Adcore completes concentration on Stockholm

2001-10-03

Adcore took the decisive step today, when signing an agreement with Johan Bredberg regarding the sale of operations in Malmo, Gothenburg and Västerås.

Within certain competence areas, primarily Knowledge Management, a continued cooperation has been secured.

At present, the staff headcount in the above three operations is some 100.

Mr. Bredberg is the former CEO of Information Highway Management Consultants, and previously, CEO of Veritema Consulting. Deva Invest AG of Zurich, controlled by Stelio Demark and Per Vannesjö, is a co-financier in this transaction.

Mr Bredberg’s comment on the solution: “With the aggregate competencies of these three businesses, I see good prospects of creating a hard-hitting consulting group oriented towards industrial IT and the Internet in Malmo, Gothenburg and Västerås.”

In response, Ole Oftedal, Adcore’s CEO and President, said: “The fact that we achieved a favourable solution for these businesses, when Adcore focuses on its Stockholm operations, is very satisfactory. Now they’ll gain the opportunity to make positive progress under the leadership of Johan Bredberg, with his solid consulting experience.”

Adcore simultaneously decided to initiate MBL negotiations, a requirement of Swedish legislation regarding employee participation, regarding the wind-down of its offices in Sundsvall and Umeå, Northern Sweden, with their current total staffing of eight professionals.

Subsequent to the above restructuring, Adcore has some 650 staff in Stockholm.

Stockholm, Sweden, 3 October 2001, Adcore AB