, October 14, 2010

Ordina announces intention to sell ORMIT

Ordina announced today that it plans to sell ORMIT B.V. and ORMIT België N.V., both fully owned subsidiaries. Ordina has signed a letter of intent for the sale with ORMIT’s current management and the investors Van Lanschot Participaties and Berk Partners. After having been sold, ORMIT, a specialist in management development, will become an independent entity. The sale of ORMIT is prompted by Ordina’s earlier made strategic choice to focus fully on its core activities in the areas of consulting, ICT and outsourcing. Subject to the usual reviews, the sale will be completed by the beginning of November.

ORMIT employs about 150 people. For the full year 2010, ORMIT expects to generate a revenue of EUR 14 million, at an EBITDA of EUR 1.3 million. Closing of the sale will take place based on the situation of 30 June 2010. The selling price of ORMIT amounts EUR 11.7 million.

ORMIT, a specialist in management development, trains recent university graduates to become successful managers. ORMIT also advises and assists organisations in developing management traineeships and management potential. Ordina has decided to sell ORMIT because of the further fine-tuning of its strategic course. Ordina chooses deliberately to pursue a clear strategy focusing on consulting, ICT and outsourcing services. The decision to sell ORMIT was driven by the lack of synergy between ORMIT’s specialist services and Ordina’s core activities. ORMIT’s carve-out will further fine-tune Ordina’s profile, while at the same time offering ORMIT a solid foundation for further growth in line with its own strategy.