Norwegian computer forensics company Ibas is to purchase its nearest European competitor in a major takeover deal. The company will buy 100 percent of UK-based Vogon International shares in a deal worth up to $17 million.
"This acquisition achieves our goal of becoming market leader in Europe," says Bjorn Arne Skogstad, President and CEO of Ibas. "We and Vogon complement each other very well for technology, expertise, services, customers and sales and production networks."
The deal has already received the go-ahead from shareholders in the privately-owned Vogon to create a massive data recovery and computer forensics firm, although the acquisition is conditional to financial due diligence.
The new company will have strong position in Scandinavia and the UK and will be among the leading players in Germany. It will also be reinforcing its presence in France, Southern and Eastern Europe, North America and Asia.
The acquisition will be financed by free cash, share issue and loans. A rights issue is to be guaranteed by major shareholders. Earlier this year SC reported Microsoft acquired anti-spyware firm Giant.