MARKHAM, ONTARIO and SANDEFJORD, NORWAY--(Marketwire - March 1, 2013) - Enghouse Systems Limited (TSX:ESL) announced today it has successfully completed its previously announced acquisition of Locus Holding AS ("Locus") for a purchase price of approximately $14 million, subject to certain price adjustments. Locus's annual revenues for fiscal 2012 were approximately $18 million.
Headquartered in Sandefjord, Norway, Locus is a leading supplier of fleet management solutions for the Public Safety and Transport & Logistics (including Security) sectors in the Scandinavian market. Locus dominates the Public Safety sector in Norway. Its products are installed in all police cars, ambulances, rescue helicopters and fire brigades. Locus's transportation, logistics and M2M products are also well established in these markets.
Locus has offices in Norway, Sweden, and Denmark. EOC Partners LLP has been Locus´s financial advisor in the transaction.
"This acquisition strengthens and broadens our capabilities in the fleet and transport management space," stated Stephen Sadler, Chairman and CEO of Enghouse. "Locus is a clear market and technology leader in Norway with emerging positions in other markets which we intend to leverage."
"We are excited to be a part of Enghouse and look forward to combining our resources and continuing to deliver value to our customers," stated Arne Harry Pettersen, CEO of Locus. "Enghouse's global reach provides an excellent platform to expand our solutions to other markets."
About Enghouse Systems Limited
Enghouse Systems Limited is a leading global provider of enterprise software solutions serving a variety of vertical markets. Its strategy is to build a large diverse enterprise software company through strategic acquisitions and managed growth. Enghouse shares are listed on the Toronto Stock Exchange (TSX:ESL). Further information about Enghouse may be obtained from its web site at www.enghouse.com.
About Locus Holding AS
Established in 1991, Locus is a leading provider of fleet management solutions for the Public Safety and Transportation & Logistics sectors in the Scandinavian market. The company operates out of offices in Norway, Sweden and Denmark. For more information, please visit www.locus.no.