Lysaker, Norway (October 21, 2016) – Genus AS today announced that they have entered into a definite merger agreement under which Genus AS, a leader within high-productivity application development platforms, will combine with its subsidiary Genus Professional Services AS, a software implementation and consultancy company, to create a new and stronger company within software development and services.
Under the terms of the agreement, unanimously approved by both companies’ Boards of Directors, the merger will be implemented as an all-share merger of equals. The merger of the two companies will set the start of a new era for the Norwegian software company, with approximately 50 employees and an annual sales revenue of more than MNOK 60 combined.
The terms of the proposed transaction states that the businesses will be combined under Genus AS. Both companies’ shareholders have approved the transaction.
“Genus Professional Services, has since the beginning continuously recruited a solid base of professionals and experts in Genus App Platform. Together we can accelerate our growth, making Genus App Platform one of the preferred development platforms in the world, and attract the best talent in our industry.” – Geir Bergheim, CEO Genus AS.
“We are thrilled to join forces with Genus AS. Genus has developed a unique platform for rapid delivery of complex applications and this has been the key to our success in terms of customer satisfaction. By combining the technology and expertise of the companies we can share a unified strategy, continue to grow and build a solid foundation for our customers, partners and employees.” – Simen Torberg Larsen, CEO Genus Professional Services AS.
The strategic combination of the two complementary companies will bring together a best-in-class app platform with high performing professional service capabilities. The combination also creates opportunities for near-term growth through enhanced innovation and improved support for partners and customers. The companies have been working closely together since the founding of the subsidiary in 2008, and the merger is a natural step in a unified strategic direction in the time to come.
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