, September 12, 2008

Ordina acquires SAP specialist E-Chain

Ordina has acquired a 100% equity stake in Belgian company E-Chain Management, which has offered SAP-based business automation services since 2001, and is a certified SAP service and channel partner. E-Chain’s 108 SAP specialists generated a revenue of approximately EUR 13.6 million in 2007.

Says Ronald Kasteel, Ordina’s CEO: “The acquisition of E-Chain will accelerate our growth targets in Belgium and Luxembourg, and strengthen our local market position as the largest SAP implementer. E-Chain employs highly educated and experienced SAP consultants. Its specialist profile will help us to meet the ongoing strong demand from our clients.”

Adds Bart Embrechts, delegated director of E-Chain Management: “Joining Ordina will allow us to capture a larger slice of the Benelux market. What makes our joining forces especially interesting is Ordina’s specialisation in application outsourcing. From now on, we can offer our clients a comprehensive service range, including wider technological expertise and solutions development. Our staff will be presented with even more challenging projects in new markets, creating a broader career perspective for them.”

The acquisition price is based on an earn-out contingent on E-Chain’s earnings for 2008/2009 and the company’s growth in 2010. For this reason, the last part of the acquisition price will not be paid until the first quarter of 2011. Up to 25% of the acquisition price will be paid in Ordina N.V. shares; the remaining part of the acquisition price will be paid in cash. Depending on actual earnings posted, the acquisition price is expected to be about five times the average EBIT figure for 2008 and 2009.