February 12, 2007

TechTeam Global Makes Swedish Acquisition

By Tracey E. Schelmetic, Editorial Director,
Customer Interaction Solutions magazine

TechTeam Global (News - Alert), Inc., a provider of outsourced call center and business process outsourcing services, has announced that on February 9, 2007, its wholly-owned Swedish subsidiary, TechTeam Global AB, completed the purchase of all of the outstanding equity of SQM Sverige AB. SQM is an IT support and services company headquartered in Stockholm, Sweden; it provides consulting, outsourcing and staffing services to various companies in Sweden.

 

The terms of the transaction included a purchase price of approximately 35.6 million Swedish Kroner (SEK), or approximately $5.08 million U.S. dollars, after a net cash adjustment, with an additional sum of up to SEK 4.2 million ($600,000 U.S.) that may be paid by TechTeam if SQM is able to grow its revenue in 2007 to SEK 93.5 million.

 

Last year, SQM reported revenue of approximately 81.1 million Swedish Kroner and net income of SEK 3.2 million. Currently, SQM has more than 185 employees and the company's client list includes SEB IT, ICA AB, Apoteket, Karolinska Universitetssjukhuset and Hewlett Packard.

 

TechTeam currently employs over 65 people in the Gothenburg area, mainly for Volvo Car Corporation. Going forward, the companies will conduct business under the name TechTeam.

 

"The addition of SQM furthers our strategy of acquiring companies that will enhance our service offerings, broaden our customer base and expand our global presence," stated William C. (Chris) Brown, President and CEO of TechTeam Global, Inc. "SQM is an exceptionally well-managed company and is an excellent addition to our organization."

 

For more info, visit www.techteam.com.

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(source: http://news.tmcnet.com/news/2007/02/12/2331610.htm)