SOURCE: Birdstep Technology

April 30, 2007 02:50 ET

Birdstep signs Share Purchase Agreement to acquire Secgo Software Oy

OSLO, NORWAY -- (MARKET WIRE) -- April 30, 2007 --

         ~ Oslo/Stockholm/Seattle/Cambridge - April 30, 2007
 Birdstep Technology ASA has signed an agreement to acquire Finnish
   enterprise mobility management company Secgo Software Oy. Secgo
   provides seamless mobility with strong information security to
                         enterprise and OEM.
Birdstep has signed a Share Purchase Agreement to acquire Secgo Software Oy against a payment of EUR 9.2 million in Birdstep shares as well as an additional payment of maximum EUR 4.6 million in Birdstep shares based on an earn-out agreement against 2007 revenue and profitability budget. The share price for both payments is set to NOK 12, equal to the share price at market closing on Friday 27. April 2007.

Secgo Software, with offices in Espoo and Tampere, Finland, and Walnut Creek, CA, USA, provides software products for seamless mobility with strong information security to the OEM and enterprise markets. In 2006, company revenue reached EUR 3.1 million with 5% EBITDA. According to IDC the enterprise mobility solution market is estimated to $ 214 million during 2006 and will grow yearly with 35%.

Birdstep is now the leading provider of mobility and connectivity software to the operator, OEM and the enterprise markets. The acquisition gives evidence to Birdstep's structural growth strategy to broaden the company's eco system.

-We are very pleased to invite Secgo to our journey. Secgo's secure seamless mobility solutions for enterprise is an important complement to Birdstep's seamless connectivity offering to mobile operators. We intend to derive market, customer and technology synergies through the combination of Birdstep and Secgo already this year, says Petri Markkanen, CEO of Birdstep Technology ASA.

The current shareholders of Secgo Software include the management and key employees, Insta DefSec Oy, Eqvitec Partners and Capman Capital Management.

Secgo provides mobility solutions to customers like Nordea, Danske Bank, Sampo a majority of the Finnish government authorities and Motorola. Thales is signed up as system integrator. Secgo is also member of WiMAX forum and Mobile Enterprise Alliance.

-The acquisition is evidence of Birdstep's strategy to be a leading provider of secure seamless mobility and connectivity software across all market segments. Enterprises have growing demand for secure and mobile connectivity. Investments in mobile workforce solutions are increasing and laptop manufacturers are becoming an increasingly important player in the ecosystem as secure mobility becomes a natural part of notebook shipments to market. From day one, we now have a stronger market offering towards our target customers in Europe, USA and Asia, says Petri Markkanen, CEO of Birdstep Technology ASA.

-We are proud becoming a part of Birdstep. The company has high ambitions for the development of the industry, and we believe that combining two strong organizations technologically and market-wise will create huge market opportunities for the new Birdstep organization, says Matti Mujunen, CEO of Secgo Software.

For more information regarding the acquisition please join our web cast at 9 AM Monday the 30th of April 2007 at

For further information, please contact: Petri Markkanen, CEO of Birdstep Technology ASA, phone +46 70 323 33 22

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