Kroll Ontrack Launches Offer to Acquire Norway’s IBAS Holding ASA
Acquisition Will Expand Geographic Scope of Data Recovery Business and Broaden Computer Forensics Offerings
NEW YORK, December 16, 2005 -- Kroll Inc., the global risk consulting company, announced today that Kroll Ontrack Inc., its data recovery and legal technologies subsidiary, has launched a cash offer to acquire all the outstanding shares of IBAS Holding ASA (OSE: IBAS), a leading Norwegian-based provider of data recovery, data erasure and computer forensics services. Upon completion of the acquisition, which is subject to certain conditions, IBAS will become a wholly-owned subsidiary of Kroll Ontrack AS, a newly-formed Norwegian entity, and be integrated operationally into Kroll Ontrack, further augmenting its international data recovery and computer forensics businesses.
“Kroll Ontrack and IBAS complement each other in terms of technology, expertise, customers and geographic presence,” said Ben Allen, president of Kroll Ontrack and Kroll’s Technology Services Group. “This is a very important acquisition for Kroll Ontrack as it greatly expands our presence in the European data recovery market and gives us a new market presence in Scandinavia.”
IBAS, a key competitor of Kroll Ontrack in the European marketplace, recently expanded its own geographic reach and service offerings through its acquisition of Vogon International, a privately-held U.K. company specializing in computer forensics. As a result of the Vogon acquisition, IBAS has a total of 166 employees working at offices in Norway, Sweden, Denmark, England, Germany, Poland, France, Singapore and the United States, as well as distributors and agents in a number of European and Asian countries. For IBAS and Vogon combined, 2004 sales exceeded NOK 163 million (US$ 24 million).
Offering documents were filed with the Oslo Stock Exchange and mailed to shareholders today (December 16, 2005). The acquisition, which requires acceptance by 90 percent of the IBAS shareholders and approval by the Norwegian and German competition authorities, is expected to be completed by the end of January. At an offer price of NOK 23.50 per share, the acquisition is valued at NOK 298 million (US$45 million). Shareholders representing approximately 57 percent of the outstanding IBAS shares have already committed to accept the offer, which the IBAS board is unanimously recommending to other IBAS shareholders.
About Kroll and Kroll Ontrack:
Kroll Inc. (http://www.krollworldwide.com), the world's leading risk consulting company, is a wholly-owned subsidiary of Marsh & McLennan Companies, Inc. (NYSE: MMC), the global professional services firm. Headquartered in New York, Kroll provides a wide range of investigative, intelligence, financial, security and technology services through offices in more than 65 cities in over 25 countries. Kroll Ontrack Inc. (www.krollontrack.com), Kroll's principal technology services subsidiary, provides electronic and paper-based discovery, computer forensics, and data recovery services to companies, law firms, and government agencies worldwide. Headquartered in Eden Prairie, Minnesota, Kroll Ontrack operates in 18 locations and offers customer support in 11 languages. Ontrack Data Recovery (www.ontrack.com), a division of Kroll Ontrack, is the largest, most experienced and technologically advanced provider of data recovery products and services worldwide.