solutions IFS can be seen to be executing on its stated strategy for growth and doing so by growing in one of its primary target sectors. The industries served by project-based solutions (PBS) is a market in which MultiPlus Solutions is a well respected supplier and where IFS seeks to achieve a market-leading position with its excellent customers and deep industry knowledge,” IFS CEO Alastair Sorbie said.

IFS Scandinavia will be responsible for integrating MultiPlus Solutions, and Managing Director Glenn Arnesen looks forward to welcoming both new customers and employees onboard.

“We have a strong cultural fit, both organizations being customer-driven and committed to delivering flexible, component-based solutions that respond to the changing needs of our targeted industries. We also look forward to including companies such as Ulstein Verft, Color Line, The Frank Mohn group, Elko, Sinopacific Shipbuilding Group, Mustad and UMOE Schat-Harding in our customer base,” Arnesen said.

The transaction is expected to be completed within 3 to 4 weeks, subject to the completion of regulatory and other formalities.