Ratos's holding Bluegarden is consolidating its position in the Swedish market through the acquisition of Atos Origin PA-konsult, a payroll and human resource management company with some 100 employees.
The Norwegian company Bluegarden, which was acquired by Ratos one year ago, is Norway's leading supplier of systems and services within both payroll processing and human resources management (HRM). PA-konsult, which Bluegarden is now acquiring from Atos Origin, is a market leader in Sweden in payroll systems for the private sector. The company's products and services are particularly strongly represented within banking/financial services, media and the forestry sector. Today, PA-konsult handle salary payments for approximately 500,000 Swedish private sector employees.
PA-konsult is expected to post sales of SEK 100m in 2004. The company's head office is in Växjö, Sweden. Customers include SEB, Nordea, Länsförsäkringar, Stora Enso, SCA, DN, Aftonbladet and GP.
"The merger with Bluegarden will enable us to offer our customers an attractive range of services and Scandinavian coverage. Belonging to a corporate group that is whole-heartedly engaged in solutions for our customers within payroll and HR and which is backed by a strong owner, benefits both our customers and our employees," comment PA-konsult's CEO Bo Persson.
Earlier this year, Bluegarden concluded a co-operation agreement with Multidata, Denmark's leading supplier of payroll services to the private sector. Under this agreement Multidata's 80,000 Danish customers gained access to Bluegarden's web portal for salaries and employees. In addition, during the autumn Bluegarden became Intentia's HR partner and took over responsibility for some 20 Intentia consultants focused on HR products in Scandinavia. The acquisition of PA-konsult further strengthens Bluegarden's presence in the Swedish market.
"Approximately half a million Norwegians and half a million Swedes are now receiving their salaries with solutions from our group," says Bluegarden's CEO Svein Gullaksen. " In addition, our co-operation agreement with Multidata provides access to a further 1.2 million Danish employees. The next step now is to develop our products into a Scandinavian offering - something we will be ready to roll out early next year."
Bluegarden expects to be able to finance most of the acquisition cost which totals SEK 170m, through loans. The acquisition is subject to approval from the relevant competition authorities.
For additional information, please contact
Svein Gullaksen, CEO Bluegarden, +47 90 54 34 28
Bo Persson, CEO PA-konsult, +46 470 317 10
Bo Jungner, Senior Investment Manager Ratos, +46 8 700 17 00
Anna-Karin Celsing, Head of Corporate Communications Ratos, +46 8 700 17 49