An acquisition of UK based Symetri’s business from Airbus Defence and Space is in line with Addnode Group's strategy to be a market leading provider of mission-critical systems and solutions for design and engineering activities. With an annual turnover of SEK 80 M, Symetri will be a first step in an expansion to the UK market, which is expected to be one of Europe’s fastest growing economies in 2014. Completion of the transaction is subject to certain conditions.
Symetri is an Autodesk Gold partner and a supplier of software for computer-aided design and related consulting and training services. The business of Symetri is expected to generate an annual turnover of SEK 80 M and employs 23 employees. Symetri is the largest Autodesk reseller toward the UK manufacturing and Oil & Gas market.
“An acquisition of Symetri opens up UK as a new market for Cad-Q and Addnode Group. Symetri has a strong position in the UK market and we can support Symetri with a broader product portfolio and a service offering as well as our experience of global customers”, says Rolf Kjærnsli, Managing Director Cad-Q and head of Addnode Groups Business Area Design Management.
“This is in line with Addnode Group's strategy to be a leading provider of mission-critical support systems for design and engineering activities. Cad-Q and Addnode Group are one of Europe’s leading providers of design and PLM solutions. This transaction would open up a foothold for us in a new geography”, says Staffan Hanstorp, CEO and President of Addnode Group
The acquisition of Symetri is an asset deal. Addnode Group has signed an agreement to acquire the assets of Symetri, certain contracts and to take on the employees. Completion of the transaction is subject to the transfer of certain leases and customer related contracts. The purchase price will be paid in cash and amount to less than SEK 30 M.
