4Front Technologies, Inc. to Acquire Siemens French Computer On-site Service Subsidiary.LONDON--(BUSINESS WIRE)--Dec. 1, 1998-- Acquisition Will Put 4Front In Top 3 Of French Independent Hardware Maintenance Companies 4Front Technologies, Inc., ("4Front") (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on NM/EASDAQ Symbol:FFTI FFTI Federazione Field Target Italia (Italian) FFTI Feel Free to Ignore ) today announced that it has reached agreement to acquire I-NEA S.A. ("I-NEA"), the computer on-site service delivery unit of Siemens Nixdorf See Fujitsu Siemens. ("Siemens") in France for a total cash consideration of approximately $4.1 million. In conjunction with the acquisition, 4Front will enter into a regional alliance with Siemens in which both companies will work together to ensure that the existing I-NEA client base is well-served, to develop new services for customers, and to attract new clients. I-NEA has 200 employees and 10 principal locations throughout France. Siemens is one of the world's leading engineering and electronics companies. In fiscal 1998, Siemens had worldwide sales of roughly DM118 billion and 416,000 employees in more than 190 countries. 4Front anticipates that I-NEA will contribute at least $40 million in revenues in the first 12 months after acquisition and that it will be accretive to earnings in calendar 1999. Following the acquisition, 4Front's service operations in France will rank in the top 3 of French independent hardware maintainers. 4Front's agreement to acquire I-NEA is subject to the fulfilment of required administrative procedures. Completion is planned to take place by January 1999. Anil Doshi, Chairman and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of 4Front, said, "The acquisition of I-NEA will be another important step in the implementation of our overall strategy of establishing 4Front as one of the leading pan-European computer service providers. The acquisition of I-NEA will give 4Front another strong blue chip client base to which we can cross-sell our broad and growing range of computer services Data processing (timesharing, batch processing), software development and consulting services. See service bureau, SaaS and ASP. and will give us an important close working relationship with Siemens, a global technology leader. I- NEA NEA abbr. 1. National Education Association 2. National Endowment for the Arts NEA (US) n abbr (= National Education Association) → Verband für das Erziehungswesen also will bring with it experienced management and staff which will further strengthen 4Front's operational team. The acquisition will give 4Front real critical mass in France where we will have a total of over 375 staff." 4Front Technologies, Inc., is a leading provider of information technology solutions, which consist of specialised computer services and complementary products, primarily to blue-chip corporations in the United Kingdom and, to a growing extent, Continental Europe. 4Front's services include hardware maintenance, help desk support, network services, specialised software services and products and the supply of high-end storage systems. Customers of 4Front include British Petroleum, British Telecom, Italia Telecom, Computer Sciences Corp., Dupont, IBM (International Business Machines Corporation, Armonk, NY, www.ibm.com) The world's largest computer company. IBM's product lines include the S/390 mainframes (zSeries), AS/400 midrange business systems (iSeries), RS/6000 workstations and servers (pSeries), Intel-based servers (xSeries) , Reuters, Renault, ADP (1) (Automatic Data Processing) Synonymous with data processing (DP), electronic data processing (EDP) and information processing. (2) (Automatic Data Processing, Inc., Roseland, NJ, www.adp. , Pfizer, NatWest Capital Markets, JP Morgan and the UK Ministry of Defence. Additional information on 4Front can be found on the Company's website at www.4fti.com. |
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