Novestra’s portfolio company Qbranch AB has decided to apply for an IPO on Nasdaq OMX Small Cap during 2011. Qbranch is one of Sweden’s leading IT sourcing companies within the areas of server maintenance and full scale IT outsourcing with 435 employees based in Stockholm, Gothenburg and Malmö.
”Irrespective of economic situations Qbranch has always been a company of major interest for both industrial and financial players. Qbranch is a quality company which sticks out regardless of comparable companies and is an excellent candidate for a listing. The listing furthermore results in one more liquid holding in Novestra’s portfolio, enabling a potential distribution of these shares to Novestra’s shareholder base of 2 500 shareholders” says Johan Heijbel, Novestra’s Managing Director and board member of Qbranch.
”Since inception Qbranch has developed profitably and that is something we intend to continue with. The most important is to continue to deliver a perceived value which is greater than those amounts that are on our invoices. Change is the only constant and that is why we also must change to take our place in the digital and wonderful new world that we operate in” says Ulf Engerby, CEO and one of the founders of Qbranch.
During the financial year 2009, sales amounted to approximately MSEK 420 with an EBITDA result of approximately MSEK 45 for remaining operations. Novestra own 23.3 percent of the capital and shares in Qbranch, and thereby the single largest shareholder. Apart from Novestra, Qbranch have approximately forty shareholders, mainly employees of the company, including the founders Ulf Engerby and Rune Mossberg.
For further information please contact Johan Heijbel, Managing Director, AB Novestra and board member of Qbranch, phone no. +46 8 545 01750.
The information provided in this press release is such that AB Novestra is obliged to make public according to the Securities Market Act [sv. lagen om värdepappersmarknaden]. The information has been released to the media for publication on September 16, 2010 at 8.55 am
Novestra is an independent investment company with a portfolio of investments in a number of private and public growth companies including Diino AB, Explorica, Inc., MyPublisher, Inc., Netsurvey AB, Qbranch AB and Strax Holdings, Inc. In addition, Novestra has an investment corresponding to approximately 11 percent in WeSC AB, listed on First North.The Novestra shares are listed on the Nasdaq OMX Stockholm under the symbol NOVE in the Small Cap section. For further information regarding AB Novestra reference is made to www.novestra.com.
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