Adcore acquires Cell Strategy
- By signing this agreement we continue to develop our strategic position in the European market. We are building highly qualified strategy consulting capabilities complementing Adcores operations over our whole geographical scope, says Fredrik Palmgren, managing director of Adcore Strategy Global.
Cell Strategy was founded in January 2000 by Peter Nordström and Bjørnar Jensen and was during its start-up period associated and co-marketed with Cell Network. Its consultants have prior experience from top-tier companies such as Monitor Company, Roland Berger, Andersen Consulting, ADL and AT Kearney. Cell Strategy is present in London, Paris, Munich, San Francisco, Stockholm, Amsterdam, Brussels, Milan, Zurich, Oslo and Gothenburg.
At the time of acquisition, Cell Strategy is fully employee-owned. During the first nine months of this year the turnover amounted to SEK 75 million. Average revenues per consultant were during the build-up phase this year more than SEK 2 million.
- We are well acquainted with Cell Strategy's management as I have prior work experience with them. I have great respect for what they have achieved in a very short time in their new company, says Fredrik Palmgren.
The combined entity will benefit from the skills and experience from both sides to refine a fully integrated business model in the European digital economy.
- Adcore is the right partner for us going forward, says Bjørnar Jensen CEO of Cell Strategy. Adcore is highly competent both within traditional management consulting and digital business development. Our own competencies and culture will be well matched so that we together can become the leaders in the digital economy in Europe.
By today's agreement Adcore acquires 40 per cent of the shares in Cell Strategy. Adcore will make a bid for the remaining outstanding shares. The entire share transaction is worth SEK 370 millions and will in its entirety be paid with 7.6 million newly issued Adcore shares. Furthermore Adcore will provide additional working capital to the company.
Cell Strategy will immediately change its name and be integrated into Adcore's strategy consulting operations.
- The swift integration will take place operationally as well as within the leadership of the business. The best talent from both sides will work together in a new management team that will be the best in the sector, says Fredrik Palmgren.
Stockholm 25 October 2000, Adcore AB (publ)