Business Services Industry
Teleca AB completes acquisition of Geoworks' UK subsidiary
Nordic Business Report, Feb 4, 2003
NORDIC BUSINESS REPORT-4 February 2003-Teleca AB completes acquisition of Geoworks' UK subsidiary(C)1994-2003 M2 COMMUNICATIONS LTD http://www.m2.com
The Swedish technology and research & development consulting group Teleca AB said today (4 February) that it had completed the acquisition of the Anglo-American software company Geoworks' United Kingdom operations.
The transaction means that Teleca will take over 27 employees, some assets and office leases from Geoworks' UK subsidiary for a consideration of approximately USD0.5m.
"The addition of this new operation is in line with Teleca's strategy to develop UK operations and our mobile device business, and is expected to deliver good margins from day one," said Nick Stammers, CEO Teleca AB.
The transaction was initially announced in September 2002 but was delayed pending approval from Geoworks' shareholders.
One US dollar (USD) is worth approximately 0.61 British pounds (GBP).
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